Chaos as Kiambu’s metropolitan sacco AGM collapses over lack of quorum

Tension gripped Kiambu on Thursday after the much-anticipated Annual General Meeting (AGM) of Metropolitan Sacco ended abruptly due to lack of quorum.

Hundreds of members, some arriving as early as 9 a.m. for the meeting at St. Peter and Paul Primary School grounds, waited until past 1 p.m. before learning the meeting would not proceed.

The Sacco, formerly Kiambu Teachers Sacco, has in recent years faced serious financial challenges, prompting the Co-operative Bank to place it under receivership. Many members had hoped the AGM would shed light on the institution’s financial status and deposit refunds.

Presiding Board Chairperson told members the numbers fell short of the legally required quorum, warning that proceeding could trigger unprecedented court cases. He promised the board would announce a new date once a plan was in place.

The announcement sparked outrage, with some members accusing the board of insensitivity, saying they had travelled from far-flung areas for the meeting. Others expressed fears over delayed refunds and the Sacco’s possible collapse.

Attempts to get further comment from the Sacco’s management were unsuccessful.