BAMCU reels under financial losses

Acting chairperson, Pontius Mokgosana told members during an Annual General Meeting (AGM) over the weekend that the BAMCU executive committee has been dysfunctional since 2002 because of the many problems it faced. He said the organisation last held an AGM in 2002 and its accounts have not been audited in the last five years.

He said the AGMs can only be held when the audited financial report has been submitted to the board. He appealed to the Commissioner for Cooperatives to ensure that BAMCU is audited and inspected on a regular basis. Mokgosana reported that the elected chairperson and his vice resigned from the cooperative and joined politics.