Phikwe miners SACCOS accounts frozen

Friday, December 07, 2018

SELEBI-PHIKWE: Selebi-Phikwe Miners Savings and Credit Cooperative Society’s bank accounts have been frozen and loans suspended with immediate effect while extensive investigation is ongoing to determine if there has been any misuse of resources particularly on expenditure.

SPM SACCOS has been facing operational challenges following the BCL and Tati Nickel Mines closure in 2016 and had membership drop from 2,280 to the current 694, thus seriously affecting its cash-flows that threatens its survival.

In a bid to save and maintain the Society, the Department of Cooperative Development conducted two consecutive audits for 2016 and 2017 and a subsequent inspection for the period up to August this year.

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Phikwe miners SACCOS accounts frozen

SELEBI-PHIKWE: Selebi-Phikwe Miners Savings and Credit Cooperative Society’s bank accounts have been frozen and loans suspended with immediate effect while extensive investigation is ongoing to determine if there has been any misuse of resources particularly on expenditure.