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Probe on Ono Savings and Credit Association, Comsave Credit Union complete, directors face prosecution

Filed under: Breaking News,Busines Directory |

The Drug Enforcement Commission (DEC) has decided to prosecute the Directors from Ono Savings and Credit Association and Comsave Credit Union for offences for which they were initially charged and arrested for.

In a statement, DEC Public Relations Officer Mathias Kamanga, explained that this follows successful investigations into the operations of Ono Savings and Credit Association and Comsave Credit Union, and the subsequent arrest of the Directors of the two organizations.

Kamanga said the State entered into an ex-curia agreement with the Directors, in which it was agreed that they would refund the investors.

He noted that the refunds were to be made by 30th September 2021 for Ono and 31st December 2021 for Comsave and at a lower rate than they had initially promised the investors.

“Members of the public are therefore advised to be patient and allow the legal process to complete and the State will issue an update once the case has been disposed-off in the court of law,” he said.

In 2020, it was revealed that the two institutions were collecting and lending money from members of the public, as independent administrators under the disguise of Village banking.

However the two organisations have regrettably failed to refund the investors as agreed.



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