A section of shareholders of the Keiyo Cooperative House in Eldoret town has expressed opposition to a decision taken by some members of the board to lease the house to a new investor.
Led by Uasin Gishu Woman Representative Gladys Boss Shollei, the shareholders say 9 members of the cooperative board irregularly awarded a 15-year lease of the house to the investor.
The investor has already issued a vacation notice to businesspersons that are currently occupying the building, some of who are shareholders, a move that has been challenged.
“Leasing of this building cannot be done without the authority of shareholders,” Shollei said, in a media briefing outside the building.
Keiyo Cooperative House has 1,931 shareholders who contributed towards its construction.
Following the issuance of the lease, there have been plans to renovate the house so that the new investor can start utilizing it.
“Contractors given this work should know that the 9 board members have no authority to dictate what happens with this house,” said the Woman Rep.
She also revealed that the Cooperative’s Tribunal had already issued an injunction against the actualization of the lease to the investor.
The shareholders have also been granted their request to hold a special general meeting within the next 14 days to discuss the matter.
“The board members were given permission by others members of the cooperative to manage this building, but not to decide whether it is leased or renovated, or even evict the current ones,” said Gladys Boss Shollei.
And with the upcoming Special General Meeting for the cooperative, Shollei notes the removal of the 9 board members will also be discussed.
“We want those board members, led by their chairman removed. Cooperatives Tribunal already issued an injunction against the renovation of the KeiyoCooperative House but contractors recently came and said they want to start doing the work,” she said.
The Keiyo Cooperative House is one of the oldest buildings in Eldoret town.
