HAPPENING NOW:
CROWD GATHERS AT BARAZA OFFICE TO
DEMAND WITHDRAWAL OF CAPITAL
... As CEO jets out of the country.
Hundreds of aggrieved members of the co-
operative have gathered at their headquarters at
Otiotio road to demand withdrawal of their
membership and investment.
Politicians and their associates were seen making
their way into the underground parking lot as the
management had locked all access to the main
building for security reasons.
Some persons are also making a quick business
by fast tracking the withdrawal process for VIPs
who do not wish to join the crowd.
Interactions with some persons in the crowd
showed they did not study nor understand the
terms and conditions of their memberships of the
co-operative but were only interested in the
monthly proceeds they are paid.
The CEO has left the country this morning.
BARAZA FACT:
Meanwhile, below are some quick facts about
Baraza:
1 It is a co-operative society and as such all its
activities are aimed at only benefiting members and
its operations Must be in accordance with its bye
laws.
2. By subscribing to be a member, you also
become a shareholder as such, nobody can hold
its management including MD / CEO liable for any
loss . The management can only be held criminally
to account where any person can prove a crime
has been committed.
3. Membership and Decisions of Co-operatives
must be voluntary with notice of meetings sent with
reasonable time and members must be allowed to
vote freely in a transparent manner.
Sadly, Decisions of Baraza are well coordinated by
the management to ensure only their staff and
proxies are allowed to vote. Members only get to
see a two or three days notice of meetings and for
those who attend, they are not even given
audience to vote or speak save for their proxies.
Thereafter, the management release a doctored
press release and resolution obviously reflecting
the wishes of the MD/CEO. This is manifest in the
last virtual meeting where despite a short notice of
meeting, the management took unilateral decision
to reduce payment of profit and also suspending a
month pay.
Prior to this time, the CEO has been seen
consistently living a questionable extravagant
lifestyle which has been suspected to be
members /investors funds.
With the recent collapse of a sister scheme MBA
FOREX, members are seriously panicked and in a
hurry to withdraw their funds.

Source

Wahala no too much?