Safaricom Investment Cooperative (SIC) has responded after a video of a lady asking the public to help her recover money from the entity went viral.
In a statement on Monday, October 16, SIC said it entered into an agreement with Sycamore Pine Limited in 2020 to act as a selling agency for the sale of housing units on Unit Number CCo1 situated on Land Reference number 29059.
Further, SIC said Sycamore Pine Limited was the developer of the Samara Estate Development project and collected all the money from the customers.
“Our attention has been drawn to a video circulating on social media regarding refunds in lieu of Samara Estate Development.
SIC was tasked to market the estate to potential customers, while the developer was tasked with the issuance of sale and lease agreements, as well as a collection of all payments,” said SIC Chief Executive Officer Sarah Wahogo.
Additionally, the CEO said the matter is before a court of law in petition number E003 of 2021, Francis Mugarami Kamau and 6 others versus Sycamore Pine Limited, Home Africa Communities Ltd and 3 others.
“SIC the appointed sales agent, joined in the above petition with the clients to advocate for their refund and ensure compensation by the property developer Sycamore Pine Limited,” read the statement in part.
Further, Wahogo explained that the matter is being handled by Sycamore Pine Limited and their lawyers and the main petition shall be heard on the November 22, 2023.
“We would like to assure our investors that Safaricom Investment Co-operative is committed to prioritizing their needs and safeguarding their investments with utmost diligence,” added Wahogo.
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In the trending video, a lady narrated her ordeal with SCI under an affordable housing project that was to cost around Ksh.4 million.
“Few years ago, I was introduced to join SIC, and they introduced us members to an affordable housing project worth around Ksh.4 million. So, with my little savings, I managed because I was looking for shelter for my son,” she said.
In addition, the lady said she managed to save Ksh1.6 million because SIC wanted forty percent and the rest they were to pay within 24 months.
“These people have been taking us round even if they are saying there is a case in court, someone help me tell those people because they blocked me everywhere. We only wait for their communication through emails which takes ages to be replied to,” she said.
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Further, the lady said she is fighting for her rights and the video has nothing to do with tarnishing the image of SIC.
“These people owe Kenyans millions and I stand strong to fight for my son. I am just trying to get what belongs to me and not to tarnish their image,” she added in tears.
She begged SIC to keep their promise and refund her the money she saved with the Cooperative.
About Safaricom Investment Cooperative
SIC is an investment company that pursues joint investments for its members, through real estate investments, marketable securities, and private equity.
This cooperative seeks to transform the economic and social wellbeing of investors through prudent, sustainable, and responsible investment decisions anchored on three pillars.
The pillars include financial growth and sustainability, increased member mobilization and improved internal processes and strengthening institutional capacity.
Moreover, the society is also focused on on-boarding more strategic partnerships to reach a wider market, bring down the cost of products, advance automation to boost efficiency, reliability and build a sustainable business that will guarantee returns and propel the society to be the investment partner of choice.
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Since its inception in 2009, Safaricom Investment Co-operative has attracted over 4,000 members, drawn from the current and former staff of Safaricom PLC and the public at large.
SIC has over 100 land projects spread across 14 counties in Kenya and 6 Housing projects in Nairobi, Kiambu, Machakos and Kajiado counties as of July 2022.
Also, SIC has issued over 4,000 titles to members and has handed over 600 fully paid housing to its clients and members.