WESTERN PROVINCE

RUSIZI — The Bugarama Rice Promotion Cooperative (CPRB) has made a loss of Frw113m in the last 19 months.

According to Theogene Nkuranga, the Rusizi district Vice mayor in charge of economic affairs, the loss was discovered by an audit report that was carried out by a team of district auditors in September this year.

Nkuranga made the revelation during a meeting held at CPRB offices in Bugarama sector this week. He chaired the meeting.

The Mayor also said investigation into the financial management of the cooperative was carried out after several speculations to the effect.

According to Nkuranga the loss was made from 2007-2008 and it occurred due to the cooperative’s leaders who misused its funds.

"I want to tell each and every member of CPRB and all residents of Bugarama sector who are here in this meeting that this cooperative made a loss of over Frw113 millions, according to a report of an audit which was carried out into the cooperative by our district auditors in September this year,” Nkuranga said.

Nkuranga also said that further investigations to establish those responsible for the loss are ongoing with the help of security organs in the area.

Talking to The New Times, after the meeting, Leopord Ayabagabo, the cooperative’s president admitted the loss.

He attributed it to poor management of his fellow cooperative’s leaders and some members who left and joined other Rice Cooperatives in the area without clearing their outstanding debts.

"Yes it’s true that our cooperative made a loss of about Frw113 m,” he said.

Ayabagabo also revealed that the cooperative had about 6000 members last year but they have since reduced to about 4500.

He said the dwindling of the numbers might have been among the factors that caused the loss because all members contribute to the growth of the cooperative.

According to Ayabagabo, the Rwanda Development Bank (BRD) loaned them Frw250m of which they have repaid Frw200 millions.

The vice mayor Nkuranga said that those implicated in the misuse of funds would be arrested and punished.

The meeting was attended by over 1000 members of CPRB, BRD and security officials.    

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