Court has given two teacher Saccos 15 days within which they must file a defence against alleged failure to clear loans amounting to Shs505m.
In two separate cases filed before the Commercial Division of the High Court, Walimu Co-operatives Savings and Credit Union, accuses Apac Teachers Sacco and Soroti Core Primary Teachers College Cooperative Sacco of refusing or ignoring to pay loans advanced to them.
Apac and Soroti are accused alongside Mr Peter Otim, Ms Winfred Echulau Echwau, Mr Quinto Oluka and Ms Esther Akello.
The four serve as chairperson and secretary of the Saccos, respectively.
According to the summons signed by the deputy registrar, the two Saccos and the other accused must explain why they have not paid the money despite several reminders.
Court documents indicate that Walimu is seeking recovery of close to Shs80m and interest advanced to Apac in two different tranches in 2016.
Documents also indicate that sometime in 2018, Soroti applied and obtained loans facilities of a combined sum of Shs100m from Walimu.
The two teacher Saccos offered repayment dates but defaulted and issued posted dated cheques that were dishonoured.
According to court documents, by the end of May 2020, the outstanding unpaid principle for Apac together with interest and penalties had accumulated to Shs422m while that of Soroti had an outstanding of Shs82.8m.
Consequently, Walimu is seeking court intervention to enter judgment against the two Saccos, order payment of unpaid principal, accrued interest, damages for income loss and inconveniences, among others.
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