Savings Frozen,Trust Broken: Cooperative Members Seek Answers

Members of the Aavoty cooperative are in distress following an intervention by the National Institute of Cooperativism (INCOOP) due to alleged embezzlement. The situation has left many unable to access their savings, prompting urgent calls for transparency and accountability.

An informational meeting has been scheduled by the affected members to discuss the crisis and initiate the election of a new management team. The meeting is scheduled for Saturday, March 29, at the March 8 Cooperative.

Allegations of Embezzlement and Lack of Accountability

José Doldán, representing those who claim to be victims of the alleged fraud, voiced strong concerns about the situation. We cannot freely dispose of our savings, he stated, directly accusing the cooperativeS managers. The Prosecutor’s Office has recently ordered inspections by INCOOP in response to the intervention.

We find the surprise of a embezzlement on the part of the managers with complicity of many people.

José Doldán, representative of affected members

Another member, wishing to remain anonymous, reported that the problems began when access to their savings was abruptly cut off. While INCOOP intervened, a thorough report on the cooperative’s financial status has yet to be released.

Seeking New Leadership and a Path Forward

While the accused managers have been removed from their positions, members are frustrated that no further disciplinary actions or legal repercussions have been taken. The primary goal now is to elect a new management team to restore stability and allow members to access their savings and accrued interest.

The upcoming election requires a quorum of members to be present. However, due to restricted access to member data, organizers are relying on public announcements to encourage participation.

The urgency of the situation is underscored by the closure of all Aavoty branches nationwide, leaving members in a state of uncertainty and financial strain. This situation mirrors similar challenges faced by cooperatives globally, where governance and transparency are crucial for maintaining member trust and financial stability. For example, in 2024, a cooperative in Spain faced similar allegations of mismanagement, highlighting the importance of robust oversight mechanisms.

The Road Ahead: Restoring Trust and Stability

The upcoming meeting represents a critical juncture for the Aavoty cooperative. Members are steadfast to address the alleged embezzlement, elect new leadership, and ultimately, restore the cooperative to its former standing. The call for representatives to attend the meeting underscores the importance of collective action in navigating this challenging period.

We wont at least representatives to be able to deal with very critically important issues. We want our cooperative to be returned to lift it.

Anonymous Aavoty Cooperative Member