Central Bank Governor appoints administrator for St Francis Xavier Credit Union
There’s a major development in the financial sector to report this evening. The Central Bank Governor, Kareem Michael, announced that a special administrator has been appointed at St. Francis Xavier Credit Union in Corozal. That administrator is Martin Marshalleck, who was also appointed as the chairman of the Board of Directors of the Karl Heusner Memorial Hospital. The decision comes after the infighting at the credit union, which we widely reported on in 2022. Since our last report, Michael, in his capacity as Registrar of Credit Unions, reported late this evening that there were “critical deficiencies” at the credit union. Michael explained further during a press conference in Belize City.
And with the appointment of the administrator, Rafael Dominguez has been relieved of his duties as general manager, and the administrator will also have full purview of the board. Michael discussed this. We also asked him to explain why the Central Bank took the time it did to act on what appeared to be a volatile situation.