Central Bank says investigations continue into suspected instances of misappropriation of funds at the SFXCU

The Central Bank says that an audit will be conducted into cash management practices of the St. Francis Xavier Credit Union Limited following their investigation into specific instances of suspected misappropriation of members’ funds. Today, the Governor of the Central Bank of Belize, in his capacity as Registrar of Credit Unions (the Registrar), issued a press release informing the members of SFXCU the operations of the credit union continue safely and without disruption. Administrator to SFXCU, Martin Marshalleck, who was appointed by the Registrar, has met with staff, some members, and other stakeholders, to provide updates and respond to queries and concerns. The administrator has commenced the process of establishing the requisite governance framework to protect the equities of members. The Registrar has approved for the Administrator to call a special meeting of members in June 2023 to report on the affairs of the credit union and the steps taken by the Administrator to protect their equities. An audit will then follow that meeting.