Central Bank tells the BCUL the SFXCU needs to be looked at

The Central Bank of Belize says it has informed the Belize Credit Union League Limited (BCUL) of its concerns regarding an untenable state of affairs that exists within the St. Francis Xavier Credit Union Limited (SFXCU). In a release,  the bank states that it has provided the BCUL with a report containing accusations of serious transgressions that, if true, neither the BCUL nor its member credit unions can condone. On March 10, the bank appointed an administrator at the SFXCU to take reasonable steps necessary to ensure the credit union is financially stable and that members’ funds are secure. The BCUL notes that it understands that control of SFXCU will be returned to its members once corrective measures have been completed and safeguards put in place