Listen Live On Our Live Stream or Tune To Our Frequencies: 88.3 FM | 88.9 FM | 94.7 FM | 95.1 FM | 98.1 FM | 98.5 FM

St Francis Xavier Credit Union charting Difficult Waters

It’s anybody’s guess what’s going to happen next for Saint Francis Xavier Credit Union in Corozal. The dispute, which we’ve been following for more than a week, has pitted the Roy Smith-led Board of Directors against a group of members led by the credit union’s past president, Juana Terry and the interim chair of the supervisory committee, Mayet Castillo.  One of the issues is the departure of Rafael Dominguez, who was the credit union’s general manager for ten years. A press briefing on what the members plan to do to next has been postponed until tomorrow afternoon. Yesterday we told how you that Dominguez broke his silence, saying that the board did fire him and accused him of putting the credit union in an economic crisis and that its liquidity was in a precarious state due to his mismanagement. Dominguez continues to denounce the claims, citing audited reports, which he says show that the organisation has grown under his leadership. The members maintain that the board, whose tenure has long expired, fired Dominguez illegally; only an AGM or a special meeting can do that. The members have also criticized the board for allowing breaches by directors to go unchecked and its handling of a case of embezzlement by an employee. Again, a press briefing is slated for tomorrow afternoon. If and when that press briefing takes place, we will update you.