Saint Francis Xavier Credit Union in Corozal is one of the biggest credit unions in the country,, and for several days this month, unceasing internal strife within the institution has been making the news.
The press release onslaught started back on May 9. That's when a statement, purportedly sent by a group of members from the credit union, emerged that the Union would "have its long-awaited Annual General Meeting on May 29". The senders of the statement said that they got the necessary permission from the Ministry of Health to hold the event, to address three years of issues that had built up into a backlog due to the COVID pandemic.
That press release said that there would have been elections of officers of the board, "which is long overdue,"; the "illegal dismissal of the general manager," and "unethical behaviors by high ranking officials." In addition, that statement claimed that almost 2,000 members signed a special petition to address these matters.
The following day, the Board of Directors sent out their press release discrediting that statement. They said, quote, "The Board advises members that yesterday's press release was not authorized by the SFXCU and that there was no general meeting scheduled for May 29… It is the board's position the meeting of May 29, 2022, is illegal, and no decisions taken at that meeting are binding and valid" End quote.
The board also claimed that the General Manager, Rafael Dominguez, was not dismissed. They asserted that his 5-year contract expired on April 30 and that the board acted in the best interest of the Union and its members not to renew it. They also claimed that they had other issues with the General Manager, which culminated in them sending him a letter outlining why they wouldn't renew his contract for a third time. They also insisted that the claim that there is "unethical behavior by high ranking officials" was baseless and a smear campaign by supporters of the General Manager. They ended their statement by stating that they've scheduled an AGM for June 26, 2022.
We fast-forward to Monday when the ousted General Manager, Rafael Dominguez, sent out his press release to defend himself and his reputation as the head of the Credit Union's Management.
This evening, he called a 46-minute press conference in which he stated his case to the press. Here's how he explained the decision of the board not to renew his contract for a third time:
Rafael Dominguez - General Manager, SFXCU
"I have been in the credit union movement for thirty-two and a half years. On April when the second, I was summoned to a meeting of the board of directors and members of the advisory committee, including the internal auditor. And at that point, I was served with a letter dated April 23, 2022. That was 10 days before the ending of the contract when I received the letter. They stated that my contract stated one point #15, Mr. Rafael Dominquez Sr. shall be held responsible by the Board of Directors of the credit union for all matters pertaining to the daily operations of the credit union, and shall use his best endeavors to ensure that there is no breach of laws and by-laws governing operations of the credit union. In our opinion, you have been asleep at the helm. You have certainly not fulfilled your responsibilities as stipulated in your contract. Your performance as a manager has certainly not been satisfactory. Presently, our liquidity is in a precarious state and has been pointed out to us by Central Bank. The board has to work arduously to draft long-term measures to maintain more liquidity. 4, continuing to pay your salary as stipulated in your contract is not sustainable for the credit union and, subsequently, its members."
And according to Dominguez, he will challenge his removal from office as General Manager. Here's how he explained why:
Rafael Dominguez - General Manager, SFXCU
"My letter of dismissal is, on the contrary, a wrongful termination on behalf of the board. And why I say that is because my contract still had 10 more days to go. The Credit Union shall have the right to terminate the contract between itself and Mr. Rafael Dominguez Sr at any time, only for inability to perform the function of the office, whether arising from infirmity of body yo be part of my being a senior of any time only for ability or mind, or from any other cause or for misbehavior. Such termination from the office can only be effected in accordance with the Credit Union Act in general, and in particular, by a majority vote on a resolution moved on a meeting of the members called for such purpose. The Board did not follow what was on the contract, and they have not called any such meeting for such a purpose."
Daniel Ortiz
"So are you challenging your dismissal or termination or the refusal to renew your contract, whichever of the three it is?"
Rafael Dominguez
"I am challenging my termination in court. We are awaiting a response from them., and they have been given a deadline, which was today, for the Board to respond to the lawyer concerning this wrongful termination of my contract. That is being challenged. Two things can happen either at the annual general meeting or special meeting; membership can decide that they reinstate me back. If the time does not permit that, then the matter would be challenged before the court."
Later on, Dominguez insisted that under ten years of his leadership of the credit union, it had seen significant growth in its revenue performance. Here's how he made that case to us this evening:
Rafael Dominguez - General Manager, SFXCU
"When I look into the 10-year management under my administration, I can see nothing more than only progress and increases in all avenues of the credit union. For example, I can mention that after I took over in 2012, at the start of my first contract, the union was at $53,957,819. That has doubled by 2021 $107,706,000. Our loan portfolio in 2012 was $39,159,157, which thereafter doubled at a good pace to $85.5 million in 2021. Our liabilities and members' equity in 2012 stood at 44.2 million dollars of membership deposits, which grew to $75.3 million in 2021. In terms of reserves, in 2012, the total in reserves was 3 million, and by 2021, the increase reflected a growth of 4 times, to 14.3 million dollars. As well, our membership in 2012 stood at 25,343, and by 2021, remember when people stood up for $1 million of membership the rule $5.3 million one don't know what it was totally or was 14.3 million. Well, our membership in 2012 stood up with 5221 membership by one-third to 32,300."
We have attempted to contact the credit union's board leadership, but our calls went unanswered. Our colleagues from other media houses assert that the Chairman has stated that he won't be granting any interviews. They were instructed to expect a press release in response.
What Would You Do With 300k? Rash Winner Says He'll Be Conservative
If you're an avid Fantasy 5 buyer, this next story is for you.
It's the story of public officer Bonifacio Rash, the man who won last night's $307,000.00 jackpot.
He showed up to collect his winning this morning - which is $260,000 after taxes. And while he didn't want to reveal his appearance, he told the press that he plans on putting the money to very good use.
Bonifacio Rash, Winner, Fantasy 5
"I've been purchasing tickets from the beginning of the Fantasy 5 and i've seen people win so I just continue to never give up so I just continue to buy my ticket and for like a year and a half I have 5 sets of numbers that I have contracted and I never give up on them and last night the, one out of the 5 set that I have actually played."
Cherisse Halsall:
"Plans for this money?"
Bonifacio Rash, Winner, Fantasy 5
"I don't really have any immediate plans but I plan to maybe build home apartments have it for rent and likewise maybe invest in education, yes. But as time goes by I will make sure that I put it into good use, yes."
Cherisse Halsall:
"Often when people win this much money it tends to not be a good thing for thier lives."
Bonifacio Rash, Winner, Fantasy 5
"Well, I believe each individual is different but me for example I will put it into good use I always try to do the correct thing and I believe that my own conscience will guide me to spend it wisely."
Cherisse Halsall:
"What would you say to those still playing the game?"
Bonifacio Rash, Winner, Fantasy 5
"Well, never give up if you have been contracting numbers like myself still try you never know when it's your lucky day."
Cherisse Halsall:
"Will you continue to play or are you out now?"
Bonifacio Rash, Winner, Fantasy 5
"I will, I will continue to pay, yes."
The Fantasy 5 jackpot resets tomorrow at $150,000.00.
CARICOM Leaders LA Bound
Prime Minister John Briceno and other CARICOM leaders are going to the Summit of The Americas in Los Angeles from June 6th to the 10th. The decision comes after some uncertainty because Cuba, Nicaragua, and Venezuela were excluded.
And while they wanted to take a principled position and stand with the socialist outcasts, in the end it turns out that "e'rr'body" wants to go to L.A.
The Prime Minister says that so far seven leaders have made the decision to go.
Climate Justice For Youths
Belizean Dominque Noralez is a local representative of an NGO known as the Caribbean Youth Environment Network. They've embarked on a program called Indigenous Livelihoods & Climate Justice. It's a program which makes available grant funding that seeks to engage youths all across the region on the existential threat that climate change poses to small island developing states in the Caribbean.
The organizers want to provide youths between the ages of 16 and 35 with capacity building on climate justice. Participants will be provided knowledge on advocacy tools to help empower young people. Aspiring advocates will also be provided training on climate justice activism, and they'll compete for grant funding to expand any work they may already be doing.
This morning, we spoke with Noralez about the opportunities offered to Belizean indigenous youths living in Dangriga and Punta Gorda. Here's her sales pitch to potential participants who may apply to become a part of the program:
Interested candidates can contact Dominique Noralez at telephone number 634-5524.
