Last week, we told you about the 41st Annual General Meeting for Saint Francis Xavier Credit Union. That's the AGM that was supposed to end the bitter infighting that had been taking place for several months. Well, they seem to have lurched form one crisis to the next.
Rafael Dominguez Sr. has been reinstated as General Manager after a vote of confidence from the general membership, but it appears that internal strife is not the only problem they currently have. Today, a letter was leaked to the press, it comes from the Belize Credit Union League. The letter is dated July 6, and in it, the Credit Union League's Executive Director, Gemayel Babb, writes to the leadership of Saint Francis Xavier.
It says, quote, "...As of today's date, we can inform that the regulator, the Central Bank of Belize, held a meeting with the executive of SFXCU, inclusive of its General Manager, Rafael Dominguez, and its President, Everaldo Puck. SFXCU was informed that they are being put under enhanced supervision. The credit union was also informed of the appointment of an independent auditor to look into deficiencies highlighted in an audit report that was shared at the SFXCU 2022 AGM." End quote.
The League later sent out a release saying that document was not meant for public consumptions and should not have been released.
