Exactly two weeks ago, the Registrar of Credit Unions, who is also the Governor of the Central Bank sent in an Administrator to take over the operations and management of the second largest credit union in Belize, which is Saint Francis Xavier.
The ousted General Manager and officers of the elected Board of Directors did not go quietly, they maintained that they were unfairly and unjustly ejected.
First they held a press conference and today they took it to the streets of Corozal Town with a people's protest. Was it effective in turning the tide of public opinion against the Central Bank? We'll let you be the judge:
They boasted a clear and strong message against the Central Bank of Belize - which the members say is not bigger than the Credit Union's membership.
Rafael Dominguez, Suspended General Manager
"We are here to defend our credit union and this has been a wrongful time for the central bank to have suspended over 26 members of the credit union which includes the board, the supervisory credit committee, management and staff of the credit union without any notice."
"So we are here demonstrating to show central bank that we are not happy the way they have treated our credit union here in the north and the membership, they are in support of their credit union that they will not be tolerating this and so the reason why we have our lawyer as well to defend our case, because we will not let the central bank take over the credit union and the membership right."
"We are demanding for the central bank to move away from the credit union. We want the central bank to tell the membership who will be paying the cost of the administrator and all the other expenses associated with the central bank of Belize."
Normando Santoya, Secretary, Supervisory Committee SFXCU
"My personal opinion is that the Central Bank entered illegally. They have a clause but nevertheless it's like a drunk when he spits in the air it lands in his face. They say that we have severe discrepancies in our credit union and in the end, they say that our credit union is in a position of good standing. So the management of our board elected by the membership has in these last six months more than 4 million in gains."
Led by Dominguez and the ousted board members, about 100 members of the 30,000 strong credit union made a spirited showing in Corozal Town - in front of their Credit Union Headquarters, The Vincente Canul Building, named after another former general manager who had clashed with the Central Bank.
But now the proud and mighty union is controlled by a Central Bank administrator and his team.
The crowd was vocal and apart from the noise made by the protestors it seemed like business as usual for the credit union.
Police - lots of them - patrolled every corner of the route, but it was a peaceful protest.
Reporter:
"Do you believe that the Central Bank will back off?"
Normando Santoya, Secretary, Supervisory Committee SFXCU
"They will back off because the membership, this is only the beginning. We now have the encouragement of our attorney, and what he did is bad. If it was that were the members, and those on the board, and those from the credit supervisory committee had been doing wrong. I'd retire I'd pull to the side but right now no, we aren't doing wrong. We are doing well. Everything that he is demanding, Kareem Michael as the governor. We are complying with all of his demands nevertheless they have us held tight and we have complied with over 75% of his demands what more would he want."
He may want to know more about the inner workings of the union:
Reporter
"Is there a fear on your behalf that the administrator will findings that will put you in a position to say this is the reason why you are not fit for office?"
Rafael Dominguez, Suspended General Manager
"No! To me this is just something that can be personal, something that we want to know what is the real reason for the central bank behind it."
Reporter
"You were paid out $75,000 by the former board - something that is not sitting right with the central bank and the registrar. Also, you were paid $11,000 for a month you didn't appear to work office. Your members, have they already been informed yet about this?"
Rafael Dominguez, Suspended General Manager
"Well, most of the members knew about that and I know that the members will support that decision of the board, because the members have given the right to the board to act on behalf of the membership."
Alejandro Gongora, Sarteneja Member
"The present administration was not informed of government's intention to take over or make a revision of the funds of the credit union, so we want the league to come into this to fight for our cause."
Reporter
"Sir, as a member, were you informed that Mr. Dominguez was paid out $11,000 from when he did not work and $75,000 for defamation?"
Alejandro Gongora, Sarteneja Member
"I think central bank were to have membership inform, before he took over this revision of funds."
Reporter
"Sir, but it is your bank that paid out Mr. Raphael Dominguez $75,000 and $11,000."
Alejandro Gongora, Sarteneja Member
"We aware of that, but I think that central bank should have informed Dominguez to do that before he was paid."
Reporter
"He was paid that before central bank took over, sir."
Alejandro Gongora, Sarteneja Member
"We need the general membership to know if there was any written consent of that."
And while there may not be clarity or unanimity - there aren't many who lead a protest brandishing the name of their attorney as Dominguez proudly did:
Reporter
"I see that you have gotten the services of Dean Barrow. How do you think this will play out in court?"
Rafael Dominguez, Suspended General Manager
"That is very important, because we as the membership, we need to know what is our right, we need to know what is actually taking place behind this witch hunt from the central bank of Belize."
That attorney, Dean Barrow intends to file a motion for judicial review of the Registrar's decision to take over the Credit Union's operations. We'll let you know when that is filed.
