The Minister of State for Finance also discussed the situation with the second largest credit union in the country, that's Saint Francis Xavier headquartered in Corozal.
As we have been reporting, it is now managed by an administrator appointed by the Registrar of Credit Unions who is the governor of the Central Bank of Belize.
This is after allegations of what can be called irregular transactions and payout decisions were made by the board and senior management of that credit union. Coye discussed the board outlines of the case today:
Christopher Coye, Minister of State, Ministry of Finance
"I think that matter has to do with the management or the prior management and that's why the registrar took the decision that it took in relation to how to protect the funds of the members on a whole. You will certainly not have unanimity, you have some members that run with the prior management, you have others that don't but overall, the goal of the registrar of credit unions is to look out for the interest of the membership as a whole in all credit unions, including St Francis."
