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Central Bank Provides Update on SFXCU

Apr 4, 2023

Central Bank Provides Update on SFXCU

Saint Francis Xavier Credit Union made headlines on March tenth, when it was announced that the Registrar of Credit Unions had appointed an administrator to oversee the day-to-day affairs of the lending institution.  Several days later, the executive of SFXCU, including General Manager Rafael Dominguez Senior, came forward in the media against what they essentially described as a hostile takeover by the Central Bank of Belize.  Since then, it has been rather quiet as the work being done by Martin Marshalleck to establish the requisite governance framework to safeguard the equities of the credit union’s members has begun in earnest.  Earlier today, the Central Bank provided an update by way of a press release indicating that the administrator has reported that the operations at SFXCU continue safely and without disruption.  The statement goes on to say, (quote), the administrator has met with staff, some members, and other stakeholders, to provide updates and respond to queries and concerns…  Importantly, the administrator has commenced weekly reporting to the Registrar as required under the terms of the agreement, (end quote).  The press release concludes by informing that a special meeting of members will be called in June to report on the affairs of the credit union.  These steps include a subsequent audit into cash management practices and the continuing investigation into specific instances of suspected misappropriation of members’ funds.  This is in line with the relevant section of the Credit Union Act, 2011.

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