An independent auditor has been appointed by the regulator.
BELIZE CITY, Thurs. July 7, 2022
The Central Bank has stepped in as regulator to try to bring some stability to St. Francis Xavier Credit Union (SFXCU) amid the ongoing internal conflict that is placing considerable strain on the operations of the institution. According to a leaked internal letter from the Belize Credit Union League to the board of directors of the credit union, a meeting was held with the credit union’s general manager, Rafael Dominguez, Sr., and the credit union’s president, Everaldo Puck, and at that meeting they were placed under enhanced supervision by the Central Bank.
“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 during an audit report that was shared at SFXCU 2022 AGM,” the letter states.
There has been an ever-widening rift within the credit union that followed the previous board’s decision in April to not renew the contract of the credit union’s general manager, Rafael Dominguez, Sr. Claims of mismanagement had been made by the board at that time. When the credit union’s AGM was held on Sunday, June 26, however, the members of the credit union unanimously voted for the reinstatement of Dominguez, Sr., and the majority of those members who attended the AGM also selected persons who were on Dominguez’s team to fill posts on the credit union’s board of directors, as well as its credit committee and supervisory committee. That newly elected board, however, has been accused of unfairly suspending 14 workers, and the staff at the credit union had, in response, staged a walkout last week.
Dominguez, Sr., will now be under supervision, starting July 6, as a part of the enhanced surveillance at the credit union, which is being asked to ensure full collaboration with the regulator and appointed auditor on any request for information, documents, or reports.
The Belize Credit Union League (BCUL), in its internal correspondence to the board, said that they stand ready to aid the credit union, which is also a member of the league, “to assist in ensuring the credit union remains a stable, viable financial option for its members and the community it serves.”
As mentioned, last week, protests were staged in Corozal, led by the head office manager, Elvis Canul, who said he was standing in solidarity with staff members who were reportedly placed on suspension by Dominguez wrongfully. The walkout was followed by a protest march the following day.