The island’s largest credit union is coming under intense scrutiny from a group of concerned members calling for an urgent special general meeting to get answers from the board to what they consider some troubling issues.
But the directors of the Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) plan to bare all to the membership in an attempt to prevent “a totally false picture” of impropriety from emerging at the billion-dollar credit union, Barbados TODAY has learned.
With tomorrow being the deadline given by the group for the directors to respond to their request for the meeting, spokesperson for the concerned members, Marsha Hinds, said their agenda includes discussion on the forensic audit which the credit union’s supervisory committee had urged since last year.
“We clearly said [in a letter to the board] that we wanted to discuss the changes to the governance structure of the credit union; that we wanted to discuss the suggestion by the supervisory committee for a forensic audit to be done and that we wanted to discuss any and all other matters relating to the financial management and prudence of the credit union,” Hinds-Layne told Barbados TODAY this afternoon.
But a top official of the credit union dismissed the group’s claims regarding the forensic audit, suggesting that they gave an incorrect impression that something was amiss at the credit union.
“The question of an audit: these are things being thrown about which paint a totally false picture. People are saying things without any evidence. It is not good, giving an impression that there is something there to be hidden,” said the source who declined to be identified as he was not authorized by the board to speak on the matter.
Hinds-Layne had charged the board appeared to be dragging its feet on having the meeting to deal with their concerns.
But in a swift rebuttal, the official told Barbados TODAY that the meeting will be held in two weeks, with updates on the group corporate redesign and the supervisory internal audit on the agenda.
“We are going to come with a full presentation . . . . All members can come and ask whatever they want to,” said the executive, adding that nothing will be hidden as there is nothing sinister going on in the credit union.
Since the cooperative financial institution was formed in May 1970 with the savings of civil servants and public sector workers, it has grown into one of the nation’s financial powerhouses with more than $900 million in assets from 73,000 members.
In an historic move in 2010, BPWCCUL acquired Capita Financial Services Inc., a mortgage and finance company which operates as a wholly-owned subsidiary in Barbados and St. Lucia.