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Dec 11, 2017

Accounting for Hundreds of Thousands in ‘Investments’

Magali Marin-Young

In the lawsuit filed by the three pensioners, the question of loans amounting to four hundred and thirty-one thousand, two hundred and fifty dollars disbursed to various unions and associations was brought up.  While Public Sector Workers Trust lists those monies under a line item called investment, the court has ordered that an accounting of those monies be done to determine its use and who benefited from those disbursals.

 

Magali Marin-Young, Attorney for Genitty, et. al.

“The unions, as trustees, had since the decision continued to disburse monies by way of loans.  We had raised it with them and they refused to stop this loan scheme, so we filed an application in November and that application in essence was to seek to restrain them from disbursing any monies by way of loans or lending mechanisms, until a proper trust deed had been put in place.  We had also invited the court to set deadlines for the unions for the purposes of drafting this trust deed.  Ultimately, the court heard us and the court did several things.  During the proceedings the government suggested that the parties go to mediation for purposes of drafting the trust deed and the beneficiaries agreed to participate in mediation for the purposes of drafting the trust deed.  The court also restrained the trustees from disbursing monies, in essence, without its permission and it ordered the trustees to provide us with a full list of all loans that have been disbursed from the time that they started this lending scheme and to provide us with the names of those persons and details of those loans that have been made.  So that ultimately the court allowed us to restrain them from disbursing funds and it ordered them to provide us with that list.”

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1 Response for “Accounting for Hundreds of Thousands in ‘Investments’”

  1. carlos says:

    How can they be lending money that truly belongs to the worker during 1995 to 1997? That money is not for the union. It is for the workers of that time.

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