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May 24, 2022

Former General Manager of St Francis Xavier Credit Union Clarifies

Since the protest that took place in front of St Francis Xavier Credit Union in Corozal Town and subsequent press releases by the credit union, the former general manager of that financial institution has issued his own press statement. Rafael Dominguez says in his release his need to set the record straight, in which he explains that the credit union fired him a few days early rather than allowed his contract to expire. Dominguez wrote, and we quote “Contrary to what the Board stated, I was in fact dismissed from my post as General Manager. Their letter dated 20th April 2022 stated clearly that my services, ‘are no longer required effective immediately.’ Time still remained on my contract at that point, unquote. The credit union had indicated that they had simply not renewed Dominguez’ contract in the best interest of the credit union. Dominguez pointed to sections of the Board’s letter to him, and quotes terms that the credit union reportedly used as their reason for parting ways with him. Those terms include descriptions such as “economic crisis”, and “precarious state” of the institutions finances and liquidity, which Dominguez said the administration blamed on his management. The former G.M. also points to the audited, annual and monthly reports to the Central Bank that confirm that the credit union grew during his ten years as the general manager, to become the second largest credit union in Belize. In his release, Dominguez claims he was prevented from terminating an employee on grounds of embezzlement. The credit union has set June twenty-sixth as the date for their A.G.M., at which there will be elections to fill vacant posts, the release of the annual audit, and announcements of dividends and rebates.

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