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May 25, 2022

Former GM of St Francis Xavier Credit Union Shares Details of Letter from the Board

Rafael Dominguez,

The controversy continues over the operations of the second largest credit union in the country. Today, Former General Manager of Saint Francis Xavier Credit Union, Rafael Dominguez called a press conference to share more details of the letter that the credit union wrote him when he says they fired him before his contract actually ended. He said he was summoned to a meeting with the Board on April twenty-second, along with members of the advisory committee and the internal auditor and that was where he realized his time with the credit union was quickly coming to an end.


Rafael Dominguez, Former General Manager, St Francis Xavier Credit Union

“At that point, I was served with a letter dated April twentieth, 2022, by the Board of Directors. I will disclose some of the points of that letter. The reason they considered not to renew my contract, which was on a five-year term, which was coming to an end on April thirtieth, 2022. That was ten days before the ending of the contract, I received the letter. The first point stated is that: “Your contract states on point number fifteen Mr Rafael E. Dominguez, Sr., shall be held responsible by the Board of Directors of the credit union for all matters pertaining to daily operations of the credit union and shall use your best endeavour to ensure that there is no breach of the laws and bi-laws governing the operations of the credit union.  You have certainly not fulfilled your responsibilities as indicated in your contract. Your performance as a manager has certainly not been satisfactory. You have not taken the initiative to formulate plans and measures to mitigate the economic crisis that our credit union is facing. Others have had to take over responsibilities which pertain to you as manager. Three, presently our liquidity is in a precarious state, as has been pointed out to us by Central Bank. The Board has to work arduously in drafting long-term measures to create more liquidity. Four, continuing to pay your salary as stipulated in your contract is no longer sustainable for the credit union and subsequently, members. Finally, five, point eight of your contract stipulates the credit union shall have the right to terminate the contract between itself and Mr Rafael Dominguez, Sr., at anytime, only for inability to perform the functions of his office.”

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