SFXCU Responds to Registrar of Credit Unions “Unilateral” Decision

On Friday, the Registrar of Credit Unions, Central Bank Governor Kareem Michael, announced that career banker Martin Marshalleck has been appointed to oversee the day-to-day operations of Saint Francis Xavier Credit Union in Corozal.  The lending institution is the second largest credit union in the country but has been mired in controversy for the better part of the past twelve months as a result of infighting.  Earlier today, the Board of Directors, as well as officers of the various committees of SFXCU, issued a release informing its membership that effective March tenth, the Central Bank of Belize, “unilaterally suspended the Board of Directors, Credit Committee, Supervisory Committees, along with the general manager and ten employees.  The Registrar of Credit Unions, who is also the Governor of Central Bank, took the decision to violate the rights of each and every registered member who are the sole authority to the administration of their business with the SFXCU”.  The release goes on to say that the Board of Directors and Committees note that the registrar is in clear contrast to statements he made in the media on March tenth, and that there is in fact no justifiable reasons for his actions against the removal and suspension of duties of the board, committee and its employees.