FNCU woes continue

Commissioner of Cooperatives Karyl Adams is looking into developments at the First National Credit Union (FNCU) following it eviction from its Point Fortin office and complaints from shareholders about its failure to repay outstanding monies. General Manager Mayon Murray said Adams is working closely with the credit union which is drawing up a schedule for payments to shareholders.

Murray said FNCU experienced two unstable periods when there was high demand for repayment of shares. “The credit union had two runs—one in 2005 and the other in 2008. In one instance it was caused by a levy with Venture Credit Union Cooperative Society Limited. In 2005 there was a series of articles in a newspaper which led to another run,” he said.

Murray explained that the credit union had a legal issue with Housing Development Corporation dating back to 2010, FNCU made an unsuccessful bid to recover $9,588,411.96 plus interest from that agency and Doc’s Home Ltd. He said details of the transaction cannot be published as the matter is currently before the Court of Appeal. He also said discussions are ongoing with the landlord at Techier Main Road with an aim of regaining tenancy.

Murray refused to say why FNCU was evicted from the building “We are holding discussions to get back the building but if that fails we have an option of going to another place,” he said.