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ECU directors taken to task over squabbles
Members of Eastern Credit Union (ECU) on Monday chastised the financial institution’s board of directors, led by Wayne Estrada, claiming their public squabbles are embarrassing the organisation and threatening its stability.
At a special meeting at the credit union’s La Joya Complex headquarters, St Joseph, shareholders voiced frustration at the manner in which ECU’s affairs are being managed and told the directors to deal with the issues now tarnishing the image of the institution.
Tensions at the board level of ECU reached boiling point last November when a special meeting was called to remove Alana Blackman as president, citing a reported lack of confidence in her leadership. Directors voted to have Estrada replace her until the annual general meeting in March.
Blackman’s leadership came into question over allegations of impropriety in the award of contracts by EPL Properties Ltd, a subsidiary of the credit union, for a real estate development at Las Viviendas, Valencia. The 16 acres of land was sold to ECU for $5 million two years ago.
At Monday’s meeting the membership held the view that matters relating to the purchase did not point to any deception by the board but discretionary allowances in making the best decision, based on information in hand.
Since then a new drama has unfolded which caused director Harvey Borris to direct his attorney to issue a pre-action protocol letter against Estrada and the remaining ECU directors for alleged slander.
Shareholders called on Borris to withdraw the legal action and serve out his term as a director in the interest of stakeholders. Estrada, however, told the meeting that despite their calls for conciliation Borris’ actions made it impossible for them to work as a team.