FAR from being seen as the saviour in the mess that is now the collapse of the Hindu Credit Union, the Government action last week must rightly be classified as having come too little too late. <\/p>\nT&T Express Editorial
\nMonday, July 28th 2008<\/i><\/p>\n
FAR from being seen as the saviour in the mess that is now the collapse of the Hindu Credit Union, the Government action last week must rightly be classified as having come too little too late. <\/p>\n
Ordinary citizens by the thousands must now suffer the distress of having to watch their\u00c2 millions of hard earned money jump up and away in Harry Harnarine’s cavalier, irresponsible steelband. Related Articles:<\/b><\/p>\n Worried employees form group<\/a> July 29, 2008 HCU workers turn guns on PM, Finance Minister<\/a> July 29, 2008 Mayor boots HCU out of car park<\/a> July 29, 2008 Harnarine: My hands are clean<\/a> July 29, 2008 We want our $25m<\/a> July 28, 2008 HCU officials borrowed millions<\/a> July 28, 2008 Sat: Freeze Harry’s assets<\/a> July 27, 2008 Montano: Why did Govt take so long?<\/a> July 27, 2008 Minister: Govt not sure of giving HCU $$<\/a> July 26, 2008 ‘…They should have stuck with traditional guidelines’<\/a> July 26, 2008<\/p>\n Inspection team: HCU violated loans policy<\/a> July 26, 2008 Finance Minister to HCU head: Wait for court<\/a> July 26 2008 Harnarine: HCU beyond recovery<\/a> July 25, 2008 All HCU business taken out of Harnarine’s hands<\/a> July 25, 2008<\/p>\n HCU’s history of troubles<\/a> July 25, 2008<\/p>\n Sat: Family has foreign property HCU owes $25m in interest<\/a> July 25, 2008<\/p>\n Finance Minister offered advice<\/a> July 25, 2008<\/p>\n Credit union wanted $1b liability limit<\/a> July 25, 2008<\/p>\n Last laugh for Enill?<\/a> July 25, 2008<\/p>\n Court freezes HCU assets<\/a> July 24, 2008 Court grants Govt full control of HCU<\/a> July 24, 2008 HCU frozen: No need to fear, says Harnarine<\/a> July 24, 2008 Flashback:<\/b><\/i><\/p>\n Panday, Ramesh, meet Harnarine to discuss crime<\/a> January 29, 2006 <\/p>\n We must win this war<\/a> July 25, 2004<\/p>\n March illegal\u2013cops<\/a> July 24, 2004<\/p>\n Hindu Credit Union boss arrested at protest march in Trinidad<\/a> July 13, 2004<\/p>\n","protected":false},"excerpt":{"rendered":" T&T Express Editorial Monday, July 28th 2008 FAR from being seen as the saviour in the mess that is now the collapse of the Hindu Credit Union, the Government action last week must rightly be classified as having come too little too late. Ordinary citizens by the thousands must now suffer the distress of having … Continue reading Lessons in the HCU crash<\/span>
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\nThey have been clamouring for years now, many of them, to recover their investments in this financial organisation which has been going off the rails for too long, and for which corrective action seemed the furthest thing from the minds of the authorities until it was way past time.
\nFull Article : trinidadexpress.com<\/a><\/b><\/p>\n
\nEmployees of the Hindu Credit Union (HCU) have formed themselves into a group to protect their interest following the granting of full control of the credit union to the Government.<\/p>\n
\nAngry employees of the Hindu Credit Union (HCU) are branding Prime Minister Patrick Manning and Finance Minister Karen Nunez-Tesheira as “neemakharams of the highest order.” <\/p>\n
\nChaguanas Borough Corporation is about to evict the HCU from a car park it rents next to its administrative complex on Chaguanas main road… <\/p>\n
\nHindu Credit Union president Harry Harnarine said yesterday that the properties which he owns abroad were bought with money he made as a financial consultant as well as his former jobs in other financial companies, like the Colonial Life Insurance Company.<\/p>\n
\nDepositors to sue HCU for fraud<\/p>\n
\nHIGH-PLACED officials of the Hindu Credit Union (HCU) borrowed millions from the credit union which were not repaid. An official, who held only $30 in shares was lent $500,000. Another official got a loan for $1.6 million at one percent interest, but the interest was calculated at only 0.5 percent. Another member bought only $25 in shares and on the same day was able to borrow $100,000. And a Costa Rican who was not a member and had no shares got a loan for half a million which was not paid back.<\/p>\n
\nThe Government should put an immediate freeze on Harry Harnarine’s assets. Secretary general of the Sanatan Dharma Maha Sabha Sat Maharaj feels this should be done while the HCU is being liquidated by chartered accountant R D Rampersad and Company…<\/p>\n
\nWhy did Commissioner of Co-operative Development Charles Mitchell and Finance Minister Karen Nunez-Tesheira take so long to act against the Hindu Credit Union…<\/p>\n
\nThough the Government has now taken over the Hindu Credit Union, Minister of Finance Karen Nunez-Teshiera has said her Ministry can give no assurances as to whether or not they will be giving the credit union extra money, if its needs more funds to pay back its depositors.<\/p>\n
\nA June 2007 report by an inspection team probing the Hindu Credit Union found evidence that the credit union violated most of its written policies, failed to adhere to the legislation which governed it and replaced its core business\u2013the granting of loans\u2013with the acquisition of properties…<\/p>\n
\nFINANCE Minister Karen Nunez-Tesheira said since the Hindu Credit Union moved from a liquidity concern to one of insolvency, there was no way Government could have responded any sooner on the situation.<\/p>\n
\nIt’s the end of the road for the Hindu Credit Union (HCU), according to its president Harry Harnarine…<\/p>\n
\n…action nothing to do with race<\/a> July 25, 2008
\nSecretary General of the Sanatan Dharma Maha Sabha Sat Maharaj has written to Ernst and Young, Commissioner of Cooperatives Charles Mitchell, as well as provisional liquidators R Rampersad and Company, identifying international assets of the Hindu Credit Union (HCU). <\/p>\n
\nJUSTICE Nolan Bereaux yesterday granted injunctions to freeze all assets of the Hindu Credit Union (HCU) in and out of Trinidad and Tobago and granted an application by Commissioner of Coop-eratives Clarence Mitchell to appoint R Ramersad and Company as provisional liquidators for the HCU.<\/p>\n
\nThe High Court has given the Government full control of the Hindu Credit Union Co-Operative Society Limited (HCU)…<\/p>\n
\nGovernment officials yesterday confirmed that the Hindu Credit Union has been served with an injunction and all the assets which the financial group owns have been frozen.<\/p>\n