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Credit Union Bobol
Posted: Monday, July 9, 2012
Credit Union Bobol
WHILE there were signs of bobol (fraud and corruption) in the credit union sector since 1992, the State failed, under successive governments, to act to protect shareholders from the industry-wide corruption that served as the backdrop to the disastrous collapse of the Hindu Credit Union (HCU) in 2008, the Colman Inquiry heard yesterday.
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Mystery caller warned about irregularities
A member of the Hindu Credit Union (HCU) board, who remains only a mysterious voice on the telephone to this day, called the Ministry of Finance shortly before the institution's collapse, exposing financial impropriety and other irregularities.
Probe hears Teshiera promised $71m bailout
Former finance minister, Karen Nunez-Tesheira, promised a $71 million bailout of the Hindu Credit Union (HCU) and to fully assist the institution but the plan fell through, the Clico/HCU commission of enquiry heard yesterday.
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Bludgeoned
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