Civil service Credit Union short on funds

Civil Service Credit Union is going bankrupt. Media reports confirm that 1.2 Million dollars of shareholders funds are inaccessible to some 1200 members even after the Central bank of Belize intervened to try to stabilize the waning Credit Union. In an interview with the Reporter, Cedric Flowers, Chartered Public Accountant stated that some 200 members are responsible for borrowing some 1.8 Million dollars worth of nonperforming loans. There is also another lender that is left holding the bag; The Belize Social Security Board, which holds the Union’s office building as Collateral. Flowers also stated that, even if the Building on Dean Street were sold, it would not attract sufficient funds to reimburse the SSB, much less the membership. PLusNews understands that while some members have already been taken to court, the oversight committee intends to issue final warnings to loan holders and their co-signers, warning them to pay by Mid March or face court action.

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