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Mount Carmel Credit Union being liquidated, members in limbo

Posted: Friday, April 21, 2017. 1:21 pm CST.

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By BBN Staff: The Central Bank of Belize has not given any indication on what it will do about hundreds of customers affected by the liquidation of Mount Carmel Credit Union.


The CBB announced, at the start of April, that Mount Carmel, based in Bemque Viejo del Carmen, would be one of four credit unions liquidated  under Section 69 of the Credit Unions Act, Chapter 314 of the Laws of Belize.


The section deals with offenses that credit unions commit, including failure to submit information required by law, and publishing false information. The other unions to be liquidated include the Police and Civil Service Credit Unions (Belize City) and the Citrus Growers and Workers Credit Union (Dangriga).


Registrar of Credit Unions, Central Bank Governor Joy Grant, has failed to respond to any request for information, on what relief will be granted to the member-owners whose savings and assets were tied to the Mount Carmel Credit Union.


The union has been the source of controversy for over a decade, beginning in 2001, when Martita Duarte and Julio Santos were accused of embezzling more than $500,000 from the institution, however, they were never convinced. In 2009, burglars managed to steal $40,000 from the office.


The Development Finance Corporation (DFC), says that the union has a loan that values almost $500,000. The DFC, will be taking over and selling the union’s office.


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