By BBN Staff: In an article on the liquidation of the Civil Service Credit Union in Belize city, the Amandala newspaper recently underscored some major concerns.
It was reported that over 1,100 shareholders are unable to access their savings, which total an estimated $1.3 million.
This is because about 200 shareholders have defaulted on loans amounting to around $1.8 million.
According to the report, this deficit was caused by mismanagement of the union.
The Amandala revealed that persons who owe for loans and their co-signers will be issued warning letters to pay their bills by March 15.
If they do not pay, they will be taken to court.
The report revealed that after judgements are served, the union would likely sell its debt to a collection agency.
However, the shareholders who didn’t owe any debt but were still left unable to access their shares could sue authorities at the union for their lack of diligence.
The doors of the credit union remain open but only for administrative purposes.
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