St Francis Xavier Credit Union gets Central Bank-appointed administrator

Photo Credit: Corozal Daily

By Aaron Humes: Citing “critical deficiencies in governance and risk management practices, as well as material weaknesses in internal controls that could destabilize the credit union,” Central Bank Governor and Registrar of Credit Unions Kareem Michael has appointed Martin Marshalleck as the administrator of the St Francis Xavier Credit Union in Corozal Town, Corozal District effective March 10, 2023.

Marshalleck is a longtime banker who has headed up Alliance Bank (forerunner of Heritage Bank) and The Belize Bank. Just last week he was appointed Board Chair of Karl Heusner Memorial Hospital Authority (KHMHA).

In a statement issued yesterday evening, Registrar Michael advises that pursuant to section 61(1) of the Credit Unions Act, 2011, Chapter 314 of the Laws of Belize, he “has concluded that the appointment of an Administrator is required to protect the equities and interests of the members of the credit union.”

The Administrator, with a selected team as well as support from the Bank, is authorized to do any and all of the following: be responsible to the Registrar for the conduct of the business of the credit union; carry out all orders and directions of the Registrar with respect to the credit union; have the powers and may perform all or any of the duties of the officers of the credit union, and take all steps and do all things necessary to protect the equities of the members and the rights of creditors of the credit union, and shall maintain, so far as is practicable, the services of the credit union to its members.

This suggests that recently reappointed General Manager Rafael Dominguez is once again out after a protracted struggle among the Board of Directors and Supervisory Committee of the credit union last year.

The Bank says that the primary objective is to restore safe and sound operations and support the long-term success of the credit union. Members of SFXCU are assured that their funds are safe, and the credit union is in sound financial standing. The Registrar assures the members that SFXCU remains open and that all services continue as normal.

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