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Suspended Directors of St Francis Xavier Credit Union challenge Central Bank

Posted: Monday, April 22, 2024. 1:55 pm CST.

By Aaron Humes: St Francis Xavier Credit Union (SFXCU) has been in uproar for several months since the Central Bank of Belize took over its administration.

The suspended Directors of the second-largest Credit Union in Belize complained that the appointed administrator has been neglecting the Credit Union and that customers have not been able to access emergency loans.

But the Bank as Registrar of Credit Unions took over after complaints reached it about the management of the Credit Union by General Manager Rafael Dominguez and others. That was last year and a court case concluded in the last week found in favour of the Bank and Administrator on nine of ten points of objection.

More on this later on.

 

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