On The Ides Of March – BPWCCUL Has 14 Days To Respond!

Terrol Inniss, President of BPWCCUL

The last blog posted regarding BPWCCUL has resulted in the wrongful dismissal of several workers including a very hard-working and honest Finance Manager, the continued harassment of an equally honest and sincere Internal Auditor and a professional and competent IT Manager. It has also triggered the running of two Directors who I’m glad to see the back of and the resignation of the Chairman of the Supervisory Committee. We only hope the Financial Services Commission is taking note.

As a pre-cursor to the Annual General Meeting it is essential to fully ventilate the issues and therefore we shall be posting on a regular basis to try to make sure that what has happened at CLICO does not happen here. In this situation more than fifty-thousand Barbadians would be affected.

This first post is a friendly game of 20 questions but if the Board is not forthright with members then it will be escalated with severely damaging information. Nothing short of the stepping down of the BPWCCUL President, Vice President, Treasurer, Secretary, Director Marilyn Mapp, Director Keiva Cadogan, the CEO, CAPITA’s Chairman, Deputy Chairman and CEO will avert this course of action.

These issues have not been raised officially with the Supervisory Committee because that has proven to be 100% ineffective and impotent. Remember, money talks and once Supervisory Committee members are offered trips to attend meetings across the Globe, they forget their duty and chase after a Board position.

So the 20 questions:

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Special Meeting Called By Concerned Group of Barbados Public Workers Cooperative Credit Union Ltd

Dear  BPWCCUL (Barbados Public Workers’ Co-operative Credit Union) Limited members, some of you have expressed concern with the actions taken by the Board to acquire Capita, the apparent reluctance by the Board to be forthright with information regarding CAPITA’s operations and the manner in which decisions relating to Capita are being made.

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Barbados Public Workers’ Co-Operative Credit Union Limited In Expansionist Mode

Recent discussion on BU suggested some fireworks would have occurred at the  Barbados Public Workers’ Co-Operative Credit Union Limited  (BPWCCUL) Annual General Meeting (AGM).

Here are a few notes on what transpired at the 18 June 2011 AGM:

  1. Thirty five credit unions voted this week to move ahead to establish a Cooperative Bank. Capita, a 100% owned  BPWCCUL company, is expected to form the ‘backbone’ of the project. Additionally it was revealed that the BPWCCUL will lead an initiative to build out a shared network to serve the smaller credit unions.
  2. The usual suspects were elected to serve on the Board and other committees, Cedric Murrell, Glendon Belle, Randy Graham, Suzette Clarke and Paula Byer.
  3. Net Surplus in the amount of $2, 219, 378.00 was voted with $1.1 million of the amount to be rebated to members at a rate of 2% .
  4. Members voted to increase the loan limit to BDS90 million.
  5. The biggest bone of contention at the meeting occurred when members questioned the format of the financials. The financials reflect a consolidation position i.e. BPWCCUL and Capita. A motion was carried to breakout the credit union financials for future meetings to allow members to better scrutinize the credit union’s performance.

The meeting was otherwise uneventful with a minority voicing concern from the floor and in corridor whispers about the direction the credit union seems to be headed given its obvious expansionist strategy. Those fears would have been heightened by Treasurer Paul Maxwell during his presentation of the Treasurer’s Report.

Concerned Barbados Public Workers Cooperative Credit Union Members Speaking Out

Submitted by BPWCCUL Concerned Members Coalition

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Paul Maxwell,Treasurer of BPWCCUL, a Director of CAPITA, a Director of BPW Financial Holdings and was recently named as CEO of CAPITA – accused of conflict of interest

Members of the Press

The Annual General Meeting of Barbados Public Workers Cooperative Credit Union will be held on June 18th 2011 and will be a watershed as a large number of fed up and concerned members will be there to let their voices be heard.

The major issues are:

  • Two cases of fraud which are being covered up by the Management, Board and Supervisory Committee. These fraud cases were not reported to the external auditors or to the regulator as required by section 215 of the Cooperatives Societies Act. Indeed the CEO and Management did not follow the procedures set out in their own anti-fraud policy — which should have seen the Internal Auditor immediately alerted and the necessary investigations conducted. Two staff members have lost their jobs so far and dozens of members whose cards were created by one particular individual are at risk. While these two staff members are no longer with the organisation, there is evidence that they did not act alone. The members are therefore concerned about any involvement by others including supervisory and management staff.

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