Why Barbados Public Workers is in the News Again

In recent weeks there has been noise in the traditional and social media space triggered by concerns coming out of the largest credit union in Barbados. It is no secret the blogmaster in the not too recent past registered concerns about how some matters were being managed at Barbados Public Workers Cooperative Credit Union (BPWCCUL) and subsidiaries, specifically CAPITA Financial

It says a lot about the current state of member relations at BPWCCUL a few vocal members felt driven to share concerns in the public space. The blogmaster must admit a lot of the concerns are steeped in ignorance. Several of the few voicing concerns readily admitted to not having attended AGMs or having read relevant laws and rules governing how members should interact with the credit union it owns. For the purpose of this intervention the blogmaster will ignore those prominent persons from other credit unions seeking to ‘exploit’.

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A Credit Union Bank, Good Idea?

Consultant Sir Courtney Blackman (right) and credit union executive Hally Haynes – photo credit: Nation

He said that only one CEO of a Credit Union disagreed totally. “Another CEO was enthusiastic about the initiative, which he considered vital to the growth and development of the Movement,” he said.

Barbados Advocate – 5/28/2012

There is a saying that the devil is always in the detail. Last week former Governor of the Central Bank Courtney Blackman – contracted to do a study – gave his support to the idea of the credit unions in Barbados owning a commercial bank. It was instructive to listen to the former Governor at a press conference last week flanked by Hally Haynes from the Barbados Credit Union League. He gave his support to the idea. Truth be told there was no mention of the business plan – if any exist – and what are the ‘money’ considerations. He referenced feedback from credit union members or what the marketers refer to as qualitative information. In his words,  “The large majority of Credit Union members interviewed supported in principle, the establishment of a Bank by the League, but several expressed various reservations”. It is positive that credit union members are supportive, buyin is obviously needed from the membership to move forward.

Of concern to BU is the revelation by Blackman that one credit union is not supporting of the idea. The Barbados Advocate article quotes Blackman, “… only one CEO of a Credit Union disagreed totally. “Another CEO was enthusiastic about the initiative, which he considered vital to the growth and development of the Movement”. After investigating the matter the credit union opposing the idea was identified in the Business Authority as the City of Bridgetown (COB). Using deductive reasoning it is not hard to conclude that the other credit union enthusiastic about the idea is Barbados Public Workers Cooperative Credit Union (BPWCCU). The recommendation afterall is for Capita to be transformed into a bank.

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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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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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