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Govt. takes control of troubled Public Service credit union
Members of the credit union protesting for their dividends earlier this year.
The Chief Co-operative Development Officer (CCDO) has assumed control of the Guyana Public Service Co-operative Credit Union (GPSCCU) Ltd.
According to the Ministry of Social Protection, its CCDO is acting in conformity with the provisions of the Co-operative Societies Act, Chapter 88:01.
“This means that the management team which hitherto superintended the affairs of the credit union was relieved of its responsibility and replaced by a new team. The identity of that team will be announced in due course,” the ministry announced.
It was disclosed that the decisions were taken after carefully considering the “unsatisfactory performance” of the previous management team which failed to manage the affairs of the society in the best interest of its members and within the parameters of the relevant laws.
It was revealed by the Ministry, that it has been monitoring the performance of the replaced delinquent management team for several years, but was not satisfied that the affairs of the credit union were being handled within the realms of integrity transparency and most of all, professionalism.
“Late July last year, the Ministry issued a release on the matter which was reported in the Guyana Chronicle under the caption “Government slams poor Management of the GPSU Co-operative Credit Union”. But not only was the ministry uncomfortable with the state of affairs in the entity. Several members also have been expressing displeasure with the management. For example, on February 7th, 2018 the Kaieteur News reported a picketing exercise of dissatisfied members over the non-payment of dividends which they had not and still have not enjoyed for five consecutive years.”
The ministry said that laws provide that the accounts of every credit union shall be audited at least once annually after which an Annual General Meeting would be held to discuss important matters including the determination and payment of dividends to members.
“It is most unfortunate that the management committee of the GPSCCU Ltd. did not find it necessary and expedient to prudently conclude the audits and consequential business in the interest of the subscribing members.”
The ministry explained that for more than two years, the Ministry of Social Protection had engaged the management and entreated it to comply with the laws, exhibit prudence and behave judiciously so that the concerns of thousands of public servants and other public sector employees could have been adequately addressed.
“Rather than adhering to the advice and promptings of the ministry, the credit union management remained adamant and numb to the members’ pleas while select members of the management committee continued to enjoy unjustified benefits at the expense of the members.”
The Ministry of Social Protection has decided that the time has come for a restoration of the dignity for which the credit union was previously known, hence the decisions of the CCDO.
“After more than two years of painstaking discussions, and exchange of almost 30 pieces of correspondence the ministry can no longer tolerate the obstinate and counter-productive conduct of the management committee which has contributed to the woes of the members. After all, the time has come for a change and the ministry wishes to advise the employees that no one will be unjustly displaced during the transitionary period.”
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