To 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. Continue reading