The Labour Ministry has appointed a nine-member Interim Management Committee (IMC) to take charge of the Clerical and Commercial Workers Co-operative Credit Union Limited (CCWU) for a six-month period, following mounting concerns over mismanagement and lack of transparency.
The decision, announced on Thursday and executed under the authority of the Co-operative Society Act, chapter 88:01, grants Chief Co-operatives Development Officer Janaknauth Panchu the power to intervene in any co-operative or credit union deemed to be poorly managed. The installation ceremony took place at the Ministry’s boardroom, attended by Labour Minister Joseph Hamilton, who emphasized the importance of restoring accountability and good governance to the troubled credit union.
Minister Hamilton explained that the intervention was prompted by a formal petition from CCWU members seeking government assistance to reestablish proper management practices. He stressed that the IMC is mandated to act in the best interests of the credit union’s membership and reminded all parties that the general membership remains the highest authority, with their rights and shares to be equally respected.
The newly appointed IMC has been tasked with several key objectives:
- Regularizing the credit union’s membership in accordance with its rules.
- Determining and distinguishing the assets of the credit union from those of the workers’ union, particularly regarding the ownership of the building.
- Ensuring accountability and good governance in all operations.
- Laying the groundwork for a Special General Meeting, at which an elected management committee will be chosen.
- Updating all records to facilitate an audit up to December 2024.
The move comes after a period of internal disputes and allegations of improper loan distributions, lack of accountability, and financial mismanagement within the credit union. The IMC’s appointment is seen as a critical step toward restoring confidence among members and ensuring the long-term stability of the CCWU Credit Union.
