Hindu credit union under govt control
Published:Thursday | July 24, 2008 | 5:22 PM
A Trinidad and Tobago High Court judge has placed the financially troubled Hindu Credit Union under the control of the government.
Commissioner for Co-operatives Charles Mitchell was yesterday successful in his application for control of the credit union, which has been unable to pay depositors outstanding money.
Justice Nolan Bereaux also appointed a liquidator to manage the affairs and investment of the entity.
Finance Minister, Karen Nunez-Tesheira, said the ruling effectively freezes the assets of the credit union and is intended to prevent a loss of confidence in the credit union sector.
The credit union reportedly has between US$115.2 and $131.6 million in assets and a total of US$32.9 million in liabilities.