Financial society members get $$ 20 years after it shuts

TWENTY years after their financial society closed, 15 members of Tunapuna Rising Star were given cheques by the Friendly Societies Division of the Ministry of Youth Development and National Service (MYDNS) for the money they had invested in the organisation.

Division registrar Michael Seales apologised to the members for the delay and said he has been working to ensure members of other community financial organisations do not see the same troubles when their organisations are closed down.

The members received an average of $30,000 each at a cheque-presentation ceremony on October 8 at the MYDNS in St Clair.

Seales explained when these organisations are shut, their assets go into a trust managed by the division, and when these assets are sold, the income is shared among the organisation's members.

He praised the efforts of some of these entities, explaining they play an important role in the economy and allow people to access resources to build houses and improve their lives.

Pointing to the Takaaful Trinidad and Tobago Friendly Society as an example, he highlighted what that entity has been able to accomplish with its 3,000 members.

“They have been able to use different investment portfolios, and that comes back to the Muslim community, particularly those who in fact are responsible for the membership. They have a lot of charitable efforts and they have been rich in resources. They even help their members buy land or prepare themselves to buy land.”

He suggested these societies should be viewed as community-building organisations, instead of being seen as competitors to banks and credit unions.

“It's not that they're rivalling the bank; what they're doing is pooling the resources to be able to help their community in the best way they can. It's not a rival issue, it's a common-sense issue. While your ability to get resources from the bank may be challenging and have to be done based on having collateral, it's not so stringent in regard to the society. We have societies that even own a credit union as well, so that is strength of it.”

Evalina Pallotta described the 20-year wait to receive her cheque as an unapologetic injustice.

She said her mother, Asenath Sandiford-Gairy, who had served as the president of the organisation, had died before she received her cheque.

She said Sandiford-Gairy had been a driving force behind the scenes, advocating tirelessly for the benefits of its members.

Pallotta said her mother had waited for this day and opportunity to arrive, but added despite her mother’s death, she was deeply grateful.

She mentioned another member who died just days before the event and said the prolonged wait and uncertainty had taken a toll on them.

Pallotta’s tribute to her mother resonated deeply with the members in the room.

Pallotta collected Sandiford-Gairy's cheque on her behalf and thanked the members for remaining resilient throughout the process.

Manager of the division Chandra Mohammed explained it is facing a manpower issue, with just one employee tasked with resolving the liquidation of friendly societies.

“We have just one officer, who has been working day and night, even using his personal phone to call all these members.

“We had some hiccups, and we will still have some of those going forward, but we will try our best to address them as we go along.”