Two ECU managers unemployed after internal probe

TWO senior Eastern Credit Union (ECU) employees have had their employment ended after the board investigated allegations that executive members were colluding to undermine the institution.

At a media conference at the La Joya head office on Wednesday, deputy CEO Kester Lashley said the two had had their employment ended, but refused to clarify whether they were fired, asked to resign or quit.

In June Lashley claimed someone was hired at the Commissioner for Co-operatives' office at the behest of a high-ranking government official to investigate the credit union and undermine its leadership. He added then that there were employees working with the government employee against the company.

On Wednesday he said, “As a consequence, the tenure of two senior employees who were leading figures in the subversive team who colluded with an employee of the commissioner's office has been brought to an end.

"At this time, we are fairly confident that this brings to an end this chapter. And I again want to thank those executive managers who resisted these subversive influences,”

He said for reasons of confidentiality he could not say when the workers' last day of employment was, their positions or their names.

He also could not say what was the political gain, if any, from the supposed supplanting. He said the investigation was done in keeping with standards of the company, and it was prepared for any lawsuits.

As at the media conference in June, ECU’s president Richard Noray was absent on Wednesday. Lashley said Noray was dealing with his doctoral studies and that was the reason for his absence.

The Commissioner of Co-operatives in June said it was investigating ECU after its CEO and a director were dismissed and two other directors suspended within the past year.

In June the ECU removed itself from under the purview of the Central Bank.

The ECU’s attorney Lloyd Robinson said the company was reviewing its agreement with regional rating agency Caribbean Information and Credit Rating Services Ltd (CariCRIS) to determine if there had been any breaches in their agreement.

This after CariCRIS expressed concerns over ECU’s future. In August CariCRIS claimed ECU was uncooperative and was not providing information to complete its surveillance report and was given a rating of Developing.

Since then, the two entities had been at odds with each other, with the Co-operative Credit Union League jumping in to defend the ECU, saying CariCRIS was not a regulatory body for credit unions.

Robinson said after reviewing the documents signed between the two, the opinion will be shared with the CEO, who will determine what is done with the information.

Lashley said the credit union is continuously growing and to continue its trajectory it established the micro, small and medium enterprise unit to “nurture the entrepreneurial spirit of our members.”

“At each of our nine branch locations, a library corner has been established as a means of creating opportunities for learning to support diversity, and inclusion and to foster the beginnings of ingenuity and innovation.

"We will also be adopting the EMV chip card whereby all members will have increased security and the option to shop online.”

The card is expected to be launched next year, he said.