The House of Representatives is expected to resume debate Wednesday on a motion by Couva North MP Basdeo Panday seeking assistance for members of the Hindu Credit Union (HCU).The motion was adjourned on October 30.
Panday's motion notes the $5-billion rescue package for CL Financial over the next two years and seeks to get the same type of treatment for more than 100,000 shareholders and depositors of the HCU, many of whom are small investors whose their life savings were put into the Credit Union.
It notes further that the total liability of the HCU is estimated to be about $776 million but no one is able to access the money because of a decision by the state's credit union authorities to put the organization into receivership.
The motion calls on the Government to take immediate steps to bail out the Hindu Credit Union so as to ensure that the deposits and investments of depositors and shareholders are protected from loss. The House is also scheduled to resume debate on a motion of no confidence in the finance minister by Siparia MP Kamla Persad-Bissessar. Debate on that motion was adjourned on May 27.
The motion states that since the minister's action in the CL matter lacked transparency and accountability since she didn't declare her interests as a shareholder in CL Financial Limited "prior to, during and subsequent to negotiations between the government and that company over government’s intervention in the affairs of the company".
Persad-Bissessar's motion says the public has lost confidence in the minister’s ability to administer the nation's finances and is asking the House to express its loss of confidence in Karen Nunez-Tesheira and to call upon Prime Minister Patrick Manning to take steps to revoke her appointment.
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