Labour Minister Rennie Dumas told Parliament Wednesday Opposition Leader Basdeo Panday is raising the issue of the Hindu Credit Union (HCU) for political gain since he knew that the matter would be in the news as the United National Congress (UNC) heads into its internal election. Dumas was speaking in a debate on a motion by Panday seeking a bailout package for members of the HCU who have lost all their savings as a result of the collapse of the Chaguanas-based credit union.
After the HCU was put into receivership the government refused several requests to assist through either loans or guarantees. However in January this year the government stepped in to help the CL financial group with a billion-dollar rescue package over two years.
Panday's motion cited that and suggested that government was acting in a discriminatory manner by moving to rescue one organization while turning a blind eye to the plight of more than 100,000 small investors who had placed their life savings in the HCU.
Dumas insisted that government acted responsibly in the matter.
But Oropouche East MP Dr Roodal Moonilal said Government was aware of problems in the operations of the HCU and did not take any action to address the problem.
Moonilal said the credit union authorities and regulators had a reponsibility and duty to intervene and protect the interests of depositors and shareholders if they felt that the managers were doing things that were not completely on board.
Moonilal also suggested that HCU depositors who lost their savings should get preferential access to the tertiary education financial assistance offered by the Ministry of Community Development, Culture and Gender Affairs.
Moonilal insisted that Panday’s motion was about poor people who lost their hard-earned investments in the HCU.
Government stated last week that it awarded scholarships valued at more than $46 million to people who were "young, poor, needy and vulnerable."
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