Competing groups lobby for $$ for HCU

Principal stakeholders of the Hindu Credit Union (HCU) are seeking government assistance in resolving the company's financial issues but they disagree on how to achieve the goal.

One stakeholders group want the HCU restored to what its used to be while another just wants shareholders and depositors to get the money that's tied up in the credit union that is now under reeivership.

Those interested in restoration of the HCU include HCU's president Harry Harnarine, the HCU board of directors, HCU Shareholders and the Depositors Group and the HCU Depositors Company Limited.

However, the HCU Credit Union Group (CRMG) led by Deosaran Bisnath just wanta people to get back the money tied up in the HCU.

Harnarine's group met in Chaguanas Saturday and agreed to try to arrange a meeting with Prime Minister Kamla Persad-Bissessar to advise her on the state of the financial organisation and let her make a decision on the HCU.

Harnarine told reporters that based on the meeting "we will now send a letter to the Prime Minister giving her all of the information on the issues because we feel she should have all the details in making her decision on the HCU."

Harnarine said he does not support a plan by another group to lobby the government to buy out the HCU. He is demanding that the government damages to the HCU. And he is calling on Attorney General Anand Ramlogan to recuse himself since he had represented HCU shareholders in legal matters against the HCU.

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Bisnath has written to Minister of Finance Winston Dookeran and plans on writing to Errol McLeod, the Minister with responsibility for credit unions, asking both men to treat HCU and CLICO equally.

Bisnath is asking for between $300 to $400 million over a two-to three-year period to repay the principal amount to shareholders.

In a note to JYOTI, Bisnath explained his rationale for seeking help with the HCU matter.

"A few of us are doing voluntary work for the poor suffering HCU members who need help to recover their money. All we ask is that the government consider HCU in the same way as CLICO - all are citizens of T&T who should be give fair and equal treatment. Billions are given to CLICO but nothing so fat to HCU members, approximately 100,000.

"Many HCU members have died since the company went in to liquidation, many are sick elderly people who desperately need their money.... that's why we advocate for return of their money as soon as possible.

"Anyone who wants to "restore" HCU are free to do so, good luck to them, but the government has a responsibility to help the HCU as they are doing with CLICO."