HCU member group seeks $700M help from PP gov't

The Hindu Credit Union (HCU) members group has sent a set of proposals to the People's Partnership government seeking assistance for the more than 100,000 members who have faced severe hardships since the previous government put the HCU into receivership more thantwo years ago.

The group, which is independent of the HCU management, is asking the government to immediately provide funds to repay all HCU depositors 60 years and older. These citizens are in dire need of their money, the group said in a media release.

In addition, it has asked the government to direct the Commissioner of Cooperatives and the Liquidator to "cease demanding loan payments and threatening members whose deposits are greater than their outstanding loans".

It has also asked that the government direct the liquidator to update members on the status of the HCU liquidation, court matters, and the amount of money that has been paid to the liquidator during the past 25 months.

The group has suggested that the government provide about $700 million over the next 2 years, to return deposits and investments to HCU members. In return, it said, the government will take complete ownership of HCU assets, estimated at $450 million, all of which have been in the hands of the Liquidator since July 2008.

It said, "We maintain HCU members are citizens of this nation who should be treated fairly and equally...let us right the wrong that was perpetrated against HCU depositors," the group said in a media release.