Foreign Minister Dr Suruj Rambachan on Tuesday blamed the Manning PNM government for the problems that led to the liquidation of the Hindu Credit Union (HCU).And he slammed opposition leader Keith Rowley for criticising the People's Partnership decision to help HCU investors.
"I want to ask the Leader of the Opposition something, wasn't it at Balisier House that a group of people from the HCU, and I believe it included the HCU leader...at a time when the minister who was in charge of cooperatives, Mr Conrad Enill, was telling the prime minister that look, things are not right there, and you got to intervene," Rambachan said in his contribution to the budget debate.
"And Conrad Enill, who was in charge of the cooperatives, he was admonished. So you sat there and allowed the HCU to collapse although you had information from your ministers that things were not going right there," Rambachan said.
The minister charged that "it was not politically opportune" for the Manning administration to take action and rescue the troubled company.
He noted that there are files containing letters from worried shareholders, who wrote expressing concern that things were not right at the HCU, and they feared for their money. Despite that the PNM government allowed things to continue without intervening until it was too late.
He said the People's Partnership Government is concerned about the interest of the 160,000-plus shareholders, who are now happy they will be receiving at least some of their money.
"I am saying today that the 160,000 persons who are going to get their $75,000 are very happy in their homes today because many thought they would die and not see any part of that money," Rambachan said.
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