HCU depositors could get paid in December

Depositors whose funds have been tied up with the Hindu Credit Union (HCU) since the financial institution was put into receivership could start getting their money from the beginning of December.

A source close to Finance Minister Winston Dookeran confirmed this to JYOTI. The source said the HCU members are not affected by the discussions relating to the payment of monies to Clico investors.

"The Central bank is dealing with the Clico Depositors while the Deposit Insurance Cooperation (DIC) is handling the HCU matter. He (Dookeran) is aiming at payment to both beginning December 1," the source said.

Dookeran announced in the budget that HCU depositors would receive up to $75,000 of their deposits under the conditions that apply to deposit insurance. The HCU did not have insurance coverage for the funds.

Both the HCU and Clico matters will be the subject of a one-person investigation.