Enquiry hears "human side" of HCU collapse

The enquiry into Clico and the Hindu Credit Union (HCU) heard some horror stories Monday about the shabby treatment handed out to members and investors in the HCU.

One man - Shawn Khan - said his grandfather died five days after the man learned that his life savings had been lost in the HCU. Khan blamed former HCU PResident Harry Harnarine for that.

Khan said he and his grandfather, Siew Kanhai, opened a joint account at the St Helena branch of the HCU in 2004 after the HCU "enticed" them to close their account with a commercial bank and move to the HCU to get a higher return on their investment.

He said four years later he went to try to withdraw funds after learning that the HCU was having financial difficulties.

"I wanted to find out what was happening so I went to withdraw $500 and what the tellers told me was 'you know the vehicle has to come, the money not here yet'. I went the next day it was the same thing and the other day and it was the same thing," Khan said.

Khan said at the same time he had a letter from a doctor stating that his grandfather needed eye surgery. But that didn't help. He said he made nine futile attempts to get money from the HCU and even spoke with Harnarine on four occasions

He said although he hid the truth from his grandfather, the man found out about what was going on. Khan said three days after he explained the problem to his grandfather the 87-year-old man suffered a brainstem stroke and died two days later.

Khan said although he had money in the HCU it was of no use and he had to borrow $32,000 for funeral expenses.

Another witness - Kamanie Joseph Cole - she had an accident and broke her knee cap and was unable to work. However when she tried to get her money from the institutions she ran in trouble. She said officials only allowed her to withdraw $500.

"I cried everyday when I could not get my money. I cannot say when I stopped crying but I know exactly when I started and that was the day I realised my life savings may be lost ," Cole said.

A third witness Jennifer Gobin related her embarrassment when the HCU wrote cheques and failed to honour them.

"I want to publicly thank the Commissioner as well as the attorneys attached to this Commission for our presence here today and for acknowledging that there is a human side to all of this," Gobin said.