The Ministry of Finance has announced that it will soon begin making payments to depositors and shareholders of the failed Hindu Credit Union (HCU).
The payment will be in two phases with persons with $75,000 and under getting their money first followed by people with more than that figure.
In the first phase the government will pay up to $75,000 to anyone who has up to that amount in deposits and shares taken together. In arriving at the figure, the government will take into account any joint accounts.
The ministry said all HCU depositors and shareholders will receive a package including a Statement of Settlement with up to date information on their deposit, share and loan balances. It will also include a personal information form, a statutory declaration form, a transfer of rights form and a self-addressed envelope.
In order to qualify for the payment, depositors must respond within one month and will be required to sign the statutory declaration at a processing centre.
In that document they would have to certify that they are not past directors or senior managers up to one year prior to October 10, 2008, the spouse of a past director or senior manager of the HCU at October 10, 2008, or a child under the age of 18 of a past director or senior manager of the HCU at October 10, 2008.
In addition, persons who accept the payment must withdraw any disputes before the Commissioner for Co-operative Development or the courts in relation to their accounts, and provide proof of withdrawal before any payment is made.
Persons accepting the relief will have the payments made directly to their personal commercial bank account.
Three offices in Trinidad and one in Tobago will be used as processing centres, and persons will be contacted by the liquidator and invited for processing and verification.
The promise to make the payments was contained in the People's Partnership first budget by Finance Minister Winston Dookeran. The package is worth about $300 million.
Depositors and shareholders are entitled to $75,000 under the rules of the Deposit Insurance Corporation. Those with over $75,000 would be paid in equal annual installments at a zero interest rate.
The payment will be in two phases with persons with $75,000 and under getting their money first followed by people with more than that figure.
In the first phase the government will pay up to $75,000 to anyone who has up to that amount in deposits and shares taken together. In arriving at the figure, the government will take into account any joint accounts.
The ministry said all HCU depositors and shareholders will receive a package including a Statement of Settlement with up to date information on their deposit, share and loan balances. It will also include a personal information form, a statutory declaration form, a transfer of rights form and a self-addressed envelope.
In order to qualify for the payment, depositors must respond within one month and will be required to sign the statutory declaration at a processing centre.
In that document they would have to certify that they are not past directors or senior managers up to one year prior to October 10, 2008, the spouse of a past director or senior manager of the HCU at October 10, 2008, or a child under the age of 18 of a past director or senior manager of the HCU at October 10, 2008.
In addition, persons who accept the payment must withdraw any disputes before the Commissioner for Co-operative Development or the courts in relation to their accounts, and provide proof of withdrawal before any payment is made.
Persons accepting the relief will have the payments made directly to their personal commercial bank account.
Three offices in Trinidad and one in Tobago will be used as processing centres, and persons will be contacted by the liquidator and invited for processing and verification.
The promise to make the payments was contained in the People's Partnership first budget by Finance Minister Winston Dookeran. The package is worth about $300 million.
Depositors and shareholders are entitled to $75,000 under the rules of the Deposit Insurance Corporation. Those with over $75,000 would be paid in equal annual installments at a zero interest rate.
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