27 Apr 2008

Fleecing effectiveness

Several things caught my attention in the newspapers today. In no particular order of course; I just read the newspapers as a matter of interest, and some of the shenanigans that were revealed are indeed food for thought.

The Hindu Credit Union has been a victim of its own success. Years ago, whenever one went to a bank, the employees were mainly of 'white' or 'African' races. It was worse in the credit unions such as Rhand, or Eastern. They were solidly African in composition of staff, and their membership was a direct reflection of the public service i.e. Africans.

So when the HCU came about, it was an immediate opportunity for Indians to join 'one ah dey own'. I recall the passion of one of my neighbours who argued (racially) for HCU. But the large sums of deposits (in a very short time) at HCU made Harry Harnarine into a tin god, a colleague of Calder Hart so to speak.

There was a lack of proper accountability, over-zealousness in spending (acquiring assets) and soon shareholders saw the other side - trouble to access their own money. My self same neighbour who was so enthusiastic about HCU was forced to borrow money to purchase books for his children's schooling, not from HCU but from friends.

The battle is not yet over. Now people have to go to court to get their own money back from HCU.

As an Indian, I can tell you from first hand, one reason this race will never succeed is because the few in elite positions take advantage of the others not so fortunate. Hence Harnarine was able to fleece the Hindu community more effectively than Pastor Cuffie. Then again, Indians are reputed to have more brains anyway, and a 'smartman' mentality. They will beat any pastor hands down.

By the way, Madan Ramnarine the (former?) accountant at HCU is also a board member at UDeCOTT, along with Calder Hart. Small world, isn't it?

UDeCOTT's Chairman is Canadian banker Calder Hart, of De Lima Road, Cascade. Other members of the Board of Directors are: property developer Dr Krishna Bahadoorsingh, of Fairways, Maraval; Independent Senator and President General of the SWWTU, Michael Annisette, of Suffolk Road, Belmont, attorney Anthony Cherry, of La Horquette, Glencoe, Unit Trust Corporation manager Wendell Dottin, of Olton Road Arima, businessman Devanand Ramlal, of Chan Ramlal Avenue, Chaguanas, and accountant Madan Ramnarine, of Esmeralda Road, Cunupia.

Newsday Article