11 May 2008

The HCU saga

The Hindu Credit Union saga continues, and all is not well. Depositors have been having a hard time trying to get their money back, some being plagued with bouncing cheques, runaround, and a CEO who dodges the depositors like a player on a rounder's field.

"But now there are questions of transparency and accountability with regard to the operations of the HCU because in a number of cases, depositors could access their funds and postdated cheques were dishonoured. The lack of communication also eroded public confidence in the integrity of the institution and this has precipitated a run on the HCU."

Anand Ramlogan

In the meantime, I wonder if the HCU will actually pay up despite the judgements against it. I have a funny feeling down my spine that some depositors may have to levy on HCU property - but that is just my thought.