Officials are investigating acts of impropriety involving certain directors of cooperatives and credit unions who could ultimately be prosecuted, according to the minister responsible for cooperatives V. Alfred Gray.
In fact, Mr. Gray, the Minister of Agriculture, Fisheries and Local Government, said authorities could also move to shut down a few of the organizations should the situation warrant it.
“A couple of them are about to be closed by bad operation, by negligent conduct on the part of some directors – giving themselves loans and not paying them back,” said Mr. Gray in the House of Assembly. “You wouldn’t believe that some people are still doing foolishness with people’s money.”
He also detailed how the alleged acts of impropriety affected several of the directors when elections were held several weeks ago.
“Several directors could not offer for re-election over the last few weeks because we exposed their wrongdoings to the members of the credit unions and or cooperatives,” he said. “How could you give loans to yourselves and your children and don’t pay it back?”
Mr. Gray did not name the organizations involved.
But the minister’s charges irked certain representatives of the Bahamas Cooperatives League, the umbrella organization, with the claims apparently taking some of them by surprise.
“He can’t praise us on the one hand and kick us on the other,” said one executive, who wished not to be named.
Officials of the league were attempting to contact Minister Gray for clarification on the issue.
Bahamians own $170 million in assets vested in credit unions and cooperatives.
The minister’s revelations were made as June is being observed as Cooperatives Month, concentrating on the benefits of cooperatives.
There were 17 such organizations registered with the Department of Cooperative Development designed to promote the social and economic empowerment for all Bahamians through sustainable and adequately regulated co-operative enterprises.
The Department is responsible for inspecting the organizations, conducting annual or bi-annual audits according to the by-laws and bringing any deficiencies and questionable dealings to the membership’s attention.
Local credit unions range from those established for teachers, transportation, utilities and resort workers, churches and law enforcement officers.
Minister Gray claimed that while the concept of cooperatives is not taking off as it should, credit unions are doing very well with almost 29,000 members and their savings in local banks account for about six percent of total savings.
A few months ago, officials underwent additional training in enforcement strategies.
The government’s website lists the registered credit unions: National Workers Co-operative Credit Union Limited; Salem Union Baptist Church Co-operative Credit Union Limited; Teachers & Salaried Workers Co-operative Credit Union Limited; Public Workers Co-operative Credit Union Limited; Grand Bahama Co-operative Credit Union Limited; Bahamas Law Enforcement Co-operative Credit Union Limited; Paradise Island Resorts & Casino Co-operative Credit Union Limited; Inter-Faith Co-operative Credit Union Limited; Bahamas Taxi-Cab & Transportation Workers Co-operative Credit Union Limited; Bethel Baptist Church Co-operative Credit Union Limited; Bahamas Utilities Workers Co-operative Credit Union Limited; Prince Hall Family Co-operative Credit Union Limited; Cat Island Co-operative Credit Union Limited; Berry Island Co-operative Credit Union Limited; Harbour Island Co-operative Credit Union Limited; All Andros Co-operative Credit Union Limited; and Bahamas Co-operative League Limited.
By: Tameka Lundy, The Bahama Journal
