Former Management Committee member pleased with Government’s action on GPSCCU
The Guyana Public Service Co-operative Credit Union (GPSCCU) back in operation after being closed for a few days
(Photos by Samuel Maughn)
The Guyana Public Service Co-operative Credit Union (GPSCCU) back in operation after being closed for a few days (Photos by Samuel Maughn)

Jermain Hermanstyne, who sat on the embattled Guyana Public Service Co-operative Credit Union (GPSCCU) Management Committee, said he is pleased with Government’s decision to take control of the credit union, contending that for years millions of dollars were allegedly doled out to Patrick Yarde and his allies.

Hermanstyne was among members of the Credit Union, who spoke to the Guyana Chronicle on Monday about the Social Protection Ministry’s move to appoint Justice Prem Persaud as the Officer in Charge of GPSCCU, in addition to establishing an Interim Management Committee (IMC) over concerns of poor performance by the now defunct management committee, which was led by Patricia Went.

GPSCCU Member Jermain Hermanstyne

Pleased with the decision, the GPSCCU member is now calling on the IMC to conduct an extensive audit on the credit union’s operation.
“I expect them to do a comprehensive audit. That comprehensive audit will basically show us the discrepancies, and I would expect that those responsible for the discrepancies would face the full brunt of the law,” he said.

According to Hermanstyne, who sat on the old management committee for approximately nine years, the Credit Union suffered at the hands of Yarde, who was also member of that committee and had strong support from at least five other committee members including, the chairman Patricia Went.

He alleged that prior to the takeover by the ministry, Yarde, who is the head of the Guyana Public Service Union (GPSU), was given a million dollars on a yearly basis by the credit union to offset his medical expenses.

To compound the situation, Hermanstyne said when a close relative of Yarde fell sick, $600,000 was deducted out of the Credit Union’s coffer to facilitate a trip to Cuba, although neither that family member nor the nurse who accompanied him were members of the credit union.

In 2016 and 2017, it is alleged that Yarde for both years received $700, 000 as Christmas bonus.
According to the GPSCCU member, when that relative died, Yarde was given another $100, 000 to assist with the wake and funeral expenses. Without offering any break down on how monies would be spent, Yarde, over the past three years, is reported to have requested one million dollars from the Credit Union for the May Day rally every year.

According to Hermanstyne, these monies were given to Yarde although at least five members including himself had objected on several occasions. He said the monies were doled out to Yarde, although members have not received dividends for the past four years.
“For the past four years, members have not had their dividends but I could assure you that Patrick Yarde has been travelling and attending overseas conferences, sometimes four, five times per year,” Hermanstyne said, adding that these trips cost millions of dollars.

He is also in support of the government’s request for $49.6M to be paid over to the Audit and Supervision Fund for the years 2002-2013, on the basis that Yarde and Went abused their powers while sitting on the management committee.

Audrey Kellman, another GPSCCU member said she had decided to go on a 100-day hunger strike but now that an IMC has been installed she has decided to call off the strike.
Kellman questioned why the management committee under Went was unable to pay members their dividends though dues were paid up-to-date.

“We expect to see soon the functioning of the management committee until the Annual General Meeting (AGM) is held,” Kellman said, while expressing her confidence in Justice Persaud and team. Attempts to contact Yarde on his cell phone proved futile.

Meanwhile, at the Credit Union Hadfield Street office business was ongoing as usual under heightened police presence. During a walk-through of the building on Monday, ranks of the Guyana Police Force (GPF) could have been seen on each floor, in addition to security guards. Justice Persaud was not there at the moment.

Many of the members conducting transactions at the time were unaware of the new administration. One woman, Diane Grey, who has been a member of the Credit Union for the past 25 years, said she had no major issue with the old management team.

According to her, in recent years the process of acquiring loan from the credit union was significantly improved, and members are now able to secure loans within a period of three weeks. Prior to that, she said it took months. Grey however noted that it has now been years since she last received dividends.

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