…expressed dissatisfaction over performance of management team

THE Chief Co-operative Development Officer (CCDO) has taken control of the Guyana Public Service Co-operative Credit Union (GPSCCU) Ltd. The takeover took effect on Friday May 25, 2018 in conformity with the provisions of the Co-operative Societies Act, Chapter 88:01.

“This means that the management team which hitherto superintended the affairs of the Credit Union was relieved of its responsibility and replaced by a new team,” the Social Protection Ministry said in a statement.

According to the ministry, the new team will be revealed soon. It explained that the decisions were taken following careful consideration of the unsatisfactory performance of the previous management team. That team reportedly did not manage the affairs of the society in the best interest of its members and within the parameters of the relevant laws.
“It was revealed by the ministry, that it has been monitoring the performance of the replaced delinquent management team for several years and was not satisfied that the affairs of the Credit Union were being handled within the realms of integrity, transparency, and most of all professionalism,” Amna Ally, the Social Protection Minister noted.
In July 2017, the Ministry issued a release on the matter which was reported in the Guyana Chronicle under the caption “Government slams poor management of the GPSU Co-operative Credit Union”, but not only was the ministry uncomfortable with the state of affairs in the entity, several members had also expressed their displeasure with the management.

The laws provide that the accounts of every Credit Union (Society) shall be audited at least once annually, after which an annual general meeting ( AGM) would be held to discuss important matters including the determination and payment of dividends to members. However, in the case of the management committee of the GPSCCU Ltd, audits were not done expediently.

All GPSUCCUL employees are asked to report to the Department of Cooperatives, Ministry of Social Protection, Cornhill Street, on Monday, May 28, 2018 at 9:00 a.m. instead of the union’s office on Hadfield Street.

The ministry is assuring the GPSUCCUL membership that the union will reopen for business on Wednesday, May 30, 2018.