– IMC to be installed, Minister Hamilton says

FOLLOWING an audit that unearthed the alleged mismanagement of $8.4 million, the Ministry of Labour has taken a decision to install an Interim Management Committee (IMC) at the Amalgamated Transport and General Co-op Credit Union.

This disclosure was made by Minister of Labour Joseph Hamilton at a press conference on Friday.
He stated that the Chief Co-operatives Development Officer, Ms. Perlina Gifth has met with the committee of management informing it that she will be taking control of the credit union.
“The Amalgamated Transport and General Co-op Credit Union, I am reporting that the Chief Co-ops Officer is about to take possession and control under the law of that credit union. Reason is that presently that credit union is under suspicion for what they call under AMLFC Act ‘suspicious transactions’ and therefore the Financial Intelligence Unit (FIU) was written to about the specific issue about this credit union,” stated Minister Hamilton.

The minister noted that the $8.4M is not the only incident of financial mismanagement at the organisation. He noted that at present the audit has already discovered two other incidences of mismanagement which totalled an additional $8.5M.

“Presently there is an audit of the books of the union, and monies that they cannot account for show the tune of $8.4 million. During the audit and during queries they (the union) had in their possession some $4.9 million in cash that they cannot account for; cash, money holding at this credit union premises. Then we had an alarming situation also where one of the senior officers was attempting to cash two cheques to the tune of $3.6 million I suspect payable to herself,” he informed.
He stated that the situation at the credit union needed urgent and swift action.

The minister reminded that the Labour Ministry and the Chief Co-operatives Development Officer, have the legal right to take control of and appoint an IMC to oversee the operations of the credit union.

“Ms. Gifth just returned from a meeting with the committee of management there to advise and inform them that she will take control of that credit union. Presently we are in discussion as to the names of persons to be proposed and under the law, [the] Interim Management Committee will be installed very shortly,” Minister Hamilton said.