Among other woes, the 67-year-old credit union had issued bad loans to 191 members to the tune of $1.8 million. The Central Bank of Belize has liquidated the credit union; 1,100 shareholders affected.
BELIZE CITY, Mon. Feb. 5, 2018 Last April, the Central Bank of Belize announced that it would be liquidating the Civil Service Credit Union in Belize City, which has been in existence since the early 1950s.
Today, Amandala spoke with the chief liquidator and accountant, Cedric Flowers, who provided an insight into the ongoing process. He said that due to mismanagement, the Central Bank ordered the credit union to close down its operation.
And so for now, the company isnt functional, but hasnt been declared bankrupt; instead, it is …
Read the full article at: http://amandala.com.bz/news/civil-service-credit-union-bites-dust/
