St. Francs Xavier Credit Union board and GM say the Central Bank Gov. has got it all wrong

The board of directors and the general manager of St. Francis Xavier Credit Union have broken their silence, four days after the Central Bank Governor, Kareem Michael appointed an administrator to run the organisation. As you will recall, Michael announced on Friday that he decided to install a team, led by Martin Marshalleck, to administrate the place, citing “critical deficiencies” at the country’s second-largest credit union. One of the deficiencies, it appears, is the credit union board’s decision to pay more than 100 thousand dollars in legal fees for the wrongful termination of Rafael Dominguez, Sr. as the GM. When asked about that squarely, Dominguez rejected that narrative. 

Following the announcement by Michael, who is the Registrar of Credit Unions, the board of directors shared a letter, which it wrote to the Central Bank Governor on Friday. The letter says in part quote “We note that the Registrar has continued to impose unreasonable deadlines…consistent with the particular insult suggesting the lack of capacity of the elected members to manage the affairs of the credit union” Unquote. We asked Dominguez and Everaldo Puc, the board president why they took umbrage to that verbiage.