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Charges over fall of credit union

SHERRYLYN CLARKE, [email protected]

Charges over fall of credit union

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PORT OF SPAIN – Former president of the Hindu Credit Union (HCU), Harry Harrarine, could face several criminal and civil charges arising out of the 2008 collapse of the financial institution.
?This has been told to Parliament by Prime Minister Kamla Persad- Bissessar, who noted the sole Commissioner, Sir Anthony Colman, had listed at least 18 possible criminal charges that could be brought against Harrarine and other members of his executive.
“I have instructed the . . . Attorney General to deliver copies of this report to the Director of Public Prosecutions and Commissioner of Police so that an immediate criminal investigation can be launched. I have further instructed the Attorney General to pursue civil action for the recovery of monies and damages in accordance with the Coleman recommendations,” she said.
Sir Anthony last week submitted his report to President Anthony Carmona and earlier this month, Finance and Economy Minister Larry Howai said the collapse of the HCU in 2008 left a deficit of TT$700 million (BDS$215.9 million).
The government recently announced that it would plough an estimated TT$400 million (BDS$123.4 million) into a bailout plan to help depositors recover some of their investments.
Persad-Bissessar told legislators that she wanted to “take this opportunity to apologise on behalf of the government to the thousands of our citizens for the pain and suffering, distress and inconvenience they have been forced to undergo as a result of the shortcomings and failures on the part of so many, including the regulatory mechanisms of the state”.
But she said she wanted to assure them that “those responsible for their hurt and pain will feel the full brunt and weight of the law. The chips will fall where they must; no stone shall remain unturned in this quest for social justice on behalf of the people”. (CMC)