HCU Collapse in Trinidad

The Hindu Credit Union which collasped in Trinidad recently is being compared to the O(Zero) and Cash Minus collapse in Jamaica.

The overnight disappearance of the HCU empire is certainly reminiscent of Jamaica’s severe problems with OLINT Financial Corp and the March 2008 decision of the High Court of Jamaica to place Jamaica’s Cash Plus into receivership on the application of an employee.

HCU and Cash Plus also created subsidiaries in quick time without much attention being paid to the connection between the return on these investments and the returns promised to depositors and the liquidity required to meet depositors’ demands.

It appears that the entire caribbean region is suffering from various financial schemes which intially seemed to be “Godsend” only to fail and bring misery on its depositors/investors.

Full story

http://www.newsday.co.tt/businessday/0,83578.html

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9 Responses

  1. Wa dat onothda wan. unbeleavable

  2. Two executive members resign from HCU shareholders group
    Saturday, September 6 2008

    http://www.newsday.co.tt/business/0,85742.html

  3. HCUDSG discord results in resignations
    By Anna-Rose Madray Sunday, September 7 2008

    http://www.newsday.co.tt/business/0,85798.html

  4. Two senior members split from HCU group
    ‘I will not be used as a pawn’
    Kim Boodram

    http://www.trinidadexpress.com/index.pl/article_business?id=161372461

  5. HCU depositors file action against official
    Keino Swamber South Bureau
    Wednesday, August 13th 2008

    http://www.trinidadexpress.com/index.pl/article_business?id=161363258

  6. At least people in Trinidad wont put up with crap.

  7. HCU meeting in uproar
    By Anna Rose Madray Tuesday, September 2 2008

    http://www.newsday.co.tt/business/0,85488.html

  8. Trinidad and Tobago has earned itself the enviable reputation of a solid investment ground for global trade and commerce. In the last four years it has been performing positively especially in the natural gas producing sector. 2002 looked like a good year with strong developments taking place; but they were overshadowed by political uncertainties. The government took stock of the situation and decided to divert their focus onto the tourism industry. The result was low inflation and trade surplus, which greatly benefited this archipelagic nation. From the banking point of view, there are four major financial institutions in the country, two of which are Republic Bank Limited and First Citizens Bank. These banks provide loans to help citizens purchase their own homes. knowing the ins and outs about real estate will help you get the home, house or apartment you want. We can help you with listings of available homes

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