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As he has said before, Harnarine squarely blames the start of the financial run on a call by a group of local Hindu leaders for a boycott of the credit union, after it was opened up to depositors of all ethnicities and religions.
Waiting for an answer on the HCU
Thursday, November 12th 2009
The collapse of the Hindu Credit Union left thousands of depositors and shareholders out of pocket and hoping they will eventually get their money and investments returned to them.
Analysts have argued for more than a year after the financial meltdown of the HCU group of companies that its collapse resulted mainly from management’s decision to stretch the credit union’s assets into real estate and other non-credit union business ventures, including a security company, a media and communications outfit and housing development project.
One of the main criticisms was that under HCU president Harry Harnarine’s watch, the credit union’s assets and funds were stretched too thinly across other ventures that could only realise a profit in the medium to long term.
Two weeks ago the Opposition UNC filed a motion in Parliament asking that HCU depositors and shareholders be given immediate help in the form of a financial rescue similar to what was afforded to cash-strapped CL Financial, once led by billionaire businessman Lawrence Duprey.
Government responded that the HCU’s assets proved to be more encumbered than anyone initially let on.
In the meantime, a liquidator has been appointed to dispose of most of the assets of the HCU to allow creditors who are owed millions of dollars a chance to get their money.
Unfortunately, the original shareholders and savers, many of whom invested savings amassed over their entire working lives, are still waiting.
HCU boss Harry Harnarine is also attempting to rebuild a successful group of companies from the remains of the failed credit union.
But it may well be time to make a firm decision on what the future could hold for the thousands of HCU savers still waiting for an answer.
Alpine wrote:Me eh know what to think of this man but people want back they facking money.
Interesting article though. Seems like Harry refuses to leave and give back people they money, he say he plans to keep it as long as possible and he believes HCU going to revive wtf???
http://www.trinidadexpress.com/index.pl ... =161556326As he has said before, Harnarine squarely blames the start of the financial run on a call by a group of local Hindu leaders for a boycott of the credit union, after it was opened up to depositors of all ethnicities and religions.
Duane 3NE 2NR wrote:Alpine wrote:Me eh know what to think of this man but people want back they facking money.
Interesting article though. Seems like Harry refuses to leave and give back people they money, he say he plans to keep it as long as possible and he believes HCU going to revive wtf???
http://www.trinidadexpress.com/index.pl ... =161556326As he has said before, Harnarine squarely blames the start of the financial run on a call by a group of local Hindu leaders for a boycott of the credit union, after it was opened up to depositors of all ethnicities and religions.
Alpine where in that article did you get that quote?
neilsingh100 wrote:HCU and CLICO were based on the same financial model, anyhow you take it they would have ended up in this situation.
The big difference is that Clico people get back their money with interest at the tax payers expense.
Maserati wrote:*crab in a barrel*
corollalover101 wrote:.:V8:. wrote:triniangie wrote:how come he didn't end up in jail?
How come he wasn't shot with sh!t is more like it.
He claims the people is giving him nothing but love and support and that a Roti Shop is going to bail out HCU
And we still listening to this con man?
so Harry is the new Bas?
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