7 News Belize

LICU Board Drops A Bomb; Half A Mill In Mismanagement And Loss
posted (August 20, 2015)
For months, the dispute between the La Inmaculada Credit Union and its former General Manager Yolanda Gomez has been simmering. That culminated at the end of July when Gomez was terminated - after 24 years at the Credit Union. Since then, members who support her have circulated a petition and enough of them signed it, to force a special general meeting on Saturday in Orange Walk. The petition has four points - and the last asks about the dismissal of Gomez - who, after two decades at the biggest credit union in the north - had become a quote beloved figure in the community - one who has popular support. Sensing perhaps that her supporters could be gaining momentum which would lead to further upheaval at Saturday's Annual General Meeting - the Board of Directors has done a most unusual thing. The President Ena Martinez recorded a 12 minute statement making some rather dramatic disclosures about the tenure of Yolanda Gomez. She says these are the findings of a special audit by Chartered Accountant Cedric Flowers and a review by the Central Bank:

Ena Martinez, President - La Inmaculada B.O.D.
"What began as scattered cases of irregularities quickly turn into a pervasive demonstration of irregularities and noncompliance to banking law. These preliminary findings indicate that there are serious and deliberate breaches of protocol and policies many of which have been directly and or indirectly attributed to the former general manager. Example of some of these breaches in policies protocol and other irregularities include; 1) misdirection: Occasions where instructions were given for employees to process transactions which resulted in significant financial losses to the institution; 2) Violation of conflict of interest policy in the extent of undisclosed and under disclosed related party transactions to the board of directors; 3) Misrepresentation. Full and partial information withheld from the board and other committees; 4) Fraud. Fraudulent transactions resulting in financial losses; 5) Substantial cash shortage; 6) Forgery. Falsification of signatures on loan documents; 7) Unauthorized use of the corporate credit card for personal purposes; 8) Improper cash management particularly in relation to the movement of cash out of the vault; 9)Unauthorized loan and interest write-offs; 10) Deliberate falsification of cash count reports;11) Excessive loan exposure."

"Obviously these very serious and deliberate breaches in protocol and policies coupled with improper management of the institution have resulted in big financial loses of at least half a million Belize dollars. Enough is enough. The board remains firm in its decision to have determinate the services of Mrs. Yolanda Gomez and its convinced that this decision is in the best interest of the institution and ultimately you the members."

Despite that missing half a million Martinez says in her message that the Credit Union remains financially sound - and all services continue uninterrupted. They intend to sue Gomez to recover the losses.

Yolanda Gomez did not respond to our requests for a comment. In previous interviews she has declined to comment - but we do know that her letter of termination did not include any of those eleven allegations of wrongdoing which you just heard.

and just before news time, Gomez released a written public statement, which says, quote, "I have devoted most of my productive life to growing the credit union and ensuring that it becomes one of the most respected and successful institutions in the entire country of Belize. The awards and recognition, both nationally and internationally, speak to my good stewardship. We are all proud of these achievements, which would not have been possible without the hard work and dedication of the employees, members, and yes even the Board." End quote

With that she adds, "It thus saddens me that this Board would now embark on a witch hunt aimed at discrediting me and destroying my reputation all simply to achieve a personal end of removing me from the helm of our beloved credit union. I ask members/owners to attend Saturday's meeting, to reassert control of their credit union and to ensure that the credit union is not destroyed simply to achieve the personal objectives of a handful of individuals. As to my case, I have no doubt that I will be vindicated in a court of law where all the facts will have to be laid bare and will not be subjected to the manipulation that the president so clearly employs."

Home | Archives | Downloads/Podcasts | Advertise | Contact Us

7 News Belize