MP James Questions status of Depositors fromBanktrupt Christian Kingdom Cooperative

I am wondering what has happened to the depositors of the Christian Kingdom Cooperative (CKC)? CKC went belly up and into bankruptcy.

Approximately US$1.5 million was lost when CKC went bankrupt leaving 2,318 members without their money.

According to newspaper reports back in December and key persons affected by the Credit Union bankruptcy, the Court of First Instance ordered the Central Bank of Curacao and St. Maarten (CBCS) on October 30, 2012 to pay a couple of depositors to cover their deposits that they made to CKC.

 

The newspaper report also said that the court in its ruling found that the Central Bank did not perform its supervisory function well enough.

The UP faction would like to know from the Minister of Finance Mr. Roland Tuitt, a couple of things.

1. What is the status of CBCS and CKC depositors with respect to litigation?

2. Has CBCS paid out monies to depositors?

3. If yes, how much? If no, why not? Wasn’t CBCS ordered by the court to pay a Mr. Lourens and a Mr. Whitfield their deposit plus interest?

4. Has CBCS taken additional measures to strengthen any areas of supervision to protect depositors hard earned money placed in all financial institutions including that of cooperatives?

5. If so, what are these measures and when were they implemented?

6. Are there other cooperatives on the island?

7. If so, how many?

8. What are the amounts of deposits?

9. How many financial institutions are there, where depositor’s money is not protected?

I will be drafting a letter with respect to the aforementioned in seeking clarity with respect to what transpired. Hard working people should not become the victims.

Jules James

United People’s (UP) Party, Member of Parliament

Member of the Committee TEATT

Thursday, February 07, 2013