12295: Credit Union Scandal, from 3 June (fwd)

[Bob Corbett <corbetre@webster.edu>]

From: PSlavin@unicefusa.org

Loans to Haiti's Aristide caused bank collapse, say depositors

June 3, 2002 4:48pm

[Presenter] CADEC Cooperative Officials report that CADEC [Insurance,
Savings and Loan Cooperative]
has been forced to close following a loan made to the current government.
Depositors who were
demonstrating in the capital last week say they obtained this information
from members of the CADEC
Board of Directors. Today they blame the head of state for both their
frustrations and discouragement.
Some of them were speaking at the microphone of Signal FM.

[Unidentified speaker] The men met with us two months ago. They said they
published a message saying
that their problem today is President Aristide because he took most of the
money they had in their
possession and used it to finance his Alpha Economic programme. In
addition, over the past few months,
given that President Aristide had problems, they made the payrolls for
several ministries on behalf
of President Aristide. In addition, construction and renovation are taking
place within the Haitian
National Police, PNH. Police stations and substations are being built and
renovated with funds coming
from CADEC. So far, no interest on the capital has been paid to them and no
advance from the capital
has been paid. So it has collapsed. They say the problem is President
Aristide. President Aristide
should say whether this is true or not. As a CADEC Coop member, I
personally grant him a 48-hour
deadline. The people should be tied up and all coop members should [words
indistinct].


[Presenter] You were listening to CADEC depositors who were telling Signal
FM about information they
say they managed to get from members of the CADEC Board of Directors.

Source: Signal FM Radio, Port-au-Prince, in Creole 1330 gmt 3 May 02

/© BBC Monitoring

Copyright 2002.  All Rights Reserved.

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