Questions asked about Bacchus, George appointment to BLA interim committee

The election of Junior Bacchus and Jerry George to the recently formed St Vincent Building and Loan Association (BLA) interim committee is not sitting well with some individuals.{{more}}

Last week, 215 shareholders and depositors of the BLA, during a meeting at the Methodist Church Hall, elected Bacchus and George as part of a body to act as an intermediary between the Financial Services Authority (FSA) and the shareholders.

The other individuals elected to sit on the committee are Sylvia Sutherland, Cools Vanloo, Jeannie Ollivierre, Hugh Stewart and Sunel Fraser.

Charles Thompson was selected as a consultant and report to affected persons living in the diaspora.

However, Bacchus’ position as president of the Credit Union League has caused some individuals to question whether him being elected to the BLA committee constitutes a conflict of interest.

The fact that he also withdrew an investment from the Association a few years ago was another concern expressed by callers to the HITZ Talk program on Sunday, February 24, who questioned Bacchus’ position in relation to advising other individuals not to withdraw their money.

“In 2009 my shares were mature and I was very uncomfortable in the way the board was losing things. The way Building and Loan was going, I was not comfortable. My shares were matured and I believed as an investor I believe in diversifying my investment. I didn’t want to have all my investments at Building and Loan,” Bacchus explained on the radio programme.

Bacchus further said he took the decision to move the matured shares to another institution.

“So, for the persons who say that I have permanent shares, I have other shares,” he stated.

“The point is that as people make investments decisions, you have a duty to diversify and I will always encourage that.”

The social activist said he is aware that his investments with BLA are now more exposed, because the instruments he has today put him at the “end of the line”.

“Let me make it simple. If you are a depositor today, you are in a better position to regain your monies than a shareholder and in my case now, I have both permanent shares and share deposit,” Bacchus said.

Bacchus said he is not on the committee to protect his investments.

“I’m prepared to lose my personal investment. But I am also the president of the Credit Union Movement. We have millions there. We have loans there and as head of the association for persons with disability, we have investments there. We have a loan there for helping hands school bus which the public knows.

“So, my involvement is beyond myself and I see the need as a responsible citizen that in the interest of the credit union movement and for the interest for the persons with disability and all the other areas I am involved in, it is incumbent on us not to sit idly by and then do what? Sue the board or sue the government down the road that will drag on in the court?” Bacchus further questioned.

In Jerry George’s case, persons queried whether he had been paid to do public relations for the Board of the BLA before the Association was taken over by the Financial Services Authority on February 1. Questions were asked how could he now be elected to a committee to serve as an intermediary body between the Financial Services Authority (FSA) and the shareholders.

“I never was paid,” he said. “Something happened and that whole process was derailed. So, let me make it very clear, I was not paid.

“I was called in for an opinion to move forward and to work with it. The whole process was derailed,” George explained.

“…I am happy how things eventually worked out because it has left me with the liberty. Let me be very clear, hired is a strong word because I was never paid — never even reaching to the stage of agreeing to a quantum, but at the time when the thing happened the organization thought they needed some PR support, which they did. I still say that if my advice was taken maybe we would not have been here,” George stated.