Our Readers' Opinions
February 19, 2013
Directors, managers of BLA breached fiduciary duties

Tue Feb 19, 2013

Editor: The directors and managers of the St. Vincent Building and Loan Association breached their fiduciary duties to the depositors of the institution. We who worked hard and struggled to set aside a little for “rainy days” were wantonly disregarded by the unprofessional conduct of the decision makers.{{more}}

All reports coming out of this saga showed a management that disregarded principles of good governance in favour of propping up the lifestyle and business of friends and families. Thus, while the working class paid, the elites and upper class played. Prime Minister Dr Gonsalves and Opposition Leader Mr Eustace now race to outdo each other in adding to our distrust. Their utterances in exposing the “dirty linen” of an inept leadership simply increase fears that the institution can survive.
Nothing said by either man indicates a financial viability for SVGBLA. Interestingly, in none of the reports is there any mention of accountability. There is a lot of chatter, but no real information. The one refrain to depositors is continue to be gullible, and prop up the elites. But there is no assurance that the persons who abused our trust will face any consequences for their actions.

If the politicians are truly interested in the welfare of the country and the working class, let us have some real talk. List the names of all those who pimped on the savings of our sweat. Bring charges for any and all actions of fraud; seize and convert to cash the assets of those who profit through grants disguised as loans. For unless and until persons are made to pay for their dishonesty, these situations will continue to be perpetuated.

Sharon Haynes