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The unrest at ACU Plantation continues


The unrest at ACU Plantation continues


June 27, 2024


The annual general meeting is scheduled for June 30, 2024. The agenda includes the annual reports, the appointment of the auditor, and the nomination of candidates for various bodies.

The agenda does not reflect the underlying unrest. This becomes evident from the fact that the credit union has incurred an 8 million loss. This is due to provisions made for bad loans and the costs incurred from the intervention of the central bank. The credit union continues to assert that it remains financially healthy, and from a financial perspective, this is indeed the case.

However, governance-wise, ACU is very sick. There are rumors that the old guard wants to vote out the new supervisory board. They argue that in a cooperative meeting, the power and final say should rest with the members, as it had been until recently. And that was precisely where things went wrong. Too many friends and family received loans that they did not have to repay, jeopardizing our savings. What did the old guard do to correct this? Nothing, as it was their friends and families involved.

Good governance simply means acting normally. Normally, you adhere to rules and procedures. If you receive a loan, you repay it.

I believe the battle is not yet over, and this is not only unfortunate but also dangerous because we risk treading the path of self-destruction. And then... I dare not think about what might happen.


 Miguel Goede

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