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ECU: Noray was NOT president when $4 mil drawings were done; board addressing inherited issues

“[…] The article implied that Richard Noray was the President of ECU at the time that the 4 million dollars was paid for the purchase of inaccurate drawings. 

“ECU wishes to state unequivocally that that purchase took place between 2014 and 2015 and that Richard Noray was neither a Director (until 2018) nor the President (until 2021)…”

The following is a paid column taken by Eastern Credit Union (ECU) deputy CEO Kester Lashley, which seeks to rebut claim made in a Business Guardian article:

Photo: Eastern Credit Union (ECU) deputy CEO Kester Lashley.
(via ECU)

In light of a recent article dated 22 May 2022, published in one of the country’s dailies, Eastern Credit Union (ECU) wants to set the record straight. 

  1. The article implied that Richard Noray was the President of ECU at the time that the 4 million dollars was paid for the purchase of inaccurate drawings. ECU wishes to state unequivocally that that purchase took place between 2014 and 2015 and that Richard Noray was neither a Director (until 2018) nor the President (until 2021). 
  2. It must also be noted that 11 of the 12 current Directors on the Board were not on the Board when that purchase was made. Only the immediate former President, who currently sits on the Board and one alternate, were present at the time the purchase was made. 
  3. The new Board, installed in 2021, also met breaches to be treated with from two (2) former Directors. These former Directors were provided the opportunity to respond. However, the Supervisory Committee found their responses to be unsatisfactory—they were then suspended. The Supervisory Committee is the only independent elected body so authorised to make that decision. 
Photo: ECU president Richard Noray.
(via ECU)

Change is necessary and the current Executive and Board of ECU can only prove through our collaborative actions that the organisation can take the hard decisions to get it right. As prudent leaders, we simply cannot allow misconduct to go unchecked, as the organisation continues to set the highest standards for integrity and good governance, which will result in improved service, ease of business and other benefits to the membership. 

The new leadership of ECU is also focused on the quality of our response to matters arising from our predecessors including poor governance, ineffective policies and the 4 million paid for the incorrect drawings. Based on these occurrences, the newly elected Board in 2021, embarked on a timely comprehensive review of practices and policies and produced a codified document.

To this end, an operating steering committee was also established to deal with process review, in order to effect proper administration. ECU also remains committed to collaborating with our regulatory bodies and stakeholders for strengthening risk based governance.  

Image: Loans offered by the Eastern Credit Union (ECU).
(via ECU)

Global events can have a significant impact on small economies like Trinidad and Tobago and we are currently on the tail-end of a pandemic and now a war in Ukraine is upon us. This may be an unprecedented global combination that requires the current leadership of ECU to remain firmly focused on actions and results to continue to lead the organisation forward. 

While the last two years have been challenging for the organisation, we appreciate our members and employees and their contribution to helping ECU steadily progress beyond the effects of the pandemic. Therefore, we are pleased to report an astronomical 80% (approximately) increase in sales at the end of May 2022, compared to the same period over 2021.

Based on the work of the operating steering committee in refining our business model and our strategic investment in technology, ECU remains well positioned for further growth and to deliver on our strategic plan. 

Photo: (From left) ECU Board members Amanda Aguilera-Lobin, Maurice Hoyte, Kester Lashley and president Richard Noray.
(via ECU)

 

We wish to sincerely thank our members for their continued support as we work together to move ECU forward.

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