By Belize Live News Staff: Holy Redeemer Credit Union says its financial relationship with Belize Electricity Limited stretches back more than two decades and has generated over $24.4 million in debenture interest, as the institution pushes back against questions raised by Opposition Leader Tracy Taegar Panton.
Panton recently questioned a reported BZ$40 million unsecured loan from HRCU to BEL and called for greater disclosure surrounding the transaction.
HRCU responded Tuesday, saying it has been investing in BEL debentures since July 2003 and that those investments have earned $24,424,508.93 in quarterly debenture interest.
The credit union said BEL approached it in October 2023 for additional investment in debentures, but HRCU instead chose to extend a loan facility as part of an effort to grow its loan portfolio.
HRCU maintained that transactions must pass through its proper approval channels and comply with established policies and procedures.
The institution also pointed to Section 32 of the Credit Union Act, which it said restricts auditors, directors and officers from disclosing confidential information.
HRCU described itself as an autonomous, member owned institution supervised by the Central Bank and governed by the Credit Union Act and its bylaws.
It said its financial oversight structure includes internal audit, finance, compliance and risk and controls departments, as well as a Supervisory Committee and external auditors.
HRCU also revealed the scale of its broader investment portfolio, saying it has substantial investments in BEL, BWS, BTB, BACC, Treasury Notes and Hydro Belize Limited. According to the credit union, these investments generate more than $15.3 million annually, while another $119 million plus is held in commercial bank term deposits.
HRCU described itself as Belize’s third largest financial institution and maintained that members’ money remains safe and secure.
