Audit reveals millions missing from Amalgamated workers’ credit union accounts

With close to over $13 million unaccounted for by the Amalgamated Transport & General Workers Cooperative Credit Union, the Financial Intelligence Unit (FIU) has been asked to execute a probe of suspicious transactions at the request of the Ministry of Labour, Minister Joseph Hamilton announced yesterday.

While speaking at a press conference, Hamilton told reporters that an ongoing audit has revealed that $8.4 million is not accounted for and over $4.9 million in cash, which is kept at the union’s Urquhart Street, Georgetown office is missing.

“Presently there is an audit of the books of the union and monies that they cannot account for to the tune of $8.4 million… secondly during the audit and during queries they had in their possession $4.9 million cash money they cannot account for…,” Hamilton highlighted.

Additionally, he stated that the ministry has also discovered an alarming situation where a senior officer attempted to cash two cheques to the tune of $3.6 million.

“Therefore we will take control of that credit union and we are in discussion as to the names to be proposed to take control of the union and for an Interim Management Committee be installed,” he declared.

The Amalgamated Transport & General Workers Cooperative Credit Union represents workers from the National Insurance Scheme, the Guyana National Printers, the Guyana National Newspapers limited, the Ministry of Housing and Water, the Bank of Guyana, Go- Invest, GuyOil, and the National Parks Commission, among other agencies.