SIPEU loans

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DEAR EDITOR, we would like to response to the above article under a fake name Deebonz which appeared on your Island Sun issue no: 2870, dated April 5, 2018.

Deebonz appear to be ignorant of SIPEU Credit Union Ltd operations. He or she doesn’t know what SIPEU Credit Union has gone through the past, the financial situation it has encountered and what the Board of Directors has done to solve the financial situation up until now. SIPEU Credit Union Ltd should have been liquidated back in 2014.

The current Board of Directors who took over the management of SIPEU Credit Union in late 2014 under its reform programme has salvaged SIPEU Credit Union from its financial woes and has now created history.

The milestone achievement of the new office complex, restructure and recruitment of new staff are some of the achievements.

The new office complex is worth SBD$15m on the market value, it generates additional income on rental of SBD$200,000 per month and provide a modern office working environment for our staff and members are served in a comfortable environment.

We are proud of this building. It is a great investment and holds the future of SIPEU Credit Union.

So how do we move from a pig pen office to a new modern office complex? Isn’t that because of perseverance and vigilance from the Board of Directors?

Your reference to member’s contribution is a mere assumption and does not reflect the actual contributions of members received each fortnight.

The average contribution of members per fortnight is only $100 and not $250 as you claimed. With regards to the advance scheme if you are in Honiara you should be well versed with the issues surrounding the scheme.

We often made regular announcements and notices explaining the advance scheme on site. The interest charged is not realised because of huge unrecovered amount.

We are working on that issue and will soon have maximum control over member’s eligibility.

Annual General Meetings and presentation of audited accounts are statutory requirements. We are current with those requirements. The latest Annual General Meeting was held seven months ago.

Where were you when we had our Annual General Meeting? Notice was put on the print media about this Annual General Meeting. Why didn’t you attend? Annual General Meeting are held every year and not after seven months.

During the Annual General Meeting in 2017 we table our 2016 audited financial statements. This year’s annual general meeting will be held again at the required timeline.

You are encouraged to attend and show you are real person.

With regards to the payment of members loans. We have three categories of loan, education loan, ordinary loan and emergency loan. Education loan is normally prioritised in January, February and June in each financial year.

What happen this year is the same last year and the previous years. This year education loan applications were paid within two weeks.

Compare to last year and the year before. Education loan were paid in instalments which took us four to six months to be able to clear all education loans.

To prioritise education loan during the month of January and February in each financial year is a management decision and happen every year.

During this period ordinary and emergency loans were considered on a case by case basis. There is nothing wrong with this decision.

Deebonz if you are serious about SIPEU Credit Union operation and management why hide behind pen names.

What you raise in your article are all non-issues.

Come forward and appreciate the current Board and Management with one mission and that is to make SIPEU Credit Union Ltd great again.

Board of Directors

SIPEU Credit Union Ltd

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