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Parliamentarians debate bill on the sale of the embattled Hindu Credit Union

by | May 28, 2014

Larry-Howai budgetMembers of the House of Representatives are debating a Bill on the Purchase of Certain for the Hindu Credit Union (HCU) 2014.

The Bill seeks to allow Government the right to purchase and issue bonds to pay off the debt of the corporation.

Finance and Economy Minister, Larry Howai, led off debate on the Bill and told members of the Lower House that if HCU was sold it will not profit the shareholders and depositors.

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The minister announced when the eight clauses of the Bill are passed it bring the issue to an end.

Minister Howai also revealed the Government will table new Credit Union lesgislation to prevent another HCU controversy.

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