the CNT Credit Union, he will state – (a) if he has been made aware that since 2022 over 1000 members thereo…
(No. B/1161) Mr K. Lobine (First Member for La Caverne & Phoenix) asked the Minister of Industry, SME and Cooperatives whether, in regard to the CNT Credit Union, he will state – (a) if he has been made aware that since 2022 over 1000 members thereof have not been paid dividends due by the Union, and (b) for the benefit of the House, obtain information as to why the caretaker committee thereof has not been replaced, indicating the actions being envisaged to safeguard the interests of those workers.
Madam Speaker, concerning part (a) of the question, I am informed by the Registrar of Cooperative Societies that since 2018, the National Transport Corporation Employees Co-operative Credit Union Ltd. has undertaken a restructuring of its capital to adapt to changing economic conditions. To that effect, members share capital was transferred to a deposit account while a minimum share of Rs100 was maintained for each member. Since then, payouts to members have been in the form of interest on deposits instead of dividends on shares. It has been reported that at the annual general meeting of the National Transport Corporation Employees Co-operative Credit Union Ltd., held on 12 July 2025, the assembly unanimously approved the payments of interest on deposits for the years 2022, 2023, 2024 as follows – • For year 2022, on a deposit of Rs30,912,986, interests of Rs1,174,693 to be paid at the rate of 3.8%; • For the year 2023, an amount of Rs614,789 to be paid as interests to the rate of 2% on a deposit of Rs30,739,448, and
86 • An amount of Rs787,246 to paid as interest for the year 2024 at the rate of 2.45% of a deposit of Rs31,489,859. • An amount of Rs1,339,322 was credited to members individual bank accounts, and • Rs1,237,407 were transferred to member’s deposit accounts as per their wish. Madam Speaker, as regards to part (b) of the question, I am informed that a petition was received from the members of National Transport Corporation Employees Co-Operative Credit Union Ltd. requesting the removal of the caretaker board and to proceed with democratic election of members. Accordingly, my Ministry had approved the removal of the caretaker board on 19 August 2025 and has authorised the society to proceed with the election of a democratically elected board in accordance with Section 41(3)(d) of the Co-Operative Act 2016. Concurrently, my Ministry sought the advice of the State Law Office on the eligibility of members of the society who were previously in the elected board as to whether they could stand for re-election. The Solicitor General has, in a letter dated 14 November 2025, highlighted in two reports from my Ministry dated 11 December 2015 and 28 July 2025, respectively, that it was observed that funds have been misused and mismanaged. The Solicitor General has thus advised that pursuant to Section 48(g) of the Co-Operatives Act 2016, all members of the previous board who were subject to reports would not be qualified to stand as candidates for the post of director in the upcoming election. Madam Speaker, the society has recently been informed of the advice of the Solicitor General about the ineligibility of members who were reported for misuse and mismanagement of funds to stand as candidates for the forthcoming elections.
Yes, thank you. Hon. First Member for Port Louis North and Montagne Longue! PUBLIC & PRIVATE HEALTH INSTITUTIONS – CAESAREAN SECTION PREVALENCE