The legitimate elections to the Education Employees’ Co-operative Thrift and Credit Society Limited (EDCS) which has a membership of more than 150,000 teachers and other employees of the education sector and has assets worth Rs.20000 million has not been held, the government is carrying out its administration through an illegally appointed interim board to commit serious financial frauds states Lanka Teacher Services Union (LTSU).
At a press conference held by the LTSU at Colombo National Library auditorium yesterday (19th) to apprise the media the General Secretary of LTSU Mahinda Jayasinghe said the legally elected Board of Directors of the EDCS had regulated the management and reduced interest rates for members’ loans to 7%. However, the rogues appointed by the government as interim administrators have created a financial crisis and as an attempt to solve the crisis have raised the interest rates to 8%. There is an attempt to raise the interest rates further added Mr. Jayasinghe.
He also said the present administrators have imposed various limitations for members when applying for loans. Delaying accepting application forms for loans, not accepting instant applications after 12.00 noon, stopping property loans, limiting release of instant loans for five members only for a day are steps taken by the administrators to discourage members from applying for loans so that they could plunder the assets of the Institution.
Some of these decisions have been informed by circulars and others have been informed verbally and officials in provincial councils are pressurized to carry out their orders said the General Secretary of LTSU.