High Court Backs SFXCU Management Shake-Up

The High Court has sided with the Central Bank of Belize, ruling that the dismissal of former Saint Francis Xavier Credit Union General Manager Rafael Dominguez was lawful, fair, and well within the Registrar of Credit Unions’ authority. The decision, delivered on February nineteenth, ends a two‑year dispute that began when investigators uncovered major administrative and operational failings at the Corozal‑based credit union.

Those findings triggered the appointment of an interim administrator in 2023 and, eventually, Dominguez’s removal in May 2024. Dominguez challenged the move, calling it disproportionate and procedurally flawed, while also claiming more than eight hundred thousand dollars in severance and contract benefits. But the High Court didn’t buy it. The judge ruled that the Registrar acted within the law, gave Dominguez a fair chance to respond, and provided adequate reasons for letting him go. Most of Dominguez’s compensation claims were thrown out, though the court did say he’s entitled to severance under SFXCU’s internal rules. The Administrator must now recalculate that figure. The Central Bank says the ruling reinforces its mandate to safeguard the credit union sector and assures members that oversight and inspections will continue.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

Watch the full newscast here: