The Jamaica Teachers’ Association Co-operative Credit Union has moved to distance itself from the fraud, which was recently discovered at the Jamaica Teachers' Association (JTA)
In a release on Wednesday, the credit union said there is no impropriety or fraud at the JTA Co-operative Credit Union Limited, and all its departments are operating normally with the requisite oversight being provided.
At the offices of the JTA,security has been beefed up at the Association's office, and all members of the accounting staff have been sent on paid leave, as the Fraud Squad probes the siphoning of funds, discovered by auditors three weeks ago.
“We had no indication of fraud, we were receiving monthly financial statements. Those would have been perused by our Finance Committee, they will further be discussed at Central Executives. We would have raised internal questions. But none of what we saw over the year , indicated to use that we were experiencing losses of this magnitude” said Dr/ Mark Nicely, JTA President elect.
He was unable to confirm reports that close to J$100 million was stolen from the Association,but said while the entire accounts department has been sent on paid leave, none of the signatories to the JTA's accounts, has been sent home.
“The cheques were genuinely ours, they were signed by officers who were so authorized to do so. So the cheque themselves were not fictitious. The demand for the cheque, that may have been fictitious…..” he said.
According to the JTA, the police were called in after the area which housed the auditors, was the scene of an attempted firebombing.
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