Maleny Queensland To Lose Maleny Credit Union-ASIC Investigates

Maleny 4550 Queensland may  lose the profitable local icon Maleny Credit Union

The present directors are negotiating a merger or takeover by CUA,without any permission or consent from MCu Members

CUA says MCU approached CUA late last year for a merger, which is going ahead

Maleny Credit Union would be no more-will be known as CUA--when there is already a CUA  branch in Maleny--Woodford branch is proposed to be closed as unprofitable--how many organiseations make a profit in their first year? More cash realiseation for CUA

pluss mcusb premises have recently been renovated twice !

If MCU members wanted benefits of CUA they just walk across the street and join CUA for $10

if mcusb directors want a job with cua they can ask cua

mcusb staff risk being made redundent by directors actions

mcusb staff jobs would be safe with profitable mcusb carrying on

MCU says members will get a better deal from CUA-mcusb are happy as they are--but not directors

so why dont directors find employment somewhere else more suitable and leave profitable mcusb alone

its several shares against 6000

Why cant MCU get similar benefit  -staff are needed to keep the profitable MCU independant

MCU are negotiating with CUA so MCU can keep their jobs on takeover/merger-

 $60 million has been removed from MCU members control

The MCU constituition has been changed several times taking power and authority frommcusb members

Especially inclusion of NO DE-MUTUALISEATION--taking $50 million assetts from mcumembers control

this is said to be a non compulsory

mcu directors now say mcusb will not recieve anything from cua for its 60 million dollars assets
mcusb also indicate investment shares may not be refunded at issue cost

could if got something for 60 million of assets

As i said before MCU members can walk across the street and join CUA for $10 and MCU management can look for a job elsewhere

Try and get minutes of meetings from MCU and other documents meet with  excuses for not providing them etc

mcusb members question the actions of directors and motivation

The present management has stopped grants to local communitty groups by mcusb charity committee

grant are only made at directors discretion--a move away from members control

It was local communitty groups that made and supported MCU into a profitable credit union forlow income people and maleny lifestyle--not anymore

modified by request