Shortly after notifying CKC and its management of the decision, Salesia and Peterson met with the Minister of finance Hiro Shigemoto to inform him of the current situation facing CKC and its depositors.
SMN News further learnt that several of the clients of CKC are in default with their loan payments due to the economic hardships on the island. One source said there has not been sufficient cash flow for CKC to survive even though the Central Bank had appointed Chris Peterson as curator to assist the management of CKC to bail out. One source that is linked to the finance department of government said CKC has an outstanding loan of 1.5 million dollars while they would owe their depositors some 1.7 million dollars.
Efforts made to contact Brison on Friday for a comment proved futile since he has been in meetings all day. Last week CKC announced that they were closing their doors to conduct some clean up when in fact they were preparing for Friday's news. SMN News also made contact with the Minister of Finance Hiro Shigemoto for a comment who said he was not able to comment until later on Friday as he was still in meetings with the Central Bank officials and CKC.
SMN News further learnt that the CKC has asked the Central Bank for additional time since they are busy negotiating with a sister credit union in Nevis to take over the CKC. It is further understood that the Central Bank has given CKC one month to see if they would be able to finalize a deal with the Nevis Credit Union.