BELFAST, Ireland—Ireland’s High Court has granted an emergency injunction to stop the Irish League of Credit Unions holding an election for its new president.
According to the Independent, Brian McCrory, a Teacher who lives in Belfast, obtained the injunction that brought the election to a halt. McCrory has been bidding to become president of the league, against rival Blanche Ronayne.
The court ruled that the league is restrained from "holding the election to fill the position of president of the Irish League of Credit Unions" until a further order, and has further ordered arbitration take place between McCrory and the ILCU.
The court decision follows reporting by the Irish Independent of a draft report prepared by an accounting firm that questions how certain funds that were part of a rescue fund were spent.
Controversy in the credit union movement blew up this week when the Irish Independent obtained a draft report, prepared by accountancy specialists Mazars and questioning the use of funds in a rescue fund operated by the league. The report indicated funds may have been put at risk.
Lawyers representing McCrory argued in the High Court that an email sent by the league to all its member credit unions responding to the Irish Independent report undermined Mr McCrory's electoral chances, the Irish Independent reported.
McCrory is arguing that the email, signed by league president Martin Sisk and acting chief executive Ed Farrell, was a misuse of League of Credit Union funds.
"The leaking of the draft report to the media is obviously very disappointing at a time when credit unions are showing strong growth and positive results. This is clearly an effort to undermine the League and the Savings Protection Scheme as part of a concerted campaign to influence the outcome of the upcoming Presidential election at the AGM,” the email stated, according to the Irish Independent.
The Irish Independent reported that attempts were being made to reach a compromise between McCrory and the league that would allow elections to go ahead.