WINNIPEG, Canada – Astra Credit Union took a CND$7.5 (US$6.5) million hit when two of its commercial borrowers with interlocking directorships had major business problems and wrote a number of unauthorized overdrafts aided by an Astra employee. An ongoing audit has resulted in the employee to be first put on leave then to be terminated. A final report from Price Waterhouse Coopers is expected in the spring. In a damage control letter to its members, president Craig Lee and CEO Ian Dark assured members of the safety of their deposits. It reported that they have filed the necessary legal procedure with the courts so that the credit union will be first in line for any assets recovered from Maple Leaf Distilleries and Protos International. The company, once considered a local success story, is facing about 300 creditors.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
