Credit union sees liquidators appointed

Criminal prosecutions may be brought arising out of investigations into a north Dublin credit union to which the High Court has appointed provisional liquidators, a judge was told.

Investigations into Rush Credit Union (RCU) revealed significant misappropriation of funds and gardaí have been notified of suspected money laundering, High Court president Mr Justice Peter Kelly was told.

Appointing Jim Luby and Tom Rogers as provisional liquidators of RCU, Mr Justice Kelly said such a move was necessary to address concerns of worried depositors given the credit union’s unhappy financial position.