ECCO unable to pay royalties on schedule

CASTRIES, St. Lucia, Dec 30, CMC -The Eastern Caribbean Collective Organisation for Music Rights (ECCO) says it is unable at this time to make any payment of royalties to its members scheduled for the final quarter of this year.
‘Several reconciliation actions must be completed before any such distributions can be made and the reality is, the process has been well established and cannot be bypassed,” ECCO Chairman, Martin James, in a video posted on the social media.
James said the process is likely to be completed by January 10, next year, following which payments can then be processed by month end.
‘This unfortunate occurrence is unavoidable at this time and as such, the board would like to assure all its members that measures are currently being implemented to ensure that this is never repeated,’ James said.
Earlier this month, ECCO announced the dismissal of the chief executive officer, Steve Etienne, following an investigation into the financial operations of the organisation.
In October, Etienne, who had been involved with ECCO for nearly two decades, was sent on 30 days leave while a detailed review of the operations was undertaken.