1. Chief risk officer of First Citizens Bank fired

From Caribbean360

PORT-OF-SPAIN, Trinidad, Wednesday March 26, 2014, CMC – The Banking, Insurance and General Workers’ Union (BIGWU) has called for the removal of the chair of the state-owned First Citizens bank, Nyree Alfonso, after the financial institution confirmed it had parted ways with the group chief risk officer Philip Rahaman.

The bank said it had lost confidence in Rahaman’s ability to carry out his duties.

Alfonso had publicly defended the dismissed bank official, who was fired Tuesday following an internal audit by the bank on his purchase of 659,588 bank shares during its Initial Public Offering (IPO), and the subsequent sale of 634,588 of those shares four months later.

BIGWU president Vincent Cabrera said Alfonso’s public defence of Rahaman before an audit was completed was grounds enough for her dismissal from her chairmanship position.

In a statement BIGWU condemned comments made by Alfonso that the union was to blame for the undersubscribed bucket of employee shares which enabled Rahaman to purchase the large number of bank shares.

“Attempts made by the bank’s chairman to blame BIGWU for the maverick move by this high-ranking official is indecent, unsustainable and laughable to say the least,” it said.

“The BIGWU is calling for the immediate removal from office of the current chair of First Citizens Bank since she has defended the actions of this high-ranking official. She has shown a total disrespect for ethics and morality in the handling of public affairs,” it said.

But in a brief statement on Tuesday night, First Citizens said “as a result of an extensive internal investigation carried out by First Citizens Bank, the chairperson and the board of directors reached a determination that they have lost confidence in its chief risk officer’s ability to carry out his duties.

“Consequently, he has been dismissed from his position. First Citizens Bank is committed to maintaining the trust of the public and providing appropriate updates to its stakeholders. However, given the other ongoing investigations, it would be inappropriate to comment further at this time,” it said.

Rahaman spent TT$14 million (One TT dollar = US$0.16 cents) to acquire the shares and is reported to have made a TT$12 million profit when they were sold.

The matter is now under investigation by the Securities and Exchange Commission (SEC), the Trinidad and Tobago Stock Exchange and PricewaterhouseCoopers (PWC) on behalf of the Ministry of Finance.

Finance Minister Larry Howai confirmed he was “advised” of Rahaman’s demitting office but “ notes that the various investigations will continue to determine whether other and further actions need to be taken.”

Howai said Cabinet is expected to be apprised of the PWC when it meets on Thursday.

“The actions to be taken consequent on the report will be determined thereafter,” he said

PHOTO: First Citizens Bank said it had lost confidence in Philip Rahaman’s ability to carry out his duties

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2. St Vincent opposition leader says accusations made against his family are false

From Caribbean 360

Eustace’s former secretary, Rishatha Nicholls, who he fired last year without severance pay, had in a newspaper article last weekend made unflattering comments about his personality.

KINGSTOWN, St. Vincent, Wednesday March 26, 2014, CMC – Opposition Leader Arnhim Eustace says media reports published over the last weekend about him and his family are false, but he will not be responding since “some of the things are made up.”

“I don’t get easily carried away by statements made by people who really have one objective in mind: that is, to try and throw dirt on as many NDP (New Democratic Party) members as possible for purely political reasons.

“I want to assure them, however, that when the New Democratic Party gets into office, people will have to account. People will have to account for their stewardship,” he said on his weekly radio programme.

Eustace’s former secretary, Rishatha Nicholls, who he fired last year without severance pay, had in a newspaper article last weekend made unflattering comments about his personality.

An appeals tribunal has ordered Eustace to pay Nicholls EC$16,199 (One EC dollar = US$0.37 cents) in severance.

Two other newspapers also reported on an allegation that two sheep were tied to and dragged from a vehicle reportedly being driven by Eustace’s wife, Jennifer.

One of the animals  is reported to have died from injuries sustained during the incident.

But Eustace, a former prime minister told radio listeners that “a lot of things are being said and done now, which, to me, really are intended to distract me from my main purpose, and that is to ensure that the New Democratic party wins the next election”,

He said he has no intention of responding to these issues, since by doing so would “ lead to more distraction.

“I want us to concentrate on what we can do to improve the lives of all the people of St. Vincent and the Grenadines. That is my purpose,” Eustace said, adding that time should be spent instead trying to improve the standard of living of the people of St. Vincent and the Grenadines.

“That we help in the reduction of crime, that we help in terms of better hospital facilities, better availability of drugs, better education, and indeed, a culture of goodness and kindness, which we so desperately need in St. Vincent and the Grenadines.”

He said that his party is committed to its Social and Spiritual Redemption Charter, which it describes as a proposal for the use of moral teaching to address social ills.

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