Mar 2015 Financial News

Howai still awaiting IPO probe report

Mar 09, 2015

The T&T Security and Exchange Commission’s (SEC) report on IPO controversy has not yet reached the desk of Finance Minister Larry Howai.

Explaining the process to be following now that the investigation has been completed, the minister explained: “They have to give the persons involved an opportunity to comment. After they have commented, they then have to do some kind of a review and make some kind of a determination based on the responses they got.

“They move forward from there. They either decide there isn’t anything to pursue and close their files on it, or they decide there is something to be done, then forward it to the relevant authority or the DPP.”

The investigations focused on the purchase of 659,588 First Citizens shares during the bank’s IPO. In late March 2014, the bank said it conducted an internal audit which raised questions about the purchase and sale of those shares by their chief risk officer, Philip Rahaman, who was later dismissed.

Howai referred any queries about the investigation to the SEC which is led by Dr Patrick Watson. “It is best to talk to the SEC about that because I like to ensure that as far as those things are concerned the institution is able to operate independently,” he said.

However, the minister said he is sticking to April deadline for roll out of the Phoenix Park Gas Processors IPO.

“I haven’t gotten feedback. I expect it should be finished and then after that we go to the preparation of the offer document, because they have to bring the proper figures to the offer document, then they send it to the SEC.

“They open the issue after that. well I am still looking for us to achieve an April time frame it depends on how long the SEC takes to complete their review,” he said.

Source:
NADALEEN SINGH
Trinidad Guardian, A21
Monday March 9, 2015