Nov 2014 Financial News

FCB director resigns

Nov 04, 2014

MICHELLE Durham-Kissoon has resigned as a member of the board of directors of First Citizens Bank (FCB). This information was contained in a memorandum issued yesterday by the TT Stock Exchange (TTSE) in which it indicated that Durham-Kissoon’s resignation took effect on November 1. Durham-Kissoon is a Deputy Permanent Secretary at the Finance Ministry.

No reasons were given for her resignation either by the TTSE. Efforts to contact FCB to find out why Durham-Kissoon resigned were unsuccessful. Durham-Kissoon was one of six persons who were approved by Cabinet to be members of the board of FCB in May.

The others were former Attorney General Anthony Smart (the current FCB chairman), Witco managing director Jean Pierre Du Coudray, Joel Pemberton, Courtenay Williams and Hazar Hosein.

The appointments were made following First Citizens’ first annual general meeting as a public company at the National Academy for the Performing Arts (NAPA) in Port-of-Spain on May 12.

At that meeting, Corporation Sole, represented by permanent secretary in the Ministry of Finance, Vishnu Dhanpaul, voted against the re-election of and refused to support directors Nyree Alfonso, Rishi Baddaloo, Shobee Jacelon and Marlene Juman. Alfonso was First Citizens chairman at the time. Juman is the Permanent Secretary in the Ministry of the Attorney General.

The need for new directors came about when former First Citizens group chief risk officer, Philip Rahaman purchased 659,588 bank shares costing $14 million during its Initial Public Offering (IPO) and sold 634,588 of those shares four months later on January 14, at a $12 million profit. The matter is currently under investigation by the Police Service, the Director of Public Prosecutions and the Securities Exchange Commission (SEC).

Source:
Newsday
Tuesday November 4, 2014

http://www.newsday.co.tt/business/0,202468.html