Jan 2007 Financial News

FirstCaribbean releases results of Trafigura probe

Jan 12, 2007

FirstCaribbean International Bank says it has not found any evidence that any of its employees leaked confidential customer information into the public domain in the Trafigura affair but that "an officer of the bank procured confidential information on a customer account held at another bank".

"FirstCaribbean considers this action to be highly inappropriate and a serious breach of our internal policies and procedures, our Employee Code of Conduct and Employment Agreement," the bank said in a statement.
"Consistent with the Bank's Code of Discipline, disciplinary action has been taken against the officer of the bank," it added.

The bank did not elaborate, but reiterated that it moved swiftly to open the probe into the allegation because of the seriousness with which it regards customer confidentiality.
Last October, after Opposition Leader Bruce Golding publicised the transfer of $31million by Dutch oil trader Trafigura to an account held at FirstCaribbean by the ruling People's National Party (PNP), it was subsequently reported that the information was leaked from the bank.

The PNP was heavily criticised for accepting the money, given that Trafigura held a contract with Jamaica to lift and trade Nigerian crude oil on the international market.

At the height of the scandal, Colin Campbell, the man at the centre of the issue, resigned as the information minister and as general secretary of the PNP.

Amidst the controversy, FirstCaribbean sent one of its employees on leave.

In its statement issued earlier this week, FirstCaribbean said it would not normally comment publicly on the results of an internal investigation. "However, given the seriousness of the issue, the high level of publicity and speculation, in the spirit of openness and honesty, we consider it appropriate to do so in this case."

The bank said it had made a report of its findings to the relevant banking authorities and said it regrets the association of its good name with this unfortunate incident.

"The bank, in its 86-year history in Jamaica, has earned a reputation for upholding customer confidentiality as a core pillar of its banking relationships," the statement said, adding that it was absolutely committed to this principle.


Source:
The Jamaica Observer
Friday, January 12, 2007

http://www.jamaicaobserver.com/magazines/Business/html/20070111T220000-0500_117782_OBS_FIRSTCARIBBEAN_RELEASES_RESULTS_OF_TRAFIGURA_PROBE.asp