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What is in Phillip Rahaman’s future?

Thursday, March 27, 2014
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Phillip Rahaman

Monday night’s decision by the First Citizens board to dismiss the majority state-owned company’s chief risk officer, Phillip Rahaman, because the board had “lost confidence” in his ability to “carry out his duties,” is by no means the end of this story.


Left unanswered in the board’s cryptic three-sentence release—which came from the office of the deputy CEO of First Citizens, Sharon Christopher—was this question: What exactly did Mr Rahaman do to lose the confidence of the board, which hired him in January 2012, following stints at Scotiabank and FirstCaribbean International Bank?


It is clear to me that the answer to that question is not going to come from the bank. In its statement on Tuesday night, First Citizens said: “Given the other ongoing investigations, it would be inappropriate to comment further at this time.”


The investigations that are ongoing include one by the accounting and consultancy firm PricewaterhouseCoopers (PwC), which was delivered to Finance Minister Larry Howai yesterday and is due to be discussed at Cabinet today.