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Thursday, July 24, 2025

First Citizens special meeting set for Tuesday

by

20140612

The spe­cial meet­ing of First Cit­i­zens Bank Lim­it­ed to elect new di­rec­tors takes place next Tues­day at 10 am in the lob­by of Queen's Hall, St Ann's. No­tice of the meet­ing was is­sued by the bank's cor­po­rate sec­re­tary Sharon Christo­pher.Fi­nance Min­is­ter Lar­ry Howai, in his ca­pac­i­ty as Cor­po­ra­tion Sole, has nom­i­nat­ed for­mer at­tor­ney gen­er­al An­tho­ny Smart to be the new chair­man of the state-owned bank re­plac­ing at­tor­ney-at-law Nyree Al­fon­so, who re­tired from the board at the bank's an­nu­al gen­er­al meet�ing on May 12.

Oth­er nom­i­nees an­nounced by Howai are Jean-Pierre du Coudray, a di­rec­tor of the T&T Cham­ber of In­dus­try and Com­merce; Joel Pem­ber­ton, a char­tered ac­coun­tant and CEO of Trin­i­ty Ex­plo­ration and Pro­duc­tion Plc; Michelle Durham-Kissoon, deputy per­ma­nent sec­re­tary, Min­istry of Fi­nance and the Econ­o­my; Courte­nay Williams, at­tor­ney and se­nior part­ner, Pol­lon­ais and­Blanc; and Haz­ar Ho­sein, CEO, Land Set­tle­ment Agency, Min­istry of Land and Ma­rine Af­fairs.At the bank's last AGM, Howai's rep­re­sen­ta­tive, Vish­nu Dhan­paul, vot­ed out two di­rec­tors, Sho�bee Jacelon and Mar­lene Ju­man, and in­di­cat­ed that Cor­po­ra­tion Sole would not sup­port Al­fon­so or Rishi Bad­daloo to re­turn to the board.

The change in the bank's di­rec­tors comes just months af­ter a con­tro­ver­sy over its ini­tial pub­lic of­fer­ing and for­mer chief risk of­fi­cer Philip Ra­haman's pur­chase and sale of a sub­stan­tial amount of shares in the state fi­nan­cial in­sti­tu­tion. Howai or­dered an in­ves­ti­ga­tion, which is still on­go­ing, in­to the cir­cum­stances of Ra­haman's pur­chase and sub­se­quent sale of shares.Ra­haman spent $14.5 mil­lion to ac­quire the shares, then sold 634,588 of them on Jan­u­ary 14, mak­ing a prof­it of over $12 mil­lion in­clu­sive of $718,950.92 in div­i­dends. The trans­ac­tion was al­leged­ly bro­kered by Bourse Se­cu­ri­ties.

The shares were sold to Ra­haman's cousin Im­ti­az Ah­mad, his aunt Alia and five com­pa­nies owned by the Ra­haman fam­i­ly.Ra­haman was lat­er fired by the bank. An­oth­er ca­su­al­ty of the IPO con­tro­ver­sy was Sub­has Ramkhelawan, man­ag­ing di­rec­tor of Bourse Se­cu­ri­ties, who re­signed from his po­si­tions as an In­de­pen­dent Sen­a­tor and chair­man of the T&T Stock Ex­change (TTSE).


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