Trade Minister Vasant Bharath says there is no need for Minister of Finance Larry Howai to step aside, even as investigations continue into the fraudulent transfer pf $60 million was fraudulently transferred from the National Energy Corporation (NEC) to banks accounts in Dubai, Boston and Antigua.
The wire transfer was done when Howai was chairman of NEC and CEO First Citizens. Howai maintains that his credibility has not been damaged
In mid May NEC officials confirmed that an independent internal investigation had found that the wire transfers were fraudulently prepared outside of their processing system and using a procedure which was not standard for confirmation and validation of wire transfers. The company 58 per cent of the funds had been recovered from banks in Boston and Antigua.
Bharath, speaking in defence of his Cabinet colleague, recently told reporters: "No. I don't think it is time for him to step aside. He's launched an investigation, he was not involved in making the decision with regard to wire transferring of any funds.
"In any organisation you must have processes and procedures and sometimes those are flaunted. What matters at the end of the day is how you deal with the situation, not the fact that it has occurred. Yes, you try as best as you possible can to ensure that you cover all of the loopholes but again, these things happen not just in T&T but all over the world. It is a question of how you deal with it after the fact."