It is good that the board and man­age­ment of First Cit­i­zens act­ed be­fore be­ing pushed to do so against its chief risk of­fi­cer, show­ing him the door be­fore the Fi­nance Min­is­ter and the Cab­i­net had the op­por­tu­ni­ty to de­cide af­ter read­ing the re­port on the in­ves­ti­ga­tion in­to the shares trans­ac­tion. The chair­man of the board, Nyree Al­fon­so, was put in an awk­ward po­si­tion, hav­ing first de­fend­ed Ra­haman and then be­ing part of the de­ci­sion to dis­miss him.

The board and the man­age­ment must be com­mend­ed for be­ing able to change their minds when they got more facts sur­round­ing the pur­chase and sale of the shares from the IPO by Phillip Ra­haman.

One side of the sto­ry that emerged last week on the CNC3 Busi­ness Watch seg­ment with Judy Kan­hai was that the rep­re­sent­ing union, BIG­WU, had urged the staff of FCB not to buy any shares in the IPO be­cause of its ide­o­log­i­cal po­si­tion against pri­vati­sa­tion. The fear of the union was that if staff got in­to fi­nan­cial dif­fi­cul­ties, they would sell their shares and thus, in ef­fect, the bank would be pri­va­tised.

http://www.guardian.co.tt/dig­i­tal/new-mem­bers