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Bourse boss on FCB share issue: No laws were broken

Thursday, April 3, 2014
Subhas Ramkhelawan

Managing director of Bourse Ltd and chairman of the T&T Stock Exchange, Independent Senator Subhas Ramkhelawan, says as far as he was concerned no laws were breached in the purchase of First Citizens shares by dismissed chief risk officer H Phillip Rahaman. 



International accounting firm PricewaterhouseCoopers was expected to hand over its report of an audit into the $14.5 million purchase of First Citizens shares by Rahaman to Finance and the Economy Minister Larry Howai yesterday. This followed its initial public offering (IPO) last year. The Securities and Exchange Commission (SEC) also was investigating the matter of the purchase and resale of shares on the T&T Stock Exchange (TTSE).  



Interviewed after yesterday’s Senate sitting, Ramkhelawan insisted the transaction was conducted under the laws. He did not share the view that his integrity may have been compromised in the transaction. He said: “If there are any laws that have been broken, if I have not acted in accordance with the laws of T&T then it could be a valid argument.” He said he did not “think there is any matter (issue) as far as that is concerned.”


He added he had built a financial reputation for the past 30 years “so I am not too concerned about that.” He said his company had a duty to protect the confidentiality of its clients. Ramkhelawan said Bourse chairman Imtiaz Rahaman, the cousin of Phillip Rahaman, did not get involved in the day-to-day operations of the company. He said Rahaman became chairman of the company last December. “Mr Rahaman does not get involved in the day-to-day operations or management of Bourse. That is a matter for the MD,“ he added.


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