Who is popular today?

The prime minister has confirmed that the government is investigating First Citizens and “matters that were going on” at the bank.
Kamla Persad Bissessar, while answering questions at the closing ceremony for the July-August vacation (JAVA) cricket camp closing ceremony at the Wilson Road Recreation Grounds in Penal spoke on the changes at the bank and its holdings company First Citizens Holdings Ltd.
“As far as I am aware, the government does not get involved in matters of that area. A new board will be appointed shortly. I do not want to say any more about FCB because I do not want to prejudice any investigations that are ongoing with respect to matters that were going on in FCB,” she said.
Last week, while responding to questions on First Citizens and its board members, Finance Minister Davendranath Tancoo hinted at dirty dealings in the bank.
“You cannot undo a decade of PNM deliberate mismanagement overnight,” he said.
“Will there be fallout ? Yes. Because we will be focussed simultaneously on enhanced and multiple streams of foreign-exchange generation and a transparent distribution. Obviously then, those who have benefited from the skewed system facilitated by the PNM, those engaged in money laundering or others hoarding foreign currency, will complain loudest.”
However, when asked to confirm whether the bank was being investigated he offered a “no comment” in response.
In a statement on August 27, the Ministry of Finance identified attorney Shankar Bidaisee, the current chairman of the Urban Development Corporation of Trinidad and Tobago, as the new chairman of First Citizens Holdings Ltd.
The names of eight directors were finalised on August 26.
A statement from Finance Minister Davendranath Tancoo on August 27 said the minister "presented instruments of appointment to new members of the Board of Directors of the First Citizens Holdings Ltd."
The ministry said Bidaisee, along with Prof Sterling Frost (deputy chairman nominee), human resource team leader Crystelle Smith, insurance executive Prakash Dhanrajh, fast-food executive Sandy Roopchand, management executive Jo-Anne Boodoosingh, business executive Javan Lewis and business consultant Nichelle Granderson have been appointed by the finance minister.
Shareholders will have to elect the nominees by September 26 for the First Citizens Group Financial Holdings Ltd, the publicly listed company of First Citizens Holdings.
Frost previously served as deputy Group CEO of the bank and as a director on a subsidiary board.
First Citizens Holdings Ltd, the company to whom the minister had appointed directors, is the company that owns the majority shares (63.43 per cent) in the overarching company, First Citizens Group Financial Holdings Ltd.
The other major shareholders are public (24.07 per cent), the TT Unit Trust Corporation (3.43 per cent) and the National Insurance Board of TT (8.07 per cent).
First Citizens Holdings Ltd is wholly-owned by the corporation sole (the government). As such, the government has the right to appoint members of the board of First Citizens Holdings Ltd.
Given that First Citizens Holdings Ltd is a majority shareholder of First Citizens Financial Holdings Ltd, it could have the lion’s share of voting power in electing its board.
Former prime minister and MP for Port of Spain south Stuart Young raised a red flag on the move to appoint members of the board, cautioning that the government’s actions could have a negative effect on the bank.
“Is this yet another example of the government misleading the country and worse yet, ignoring the rights of minority shareholders of a publicly traded company?”
“There has been no Annual General Meeting nor any Extraordinary Shareholders’ Meeting appointing new directors to First Citizens Holdings Ltd as is required by law. The UNC’s dollyhouse behaviour carries serious risk of a loss of confidence in this important financial institution which can have serious negative fallout.”
“Furthermore, I ask, has the Central Bank approved these individuals as fit and proper?”
In a conversation with Newsday he explained that while First Citizens Holdings Company, owned by the government, would have voting power to select a board, the Governor of the Central Bank still has to vet the nominees and approve them as “fit and proper.”
On August 26, Tancoo said he was unable to disclose the names of the government's nominees, saying he had to communicate with them first.
The First Citizens Group Financial Holdings Ltd, the parent company of First Citizens bank, is among publicly traded companies undergoing board changes following the April 28 general election and change in administration.
The development follows the early exit of Group Chief Executive Officer Karen Darbasie who went on approved vacation on August 21 ahead of her pre-retirement leave. Group deputy CEO Jason Julien, will act as Group CEO in Darbasie's absence and assume the role upon her retirement, according to a notice to the TT Stock Exchange.
(With reporting by Laurel Williams)
The post PM: First Citizens under probe appeared first on Trinidad and Tobago Newsday.