Home' Trinidad and Tobago Guardian : December 5th 2014 Contents A19
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Energy Minister Kevin Ramnarine
says there will be no disruption fuel
supplies to service stations if
Petrotrin workers go on strike this
President General of the Oilfields
Workers Trade Union (OWTU) Ancel
Roget has been hinting at strike
action over the failure of the state-
owned petroleum company to make
a reasonable offer in wage
Speaking at yesterday's post-
Cabinet media briefing, Ramnarine
said every time there industrial
action is taken by workers "we have
had contingencies kick in to ensure
that fuel is delivered to the service
stations." He said the ministry has
been holding "regular meetings with
Petrotrin to ensure that the public is
not compromised in any way
because of any industrial action."
"Regardless of what happens in
the next 36 hours, NP and Petrotrin
stand ready to do delivery of fuel to
all 135 service stations in T&T," he
Ramnarine also said that Cabinet
yesterday approved a project
development agreement to establish
dimethyl ether (DME) and methanol
plants here. The $6.08 billion project
involves Government, the National
Gas Company, Massy and a
consortium of Japanese companies
led by Mitsubishi Corporation.
Ramnarine: No fuel disruptions if Petrotrin strikes
Just days before majority state-
owned First Citizens is due to
report its first full-year financial
results as a public company, group
CEO Larry Nath shocked employ-
ees and the tight-knit T&T banking
community yesterday when he
announced his resignation.
A statement issued by First Cit-
izens said Nath, who was appointed
as CEO effective November 12, 2012,
had told the board the reason for
his resignation was his desire to fur-
ther his career opportunities.
Nath s resignation was accepted
by chairman Anthony Smart and
the board of directors.
Smart was appointed by the board
to serve as executive chairman with
immediate effect for a period of up
to six months, during which the
bank will seek to recruit a new CEO.
The board also announced that
former Citibank T&T country rep-
resentative, Steve Bideshi, had been
hired as the consultant to the exec-
utive chairman on technical issues.
Bideshi served a six-month stint as
CEO of CL Financial, which ended
on January 31, 2010.
Nath, who succeeded Finance
Minister Larry Howai at the top job
at First Citizens, served as CEO dur-
ing last year s controversial Initial
Public Offering of shares.
At the IPO, Nath acquired 215,000
of the bank s shares for $4.7 million.
At yesterday s trading price those
shares are worth $7.9 million.
As a former executive of the bank,
Nath will now be able to sell his
shares without the bank having to
report the transaction to the local
stock exchange and the Securities
and Exchange Commission.
Among the senior executives and
directors of First Citizens, Nath s
purchase of shares in the IPO was
eclipsed only by the group s former
chief risk officer, Phillip Rahaman,
who acquired 659,588 shares.
Rahaman s purchase of the shares
for over $14 million generated a huge
controversy in the first half of 2014
over how he financed the acquisition
and whether he bought the shares
for himself or some relatives.
One month into the controversy,
the board dismissed Rahaman, say-
ing it had "lost confidence" in his
ability to carry out his duties fol-
lowing an extensive internal inves-
All the First Citizens directors who
served during the IPO have been
replaced, most notably the bank s
chair, Port-of-Spain attorney Nyree
Alfonso, who resigned just before
the June 17 special meeting at which
a representative of the bank s major-
ity shareholder, the Corporation
Sole, indicated a lack of support for
An investigation commissioned
by the T&T Securities and Exchange
Commission is due to report to the
Minister of Finance this month.
An SEC official said yesterday, on
condition of anonymity, that Nath s
resignation was not related to the
commission s probe.
Yesterday, the bank s new exec-
utive chairman, Anthony Smart said:
"I have every confidence in the exec-
utive, management and staff at First
Citizens who have delivered strong
financials for the year to the benefit
of all stakeholders.
My number one priority is to
ensure that we recruit a new CEO
to lead this prestigious organisation
and build on its solid foundation."
down as First
Employees celebrate the opening of T&T's newest Samsung Experience Store at The Falls, West Mall, yesterday.
PHOTO: ABRAHAM DIAZ
NEWEST SAMSUNG EXPERIENCE STORE
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