Home' Trinidad and Tobago Guardian : December 10th 2015 Contents A6
Guardian www.guardian.co.tt Thursday, December 10, 2015
This Notice is issued pursuant to Section 64 (1) (b) of the
Securities Act, 2012.
The following persons named hereunder have been
appointed to the Board of Directors of the Trinidad and
Tobago Housing Development Corporation (HDC) effective
from the 27th November, 2015.
For further information, please contact:
Office of the Corporate Secretary, Trinidad and Tobago
Housing Development Corporation.
44-46 South Quay, Port of Spain,
(T) 1-868-612-7432 Ext 6101 (F) 1-868-625-3963.
Janice Clarence-Quamina Member
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The disclosure of information on
the local business community s use
of foreign exchange was lawful, nec-
essary and in the best interest of
T&T s financial system.
That was the response made by
the Central Bank of T&T late yes-
terday following criticism from the
private sector and concerns raised by
Finance Minister Colm Imbert.
Following public concern regarding
the disbursement of and access to
foreign exchange, Central Bank Gov-
ernor Jwala Rambarran revealed the
top users of foreign exchange in T&T.
During Senate debate on Wednes-
day Imbert claimed the release of the
information may have been a criminal
He said there was a view that Ram-
barran breached at least three laws,
namely the Central Bank Act, the
Financial Institutions Act and the
Exchange Control Act.
Imbert said he had received letters
from financial institutions and others
condemning the governor's actions.
He said information in the banking
system was transmitted to the Central
Bank and "for one reason or another
the Central Bank gathers the infor-
mation about the purchases, trans-
actions of banks and their customers
and it keeps the information and each
one of these laws says it is an offence
to disclose that information."
He said he could not ignore the
letters he received and added that
legal advice was now being sought.
"It would be irresponsible of me
not to seek advice as to whether the
allegations made have any kind of
basis or not.
"It would be irresponsible of me,
having received this correspondence
to just bury my head in the sand,
throw it in a draw and forget about
it. I am telling you tonight that it was
not a good idea.This is what happened
after the dissemination of that infor-
mation," he added.
The Trinidad and Tobago Chamber
of Industry and Commerce also
berated Rambarran for sharing the
On Monday, the chamber said it
wholly condemned the "clear breach
of confidentiality on the part of the
governor of the Central Bank" when
he deliberately opted to identify by
name, companies and businesses
deemed to be top users of foreign
exchange in the country."
Referring to the same laws as
Imbert, the Central Bank maintained
there had been no breach of confi-
In the release, the bank said it was
of the firm view that information
regarding T&T's foreign exchange
was of public concern and was there-
fore justified in its decision to name
the companies with the highest
demand for it.
The bank said the disclosure was
necessary and in the best interest of
the financial system, depositors, cus-
tomers and other shareholders.
"Those who have publicly criticised
Governor Jwala Rambarran for the
disclosure have suspiciously failed to
refer or consider the Central Bank's
mandate which guides its independ-
ent functions," it added.
Chapter 79 of the Financial Insti-
tutions Act states that information
may be disclosed if it is deemed to
be in the best interest of the financial
system in the country.
The bank said it was of the firm
view that information regarding
T&T's foreign exchange was of public
concern and it was therefore justified
in its decision to name the companies
with the highest demand for it.
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Jwala's disclosure of forex users...
During Senate debate Opposition
Senator Wade Mark said he felt there
was a conspiracy against the Central
Bank governor and pointed fingers at
"I believe this is all part of a
conspiracy on the part of the
Government to undermine the Central
Bank governor," he said.
He claimed Government was
mobilising its forces and accused the
Chamber of Commerce of trying to
undermine the independence of the
However ,Independent Senator,
Dhanayshar Mahabir, said focus
needed to be placed on the concerns of
"I hear the business community
complaining all the time. The
information from the governor showed
me that the business community was
getting large sums at the same time
no one is heeding my case as a private
citizen when I need $40,000 Canadian
and all I could get in a bank is $1,000,"
He said the disclosure of
information placed the access to
foreign exchange in a different context.
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