Home' Trinidad and Tobago Guardian : August 9th 2013 Contents A14
Guardian www.guardian.co.tt Friday, August 9, 2013
PLEASE SEND ALL APPLICATIONS TO
PO BOX 5456, SAN FERNANDO0809124
Republic Bank warned Trinidad Cement Ltd
Wednesday it was in the process of taking advice
with respect to the actions of the cement company s
management, including, but not limited to, "its
continued media releases and its threats against
the bank and its officers."
The bank's statement is the latest sortie in a row
between the two companies which includes a share-
holders' proposal to nominate five men to serve on
the TCL board, a last-minute injunction by the share-
holders to stop the cement company's annual meeting
last month and allegations by TCL that Republic
Bank orchestrated the shareholders' proposal.
On Monday, TCL disclosed it had lodged insid-
er-trading and price-rigging complaints relating to
a Republic Bank executive and a TCL shareholder
with the T&T Securities and Exchange Commission
and the Central Bank.
Republic Bank on Wednesday described TCL's
Monday news release as being similar to others issued
by the cement company in that it "failed to provide
a complete and accurate factual report."
The bank noted there was a matter before
the High Court and Court of Appeal between
certain TCL shareholders and the cement
The bank stated it was not a party to that
litigation and as a matter of principle, it did
not comment on matters that were before
the courts and in particular those in which
it was not involved.
"Republic Bank is in the process of taking
advice with respect to the actions of TCL's
management, including, but not limited to,
its continued media releases and its threats
against the bank and its officers," it added.
The bank said dependent on the advice
it received, it would give mature consider-
ation to what action it would take.
"In the interim," according to the bank,
it "cautions TCL against publications of
inaccurate, incomplete, self-serving media
Republic Bank is one of TCL's largest
Republic Finance and Merchant Bank
extended a US$20 million loan and a US$50
million equivalent bond issue in TT dollars
to TCL in July 2005.
That financing was part of a US$105 mil-
lion package arranged and structured by the
International Finance Corporation (IFC) that
helped TCL expand and modernise its
Jamaica subsidiary, Carib Cement.
The IFC, an arm of the World Bank Group,
provided US$35 million in senior and sub-
Republic Bank is also TCL's second largest
shareholder with 28.3 million shares which
gives it an 11.34 per cent stake in the cement
Republic Bank managing director, David
Dulal-Whiteway, served as a TCL director
between June 1998 and October 2005 and
was the chairman of the cement company
between May 2003 and October 2005.
Republic warns TCL over threats to officers
Tropical Storm Risk (TSR) forecasters at the
Department of Space and Climate Physics at the
University College London (UCL) have slightly raised
their predictions for the 2013 Atlantic hurricane
"The probability of US major hurricane landfall and
Caribbean major hurricane activity for the remainder
of the 2013 season is estimated to be above its long-
period average," two forecasters from the department
said in a press release Tuesday.
North Atlantic basin tropical cyclone activity in
2013 is forecast to be about 20 per cent above the
long-term (1950-2012) norm and 20 per cent below
the recent 2003-2012 ten-year norm.
The revised TSR forecast now predicts 15 tropical
storms, including seven hurricanes and three intense
hurricanes. This compares to long-term norms of 11,
six and three respectively.
Four tropical storms and two hurricanes are expected
to make landfall on the US mainland.
The precision of TSR's August forecasts between
1980 and 2012 is high for upcoming Atlantic hurricane
TSR's two predictors for basin activity are the
forecast July-September trade wind speed over the
Caribbean and tropical North Atlantic and the forecast
August-September 2013 sea surface temperatures in
the tropical North Atlantic. The TSR basin forecast
has increased slightly since early July because North
Atlantic August-September sea surface temperatures
are now expected to be slightly warmer than thought
predicted in this year's
Links Archive August 8th 2013 August 10th 2013 Navigation Previous Page Next Page