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Subhas Ramkhelawan resignation from his posi-
tions as Independent Senator and chairman of the
T&T Stock Exchange came as no surprise to Peter
Permell, minority shareholder rights advocate.
"I think the T&T Stock Exchange (TTSE), the
Parliament and the country can now breathe a col-
lective sigh of relief that Mr Subhas Ramkhelawan
has finally found it in him to do the honourable thing
by resigning his position, not only as chairman of
the TTSE, but also as an Independent senator,"
Permell said in a statement yesterday.
His comment came hours after Ramkhelawan
announced he was resigning from both posts after
weeks of debate over whether he should do so despite
his claim no laws were breached when his company
handled the deal in which former First Citizens Bank
(FCB) chief risk officer Phillip Rahaman purchased
$14.5 million in shares during its IPO last year.
Rahaman was subsequently dismissed by the bank.
Permell said the evidence was "compelling."
He added: "This comes as no surprise to me, as
someone who has been following this issue from
the beginning. In fact, based on the cogent and com-
pelling evidence unearthed by yours truly, the media
and others thus far, it was an inescapable outcome."
Permell also said he believed yesterday's events
were just the start of things to come.
He added: "However, unfortunately for the erst-
while Independent senator this is not the end but
just the beginning of his troubles, particularly when
one takes a cursory glance at the facts and the law
in this matter. I say no more on that score.
"This is not a time for celebration or rejoicing as,
for me, it is a very sad day for the republic of T&T
and more particularly our fledgling stock market,
given the circumstances surrounding Mr
Ramkhelawan's resignation and the fact that it has
been long in coming.
"It is also a sad day for honesty, integrity, probity,
commonsense and good judgment and more impor-
tantly the reminder that the old adage greed is good'
is very much alive and well in the corporate board-
rooms in T&T."
Permell said the rest was now in the hands of the
"This, notwithstanding, I wish to commend the
media for their steadfastness and persistence in keep-
ing this matter on the national front-burner and
encourage you to continue to keep up the good work.
"Finally, as you are aware the entire First Citizens
Bank IPO affair is now in the hands of the AG so
I believe I have said enough for now," he added.
Friday, April 11, 2014 www.guardian.co.tt Guardian
Subhas quits 'to save integrity of offices' and says:
for 10th APRIL, 2014
In the face of weeks of mounting public pres-
sure, Independent Senator and chairman of
the T&T Stock Exchange (TTSE) Subhas
Ramkhelawan yesterday announced his resig-
nation from both posts.
Speaking at a press conference at the Kapok
Hotel, Port-of-Spain, Ramkhelawan said he was
resigning to preserve the integrity of the Senate
and the TTSE, as he did not want them to
become embroiled in legal matters stemming
from the ongoing investigation into the First
Citizens purchase and sale of shares by fired
First Citizens chief risk officer, Philip Rahaman.
Ramkhelawan is the founder of Bourse Secu-
rities which purchased the shares on behalf of
"This morning at 10.15 am I submitted my
resignation to His Excellency the President as
an Independent senator in the Parliament. At 1
pm, I submitted my resignation as chairman of
the TTSE," Ramkhelawan said.
His statement came hours after Attorney Gen-
eral Anand Ramlogan announced at the post-
Cabinet media briefing that he had forwarded
the IPO matter to the office of the Director of
Public Prosecutions, Commissioner of Police
and the T&T Securities and Exchange Commis-
sion for further investigation.
Ramkhelawan said, however, it was coincidence
he was making his statement at that time.
He said he was doing that "to ensure the office
of senator does not find itself enmeshed" in legal
matters. As far as the TTSE chairman's office
was concerned, he said, it was "of critical impor-
tance that an office such as this should not find
itself" in any legal matters.
He said he consulted several persons before
making his decision and was "fully confident
that Bourse Securities will be fully vindicated
when the facts are cleared up by the regulator."
Asked if he had any regrets and if he would
have done anything differently, he said he did
the job he was elected to do. He said he was
also resigning to address any "perceived conflicts
of interest" in his role as chairman of the TTSE.
"I have no regrets," he said, adding: "I worked
President Anthony Carmona subsequently
acknowledged and accepted the resignation.
No replacement was named but the TTSE
said its deputy chair would hold on until the
annual shareholders' meeting on May 8. Asked
about his role as the broker for Rahaman,
Ramkhelawan said Bourse's first obligation was
to its client's confidentiality. He said he would
answer to the T&T Securities and Exchange
Asked about Imtiaz Rahaman's role as chair-
man of Bourse, he said Imtiaz, Phillip Rahaman's
cousin, had been a member of Bourse's board
since its inception.
He said the board would examine if there were
any breaches by Rahaman and then decide on
his future in the chair.
He noted that Rahaman was duly elected to
the post of chairman in December 2013 upon
the passing of his predecessor. Asked about
Bourse's commission on the deal, he said he
would answer those questions to the TTSE.
Ramkhelawan also said upon his vindication
he intended to offer himself for public service
again. With Ramkhelawan's departure, Senator
Helen Drayton becomes the most senior inde-
pendent Senate member. (See page A5)
I worked hard
Subhas Ramkhelawanis the
founder and managing
director of Bourse Securities
Limited, one of six mutual
fund providers in T&T.
A licensed stockbroker,
Ramkhelawan was appointed
chairman of the TTSE last
June and had been an
Independent senator since
He served as a
commissioner of the Integrity
Commission from 2001-2004
and in 2002 as a member of
the Green Paper Committee
appointed by Cabinet to
review T&T's financial sector.
Ramkhelawan has also
been a director on several
local and regional boards,
including Republic Securities
Limited, a wholly owned
subsidiary of Republic Bank
Limited (1993-1995); National
Flour Mills (1994-1996);
Prudent Venture Capital Co
Ltd (1997-1999); Grace
Kennedy Capital Services
Limited, Cayman Islands
(2002-2004) and Bourse
Management Limited, St
Kitts (2002- 2008);
He has BSc in management
from the University of the
West Indies (1979) as well an
MBA with a concentration in
finance from the University
of Western Ontario, Canada
(1983), in addition to
training and extensive work
experience in mutual fund
structuring and management;
securitisation, mergers and
capital markets and treasury
Subhas Ramkhelawan fields questions from the
media after announcing at the Kapok Hotel, St
Clair, his resignation as an Independent senator
and chairman of the T&T Stock Exchange.
PHOTO: MICHEAL BRUCE
WHO IS RAMKHELAWAN
Sad day for stock
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