Sunday, February 18, 2018

Consider public’s interest in First Citizens fiasco

I would like to commend Peter Permell, minority shareholders advocate, on his astute, incisive and coherent letter in respect of the First Citizens IPO fiasco. Without committed and fearless persons like Mr Permell, this issue would have disappeared. 

I too have expressed discontent with the role of the board and the Minister of Finance in the handling of this manner thus far. 

My unease was heightened when I heard the Minister of Finance and the Economy urge State boards to adopt good corporate governance and ethical conduct. This is the same minister who was swift to dismember the CAL board for perceived poor corporate governance. 

In his capacity as Corporation Sole I am sure the minister is aware of his role of protecting the public’s interest. Doing nothing and hoping this blows over which seems to be the game plan cannot be in the public’s interest .

The minister must move quickly to restore the public’s confidence in this institution that he has direct control and responsibility for and of which he has intimate knowledge. 

By leaving this  issue to fester further the minister risks the odious and distasteful gossip about the role the board could have played in previous important decisions. 

Mr Minister, this the country cannot afford.

K R Sookoo