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Rahaman’s bank purchase: Cabinet seeks AG’s advice

By Carla Bridglal

Finance Minister Larry Howai has referred the matter concerning former First Citizens executive Philip Rahaman’s share purchase to Attorney General Anand Ramlogan for advice. 

In an email last evening, Howai said the report he received on Wednesday from auditors PWC was a draft, because the company wanted their legal department to review some details before the final presentation.

He added that after the weekly meeting yesterday Cabinet asked that the matter be referred to the Attorney General for his advice and guidance on the way forward. 

“I have done so. Futher decisions will be made after the Attorney General has reviewed the report and determined the best course of action from this point,” Howai said.

He added that investigation into the same matter by the Securities and Exchange Commission and the Central Bank continues. They will probably need another three or four weeks to complete, he said.

Rahaman’s  share purchase during the First Citizens initial public offer last year has come under intense public scrutiny, especially since it was revealed earlier this month that he sold a significant portion of those shares in January for a $12 million profit. 

 Rahaman was sacked on Tuesday following an internal audit by the bank on his purchase of 659,588 bank shares during its Initial Public Offering (IPO), and the subsequent sale of 634,588 of those shares four months later. First Citizens said it dismissed him because it had lost confidence in Rahaman’s ability to carry out his duties.

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