Despite calls that he should step aside because of a possible conflict of interest, Subhas Ramkhelawan remains chairman of the Trinidad and Tobago Stock Exchange (TTSE).
The Securities and Exchange Commission (SEC) had recommended that TTSE appoint an independent non-executive director as chairman of the board because its present chairman (Ramkhelawan) was not independent and it was not in accordance with the principles and best practice.
Opposition Leader Dr Keith Rowley and shareholder activist Peter Permell had also called on Ramkhelawan to step down.
Ramkhelawan’s conflict stems from him being the broker, from his business Bourse Securities, for former First Citizens chief risk officer Philip Rahaman, whose share purchase and sale was under investigation by auditors Pricewaterhouse Coopers (PWC).
Ramkhelawan was also the
broker for the buyer of the
shares, Imtiaz Rahaman, who is the chairman of Bourse Securities.
In addition, his company is also under investigation by the SEC for its role in the transaction.
The SEC had said: “TTSE current chairman is not independent, which is not in accordance with principles and best practice. He (Mr Ramkhelawan) is the principal of Bourse Securities Ltd, one of the TTSE member firms and also has an interest in one of the listed securities on the exchange.
“In addition he is also a politically exposed person (PEP), having served as an Independent senator and a past member of a joint select committee of the Parliament.”
The Sunday Express understands while the issue of Ramkhelawan’s chairmanship was raised by the TTSE’s board, he did not step down.
The TTSE will hold an annual general meeting this month to select a new chairman.