The Institute of Chartered Accountants of T&T (ICATT) has been given the green light to reconvene its disciplinary tribunal to investigate accountant Chandricka Seeteram for alleged impropriety in preparing the financial records of the Hindu Credit Union (HCU) before its collapse.
High Court Judge Devindra Rampersad on Monday dismissed Seetaram’s judicial review lawsuit against the ICATT’s disciplinary committee’s ability to initiate and investigate the allegations against him.
The committee had agreed to stay its tribunal pending the determination of the lawsuit.
The disciplinary allegations stem from issues raised in the Commission of Enquiry into the collapse of insurance giant CLICO and the HCU in 2012.
Seetaram had testified that he failed to disclose a $150 million consolidated loss at an annual general meeting, concealed a $31 million loss among “prior adjustments” in the 2005 accounts, back-dated audited accounts and rushed preparing accounts which were later represented as fully audited accounts. He claimed this was done upon the request of former HCU president, Harry Harnarine.
Seetaram, who began doing work for the HCU in 2003, later denied any wrongdoing, but blamed a typist for a crucial oversight on the HCU books.
His explanation was rejected by chairman of the commission, Sir Anthony Colman, who in his final report to Parliament noted that the ICATT complaints had been filed by former finance minister Mariano Browne.
The complaint alleged that Seetaram was responsible for HCU financial statements which were materially misleading and in non-compliance with requisite accounting principles. It also alleged he failed to inform HCU members of the issues as required by general auditing standards. Evidence led in the CoE was used in the complaint.
The ICATT’s investigative committee had initially found that a prima facie case had been made out against Seetaram and referred the matter to the organisation’s disciplinary committee.
The committee included retired banker Richard Young, Junior Frederick, Kyle Rudden, Luana Boyack, Jo Anne Julien, Nigel Baptiste and Raymond Crichton. Browne was also selected but recused himself from taking part in the process.
Seetaram appeared before the disciplinary committee in April 2015 but challenged its jurisdiction to hear the claims. His objection was rejected by the committee, who said it had the power to investigate breaches of the organisation’s rules of professional conduct.
Seetaram was represented by Alvin Fitzpatrick, SC, Adrian Byrne and Jason Mootoo, while ICATT was represented by Fyard Hosein, SC, Anil Maraj and Sasha Bridgemohan.
