Deputy chief executive officer of First Citizens, Sharon Christopher, is supporting Subhas Ramkhelawan’s decision to resign as chairman of the T&T Stock Exchange Ltd (TTSE). “The Stock Exchange is a strong institution and it will continue as a strong institution. Mr Ramkhelawan has done what he thinks is appropriate in the circumstances,” Christopher said. The TTSE yesterday confirmed Ramkhelawan’s resignation with immediate effect but he remains a director on the board of the exchange.
The resignation also came on the heels of public calls for Ramkhelawan to resign over possible conflict of interest in the First Citizens IPO share sale by the bank’s fired chief risk officer Phillip Rahaman. Ramkhelawan’s business, Bourse Securities, was the broker for Rahaman, whose share purchase and sale was under investigation by auditors Pricewaterhouse Coopers (PWC). Bourse was also the broker for the buyer of the shares, Imtiaz Rahaman, who is the chairman of Bourse Securities.
Phillip Rahaman’s purchase of 659,588 shares from the bank during its Initial Public Offering (IPO) and subsequent sale to his family had triggered the investigation into the matter.
The Stock Exchange yesterday confirmed Ramkhelawan’s departure and noted that it had put things in place to ensure there was no disruption before next month’s annual meeting of shareholders. It said: “Peter Clarke, deputy chairman, will preside at all meetings of the board until the first board meeting following the annual meeting of shareholders to be held on May 8, 2014. Mr Ramkhelawan remains a director on the board of the Stock Exchange.”