Judges reserve ruling in accountant's appeal

THREE appellate court judges have reserved their ruling in the appeal of accountant Chandricka Seeteram. He is challenging’s a judge’s ruling which gave the Institute of Chartered Accountants of T&T (ICATT) the green light to reconvene its disciplinary tribunal to investigate him for alleged impropriety in preparing the financial records of the Hindu Credit Union (HCU) before its collapse.

Justices of Appeal Peter Jamadar, Judith Jones and Andre des Vignes presided over the appeal.

In his appeal, Seetaram is challenging the investigative process which led to charges being laid against him.

In a 2015 ruling, Justice Devindra Rampersad dismissed Seetaram’s judicial review claim against the ICATT’s disciplinary committee’s ability to initiate and investigate the allegations against him.

He held that after a careful analysis of the functions, rules and regulations of the respective bodies of ICATT, both the investigations and disciplinary committees had the jurisdiction to act as they did in reaching the decisions Seetaram complained of in his lawsuit.

Rampersad also ruled that the scope of the investigation undertaken by the investigations sommittee were within its jurisdiction, adding that to apply a limited interpretation of its powers would be to unfairly restrict its function and hinder ICATT’s objective to promote and protect the welfare and interest of the accountancy profession in TT.

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.

Comments

"Judges reserve ruling in accountant’s appeal"

More in this section