Jodhan still Angostura CEO

Even as an investigation is under way regarding the award of million-dollar contracts and being the subject of an audit, Angostura’s chief executive officer Genevieve Jodhan will continue to retain that portfolio until the investigation is completed.

The matter was raised by head of the company’s audit department who called in the accounting firms of Fitzwilliam and Co and PricewaterhouseCoopers to investigate the awards of the contracts to four companies-three which were engaged in the matters of security and the fourth involving construction to the sum of $2.2 million.

The contracts were authorised by Jodhan while she completed a six-week, company-paid learning course at Harvard University, Massachusetts.

Chairman of Angostura Holdings Ltd Terrence Bharath yesterday sought to clear the air about the whistleblower complaint now before the audit committee during a news conference at Angostura’s board room, Grey Street, Woodbrook.

“The CEO is not on administrative leave, she is on vacation leave which was requested by her. The leave granted by the board was for 20 days subject to certain conditions. There was an administrative leave letter given to the CEO, but that agreement between the two parties was retroactively revoked.”

He said Jodhan was expected back after her vacation leave while the investigation process would continue. “If the investigation process goes beyond the date of the CEO’s leave, the board may decide that they required a little more time to complete the investigation. This does not only involve one individual. Bharath said while he did not know where the investigation has reached at this time, those who were the subject matter in the complaints would be permitted to be heard and to give their submission on matters which required clarification before a final position was taken by the committee.

“Individuals connected with the awards of these contracts will have the right to be heard during the process which will be advanced on matters which concern them in the awards of these contracts and payments made to various companies,” Bharath said, adding that Jodhan was one of parties who would be assisting Angostura in this fact finding exercise.

He said the process will continue and the parties will be granted the right to be heard with no at risk implications pending the completion of the process.

“All persons involved must remain untainted by the process so that it may produce the result that is fair and in accordance with sound legal and commercial principles.”

Angostura has retained an attorney Douglas Mendes, president of the Law Association, to guide them through the process.

Bharath said the responses of the parties would be considered and then the company would be advised as to what the next step should be, whether to bring an end to the inquiry in which case things went back to the way they were, or formulate charges where the individuals would again have the opportunity to respond. The board would then decide whether to end the process or bring disciplinary action.

Asked about the impact this newest investigation would have on the Angostura brand considering it coming two years after the 2016 investigation of the previous CEO, and within two years of an investigation of the previous chairman of the company.

“The company is very strong. It has tentacles in many countries around the world. More damage can occur when we do not deal with matters fairly,” he said.