UPDATED: Angostura CEO resigns in $4m deal

ONE week after her attorneys settled a separation deal for an estimated $4 million, Genevieve Jodhan handed in her resignation as CEO of Angostura Holdings Limited (AHL).
Her resignation letter dated, and effective, April 4, was received by AHL on April 10.

In a statement on its website, AHL announced that executive manager of operations Ian Forbes will act as CEO until further notice. The company gave no further details. However, Sunday Newsday sources said Jodhan had signed an agreement for a multi-million dollar settlement which also allows her to receive her pension entitlement when she reaches the retirement age of 60.

Part of her agreement was that both parties do not communicate, correspond or otherwise disclose, make or publish any adverse or negative comment, or reflection on each other, concerning or related to Jodhan’s employment. Prior to her resignation, she was on administrative leave pending the outcome of an internal investigation surrounding the award of contracts collectively valued at $2.2 million.

Sunday Newsday contacted AHL chairman Terrence Bharath who said he was out of the country and advised referred queries to corporate secretary Kathryna Baptiste-Assee. Baptiste-Assee confirmed Jodhan's resignation but when asked about the status of the investigation, she declined comment citing the confidential terms of the agreement.

Last November, Bharath said Jodhan would remain CEO pending the outcome of an investigation into the award of million-dollar contracts. The matter became the subject of an audit when the head of the company’s audit department called in accounting firm, PriceWaterhouseCoopers, to investigate contracts to four companies – three of which were engaged in security and the fourth in construction. The contracts were authorised by Jodhan while she was out of office, completing a six-week, company-paid course at Harvard University. Angostura was acquired by the State after the 2009 bailout of the CL Financial Group. It is a publicly-traded company and the makers of the world-renowned Angostura Aromatic Bitters and a host of premium rums.

Initial reports indicated that Sgt Mark Hernandez, 42, was the executive chairman and owner of the three security companies – MH Tactical Response Group (MHT), New Order Security Services (NOSS) and Corporate Asset Protection (CAP), all registered at Eastern Main Road, St Augustine. Hernandez is a member of the police Special Operations Response Team. Last year, Police Commissioner Gary Griffith told Newsday that his inquiries revealed that Hernandez was not a director of any company but he had authorisation from former acting commissioner of police Stephen Williams, in 2010, to be involved in consultancy and training.

At a media conference last year, Bharath said Jodhan was sent on 20 days’ vacation, adding her leave would be extended if the investigation took longer.
“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 then, adding that Jodhan was one of the parties who would be assisting Angostura in the exercise.
Jodhan and AHL agreed that the resignation "does not and shall not constitute an admission of liability on the part of the parties in respect of any and/or all claims."
Jodhan held the position of Angostura CEO from November 1, 2007.