NCB Global Finance CEO Angus Young, brother of National Security Minister Stuart Young, has responded to Opposition calls for an investigation into his company's transactions with the State sector. In the House on Monday Oropouche East MP Dr Roodal Moonilal called for an investigation into a reported $0.5 billion in transactions including a $180 million loan to Udecott in November 2018. He also reported the CEO of the company is the brother of a Government minister. Opposition Senator Wade Mark repeated the call in Senate on Wednesday, describing NCB Global Finance as a "fly by night" company.
The following is Angus Young's statement on the matter in full:
My brother, The Hon Stuart R Young, is the Minister of National Security, Minister of Communications and Minister in the Office of the Prime Minister.
In September 2014, I was appointed as the Chief Executive Officer of NCB Global Finance Ltd (NCBGF). The entity NCBGF has been licensed by the Central Bank of TT as a Financial Institution since August 1993, and has been licensed by the TT Securities and Exchange Commission as a Broker-Dealer since January 2016. The entity NCBGF was originally incorporated as Total Finance Ltd. in November 1982 and subsequently underwent two legal name changes given changes to its ownership, firstly to AIC Finance Ltd and then in September 2014 to NCBGF. AIC Finance Ltd was acquired by NCB Capital Markets Ltd in December 2013.
Consistently strong performances over the last several years has resulted in steadily growing profits and enhancement of our Retained Earnings and our Asset & Funding Base.
For customer confidentiality reasons, we do not comment on specific transactions. However, transactions done by NCBGF whether with the Government, government agencies or other persons are in line with the usual business of NCBGF as a non-bank financial institution and broker-dealer.
NCBGF is authorised to carry on the following classes of business: loan and leases, licensed foreign exchange dealer, insurance premium financing, structured trade financing, fixed deposits, and investment banking.
Our investment banking abilities include but are not limited to arranging and underwriting stock and bond issuances and commercial paper programmes, bond trading, syndicated loans, project financing, structured finance, and receivables factoring and reverse factoring. Like other financial services providers, NCBGF pursues opportunities in line with its business and licences and expects that, like other business enterprises, it should neither be included nor excluded from opportunities based on factors that are not relevant to the transactions themselves.