All transactions 'above board'

NCB Global Finance (NCBGF) 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 Government.

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 and "in a short time" its asset base moved from $115 million in 2015 to $350 million in 2017 – a 200 per cent jump – with no significant capital injection.

Opposition Senator Wade Mark repeated the call in the Senate on Wednesday, describing NCB Global Finance as a "fly by night" company.

Angus Young, in a statement to Newsday, confirmed he is the brother of Young who apart from being National Security Minister is also Minister of Communications and Minister in the Office of the Prime Minister. He said that all business done by NCB is above board and can withstand scrutiny.

"In September 2014, I was appointed CEO of NCB Global Finance Ltd (NCBGF). The entity NCBGF has been licensed by the Central Bank 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."

Young (Angus) reported that 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 have resulted in steadily growing profits and enhancement of our retained earnings and our asset and funding base." Young said, for customer confidentiality reasons, the company will 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."

He reported NCBGF is authorised to carry on the following classes of business: loan and leases, licensed FX (foreign exchange) dealer, insurance premium financing, structured trade financing, fixed deposits, and investment banking.

He added NCBGF 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, "he said, "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."

The full, unedited statement from Young is available on Newsday's website.