Yashmid Karmath named Republic Financial chairman

YASHMID KARAMATH, executive chairman of Hafeez Karamath Ltd (HKL) and the Desalination Company of TT (Desalcott) has been named chairman of Republic Financial Holdings Ltd, a media release from the holdings company said on December 17.

Karamath was described as an exceptional business leader with more than three decades of experience in executive management, corporate governance and strategic leadership.

“He successfully negotiated the acquisition of shares previously held by an international multinational, securing full local ownership and managing the financing and repayment for the transaction. At HKL, he has overseen large-scale national construction projects, consistently positioning the company as a market leader.

“As founder and president of Titan Building Consultants, he has provided construction management services for national and international clients for over 25 years. His expertise spans strategic planning, enterprise-level financial management, operational expansion, and sustainable growth.”

More than a decade ago, HKL was embroiled in allegations of corruption under former chairman Hafeez Karamath surrounding several high-profile projects under the Urban Development Company of TT (Udecott) including the Brian Lara Stadium which was expected to cost $275 million but faced massive cost overruns increasing the cost to more than a billion dollars.

The fraud charges were eventually dropped in 2010 after Director of Public Prosecutions Roger Gaspard deemed that further investigations would be a waste of public funds as the company was, at the time, no longer “viable.”

Karamath’s appointment followers the retirement of Vincent Pereira, who announced his departure at an annual general meeting on December 15 at the Hyatt Regency in Port of Spain, along with director Kristine Thompson. Pereira reached the retirement age of 70.

At the AGM Dr Patricia Mohammed, Rhion Karim, Dr Sandra Boodram and Gregory Amorer were elected as directors of the board.

The election of the members followed plans announced by Minister of Finance Davendranath Tancoo during the October 13 budget to install a majority of directors at the bank.

At the December 15 AGM, seven of the current 13 directors on the board were elected by government-affiliated organisations.

Government’s holdings in Republic Bank include the National Investment Fund Holding Company Ltd, which holds 29.2 per cent; the National Insurance Board (NIB) which holds 18.81 per cent and Corporation Sole (Ministry of Finance) which owns 2.7 per cent.

In total these entities represent a government controlling interest of 51.43 per cent.