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Tag: First Citizens Bank

First Citizens Holdings reports $989.6 million in profits

FIRST CITIZENS Group Financial Holdings Ltd has reported a profit after tax of $989.6 million for the year ending September 30, an increase in profits for the same period last year, when it earned $956.9 million.

The financial figures come from a summary financial statement from the group for the period ending September 30, 2025.

The report said the group earned $2.1 billion in net income. It earned $2.46 billion in interest income but lost $359.9 million in interest expenses.

The group reported $54.4 million in impairment costs but got a credit impairment writeback on financial assets which contributed to the group reporting $1.3 billion in profit before taxes.

For the same period in 2024, the group earned $2.3 billion in interest income and incurred $290.5 million in interest expenses, resulting in a net income of $2 billion.

The group reported impairment costs valued at $13 million, but credit impairment writeback on financial assets was reported at $9.6 million. The impairment and the writeback contributed to a profit before tax of $1.2 billion.

First Citizens Group was one of the financial institutions that saw significant changes in its group for the year.

A new board of directors, led by Shankar Bidaisee, was elected for the group at special general meeting at the National Academy for the Performing Arts (NAPA) on October 8, replacing board members who had been at the group for more than ten years.

Deputy Group CEO Jason Julien was picked as Group CEO at the end of October.

Rowley warns government: Leave Paria out refinery sale

FORMER prime minister Dr Keith Rowley has warned the government’s plan to reopen the Pointe-a-Pierre refinery could expose taxpayers to new financial losses and potentially lead to private interests gaining control of Paria Fuel Trading Company.

Speaking during a Facebook Live broadcast on November 17, Rowley dismissed claims the refinery was shuttered for political reasons under the former PNM administration. He insisted the closure stemmed solely from the refinery’s untenable financial position.

“We shut down the refinery because our local oil production was too low. We were buying 100,000 barrels of oil per day to refine, and on many instances had to be paid for from the Treasury.”

Rowley said the State is still servicing more than US$400 million in debt tied to oil purchases for the refinery, stressing that Petrotrin had been “bleeding billions of dollars.”

He argued unless the government can demonstrate a credible and sustainable oil supply to make the refinery commercially viable, any arrangement that links its reopening to Paria could be a precursor to private or quasi-private control of the country’s fuel supply.

“Paria is a business that makes over a hundred, even two hundred million dollars. If Paria falls into private hands, the owners of the supply will determine the price you pay for fuel,” he warned.

Rowley accused the government of “actively preparing” such an outcome and urged citizens to remain vigilant.

“I want the population to understand you are giving these people the option to do that. We know what they’re doing, and we are asking them to turn the game somewhere else.”

He also criticised what he described as the government’s “silence” on key details surrounding the refinery proposal.

Turning to First Citizens bank, Rowley said the government is ignoring both the institution’s origins and current risks.

He said First Citizens was established under a PNM administration “on a morning when NCB and Workers’ Bank failed and the government had to intervene” and has since become “one of the outstanding successes in the public sector.”

He claimed the only clear signal from the current administration on First Citizens has been the appointment of chairman Shankar Bidaisee who also chairs Udecott. He noted an article in another newspaper where Bidaisee said First Citizens and Udecott would help drive the government’s development agenda.

Rowley discussed a principle from geology – uniformitarianism – to warn that past errors could reoccur. Referencing what he described as a controversy surrounding the UNC-led government’s first sale of First Citizens shares via Initial Public Offering, Rowley said the bank’s share price has dropped from $42 to $31. He said the downward trend should command the government’s attention, given the State remains the bank’s majority shareholder and has previously indicated interest in further divestment.

“Who is driving down the shares of First Citizens when the bank’s performance does not warrant that?” he asked. He questioned whether the government would consider selling shares at a diminished value and said the government must restore investor confidence.

“The investing population would want their shares to return and to improve. If First Citizens and Udecott are to play this conflicted role, shareholders are concerned.”

Rowley warned local banks are already heavily leveraged in financing government operations and argued political interference is putting pressure on institutions that had been performing strongly.

Rowley defended his own stewardship of state entities, noting he retained former National Alliance for Reconstruction attorney general Anthony Smart as First Citizens chairman throughout his term, under whose leadership the bank continued to grow.

He said his administration also appointed a former UNC MP to serve as NP chairman, who completed his tenure without controversy.

He closed by reaffirming his intention to remain engaged in national debates.

“I am a citizen of Trinidad and Tobago. I have not retired from being a citizen, and I have not retired from public discourse.”

TT response to hurricane-ravaged Jamaica: State, NGOs mobilise relief drive

GOVERNMENT departments, civil society and private sector organisations and NGOs have stepped up to launch a series of comprehensive relief efforts for Jamaica in the aftermath of Hurricane Melissa, which caused widespread damage and displacement across the island on October 28.

Acting on the directive of Prime Minister Kamla Persad-Bissessar and the Ministry of Rural Development and Local Government announced the launch of a national collection drive for Jamaica on October 30. The initiative forms part of a wider humanitarian response supported by businesses and civil society.

In a statement on October 30, the ministry announced the establishment of an inter-ministerial committee to co-ordinate national relief efforts.

The committee, including Local Government Minister Khadijah Ameen and several other cabinet members, met with permanent secretaries “to advance and align activities to ensure the swift and effective mobilisation of national support,” the statement said.

Collection drives will take place from October 30 to November 4 between 8 am and 4 pm daily at all 14 municipal corporations.

Each disaster management unit has been designated as an official drop-off site for donations.

The ministry said the public could also contribute to the TT National Disaster Relief Fund through First Citizens Bank, account number 3154684, available at any branch or via online transfers.

It said the national response “reaffirms TT’s unwavering commitment to regional co-operation and humanitarian support.”

Chambers get moving

A segment of the private sector, led by four major business chambers, has also moved to support Jamaica.

The Energy Chamber, TT Manufacturers’ Association (TTMA), AmCham TT and the TT Chamber of Industry and Commerce have jointly opened a relief fund and are co-ordinating with local and regional agencies to send supplies.

In a statement on behalf of the joint chambers, the Energy Chamber said, “We join with the rest of the Caribbean and our local business community in expressing our solidarity with Jamaica following the passage of Hurricane Melissa.”

Financial donations may be made to the Energy Chamber of TT/Joint Chambers at First Citizens Bank, Point Lisas – account number 2818368 (TT chequing) or 2818367 (US savings).

Corporate drop-offs are being handled at Plipdeco Port, Sheds 1 and 2, Point Lisas, which has been designated as the official logistics and receiving centre for containerised donations.

Deliveries are being co-ordinated through the Point Lisas Industrial Port Development Corporation (Plipdeco).

The joint chambers said disbursements from the fund will only be made by unanimous agreement among their CEOs and will be reported to each organisation’s board.

The Office of the Prime Minister also issued a public appeal encouraging the public to donate to the TT National Disaster Relief Fund 2025 or to drop off supplies at official collection points.

“In this moment of crisis, TT stands with our Jamaican brothers and sisters after being severely affected by Hurricane Melissa,” the office said.

Sewa TT, a non-profit charity, has also launched an appeal in collaboration with Sewa USA, targeting areas in Jamaica where utilities and basic infrastructure have been severely compromised.

The group said it will deploy mobile water systems, off-grid communication hubs, emergency food and hygiene stations. Donations from abroad can be made through Sewa USA’s website, while local contributions can be sent through the TT web page.

The organisation said its goal is to “bypass logistics and get critical help directly to those who need it most,” and asked citizens to stay tuned for further project updates.

Collaboration

Adding to this effort, Massy Stores announced that it had joined forces with NGO Sewa TT to strengthen the ongoing humanitarian initiative.

“Our hearts go out to the victims of Hurricane Melissa in Jamaica. They need our help now,” the supermarket chain said in a statement.

Customers can make contributions at any Massy Stores location by informing cashiers that they wish to donate to the fund.

Each donation will go toward assembling essential relief buckets valued at $400, filled with food, hygiene and health items for families who have lost everything.

“Every contribution counts towards providing staples like grains, oil, soap and basic medicine. Let’s show the power of Caribbean solidarity,” the statement said.

As reported in Newsday on October 30, TT Manufacturers Association CEO Dr Ramesh Ramdeen confirmed that government and the private sector had already begun loading 20-25 containers of supplies for shipment to Jamaica.

National Flour Mills has sent over $1 million in goods; other companies, including Blue Waters, SM Jaleel and Advance Foam, have contributed supplies, the TTMA said.

The government has waived port fees and some shipping lines are transporting containers free of charge, the lobby group said.

“It’s a collaborative effort from the manufacturing sector, thanks to the ministerial committee the government has put together, so the private sector can really bring relief to Jamaica.”

Carpha activates

Relief agencies and business groups have outlined priority areas for donations, including food and water, shelter materials, medical supplies, hygiene products, protective gear and agricultural support items.

Members of the public can deliver supplies to any of the 14 municipal corporations’ disaster management units across Trinidad, including Port of Spain, San Fernando, Arima, Chaguanas, Diego Martin, Sangre Grande, Princes Town, Point Fortin, Couva/Tabaquite/Talparo, Mayaro/Rio Claro, Penal/Debe, Siparia, Tunapuna/Piarco and San Juan/Laventille.

In a separate statement, Carpha expressed solidarity with Jamaica and confirmed that it had activated its role within the region’s disaster-response system.

“The Caribbean Public Health Agency stands in firm solidarity with the government and people of Jamaica, who continue to endure the devastating aftermath of Hurricane Melissa,” Carpha said. “Our hearts are with the families who have lost loved ones, homes and livelihoods and with communities now facing the difficult task of rebuilding.”

The agency said it was working closely with the Caribbean Disaster Emergency Management Agency (CDEMA), Jamaica’s Ministry of Health and Wellness, the Pan American Health Organization (PAHO) and other partners under Caricom’s Rapid Response Mechanism to deliver medical and public health support.

It said its teams would provide essential health supplies, including rapid testing kits for infectious diseases, vector control materials and equipment to prevent or reduce outbreaks of dengue, leptospirosis and gastroenteritis.

Beyond immediate emergency response, Carpha said it would help Jamaica strengthen its public-health systems, disaster preparedness and resilience.

“In moments like these, the Caribbean’s greatest strength is its unity. Carpha stands resolutely with Jamaica, not only in words, but in sustained partnership and shared action. Together, we will rebuild stronger, healthier and more resilient communities,” the agency said.

Pan Trinbago celebrates clean audit, $6m surplus

PAN TRINBAGO president Beverly Ramsey-Moore says the organisation is in its strongest financial position in years, with a $6 million surplus and a fully repaid loan, and she does not expect any cuts in prizes, assistance to bands, or players’ remittances, as the steelpan fraternity awaits the national budget.

Speaking after the organisation’s Annual General Meeting (AGM) at the VIP Lounge, Queen’s Park Savannah, Port of Spain, on October 5, Ramsey-Moore said Pan Trinbago continues to demonstrate strong financial accountability and national relevance.

“I know it’s a new government and they have to make their assessments, but I look forward to positive allocations in the budget that will go towards the steelpan community.”

Calling the AGM “extremely successful”, Ramsey-Moore said over 119 bands were represented by two delegates each. Ramsey-Moore said she was proud that for the fifth consecutive year, Pan Trinbago received unqualified (clean) audited financial statements.

“When we came in in 2018, we inherited a demand loan that the last executive had taken from First Citizens Bank. Every year, we continued to pay on it. After successful negotiations with the bank, we were able to complete the payment in December.”

She underscored Pan Trinbago’s broader role in national development, beyond the annual Panorama competition.

“We are not just a Panorama organisation. We have declared in our mantra there is no season for pan: there is the panyard model.”

She pointed to President Christine Kangaloo, who she said has recognised this. The President, in July at her Pan Camp 2025, encouraged citizens to embrace transformation using the steelpan as a symbol of unity, creativity and discipline.

Ramsey-Moore said, “We have many young men in at-risk areas, and our delegates and members play a role in keeping our country safe. That should be taken into consideration when it comes to funding the organisation.”

Relationship with minister ‘developing’

On her working relationship with new Culture and Community Development Minister Michelle Benjamin, Ramsey-Moore said it is “developing”.

“It is our responsibility as Pan Trinbago to work with the government, because we are about the business of developing Trinidad and Tobago”.

She added Pan Trinbago must collaborate not only with the Minister of Culture but also with ministers of Youth Development, Trade, Tourism, and other sectors that impact people.

During the open-floor session at the AGM, a members questioned whether the current administration supports Pan Trinbago and raised concerns about potential implications for future funding.

Ramsey-Moore responded, “Members are extremely concerned. The first signal sent to the organisation was a letter stating, ‘We don’t need your president,’ and asking us to name someone else. The members saw that as an insult and a disrespect.”

She said those issues have since been resolved.

“The line minister has pledged and committed to working with the organisation. You don’t treat us lightly. We are the world governing body of the steelpan. I must say that we are developing a good relationship. I expect better, and I expect the best.”

On the support of her membership, Ramsey-Moore said, “They trust their leaders, the central executive, and the regional bodies. You saw what happened here today — this was a beautiful meeting. The members love their president.”

‘First Citizens $5m loan repaid’

Reflecting on her leadership since 2018, she said the organisation has turned a corner.

“We were definitely in a state. We have cleaned up the brand, and now we are in a safe space. We are in a better position financially, and we stand on the hallmark of accountability and transparency, good governance across the board.”

Pan Trinbago treasurer Lauren Pierre confirmed the $5 million First Citizens loan had been fully paid off, and the organisation recorded a $6 million surplus for the year.

“We also transferred $1 million into savings,” she said.

Pierre said Pan Trinbago is doing “very well,” and echoed Ramsey-Moore’s pride in receiving a fifth consecutive clean audit opinion.

Asked to explain what that meant, she said, “A clean audit means the financial statements are free from any material misstatements. The auditors came into Pan Trinbago, reviewed all the documentation, and were fully satisfied. They didn’t find anything alarming. It shows we are accounting properly for the funds we receive.”

She said the organisation’s marketing team secured over $5 million in sponsorships, and the organisation’s equity now stands at $7 million.

“That reflects our ability to comfortably meet all liabilities. We’re in a very steady financial position, and we’re extremely proud of what we’ve achieved.”

Asked if there are contingency plans in case of budget cuts, Pierre said, “We are led by president Beverly Ramsey-Moore, and as a central executive team, we will have those discussions when the time comes.”

Her message to members and potential partners: “Pan Trinbago is in a good space. We are financially accountable, and we are ready. Panorama is coming. So invest, we know how to manage your money, and we are very happy to have you on board.”

Bandits steal $100k from van at MovieTowne

BANDITS stole $100,000 from a man who went to shop at PriceSmart in MovieTowne, Port of Spain, on September 11.

The 32-year-old man from East Dry River went with two people to First Citizens Bank at One Woodbrook Place at around 5.15 pm where he withdrew the money.

He put it in the centre console of his Nissan Navarra before arriving at MovieTowne half-hour later, and parking in the ground-floor carpark near KFC.

The man and the two passengers got out and went into PriceSmart.

When they returned to the van at around 6.45 pm, he saw the right back-seat window was broken and, upon checking, noticed the money he had withdrawn, along with US$3,000, was missing from his centre console.

PC Charles of the St James Police Station is investigating the incident.

Police are also searching for three men who robbed a Jamaican woman and her 18-month-old baby while they were asleep at their home in El Socorro.

Around 4.15 am on September 11, police responded to a report of a burglary at Pundit Street.

When they arrived, a 34-year-old woman told them she was at her home with her daughter when, at around 3.30 am, she was awakened by the men who were standing inside her apartment.

They announced a robbery and demanded money from her.

She handed them US$2,000 and her Samsung S20 cell phone worth $1,800.

The suspects then left without harming her or her daughter.

Police have not yet made any arrests in connection with the incident, but PC Boodhai of the Barataria Police Station has been assigned as the lead investigator on the case.

Beckles: Government must explain its interest in First Citizens

OPPOSITION Leader Pennelope Beckles says the PNM will be putting questions to the government to explain its interest in the affairs of First Citizens bank.

Speaking with reporters after the funeral of former government minister Dr Lenny Saith, on August 28, Beckles said, “I can’t say if it is a witch hunt but once you get political interference in a financial institution, you are going to have impact,”

She added, “As a fact, when you look at there were three indigenous banks that went through and then you had the formation of FCB, which obviously has been doing very well, we must ask ourselves, what is it that is going on with FCB that has this great interest of the government.”

Beckles said, “I am sure very soon…you see they have appointed a board. So if you have appointed a board, obviously it’s like many of the others…whether it’s the Central Bank governor…whether it is what has happened with Miss (Karen Darbasie). We just have to wait and see.

Asked about claims made by the UNC in opposition about the PNM favouring certain people in terms of foreign exchange (forex) allocation and if the UNC was attempting to do something similar now that it is the government, Beckles said, “Well, I am sure through the Parliament, we are going to file our appropriate questions.”

She added, “I mean we take note that there are questions that have been filed (in the Parliament), they have been rejected. We haven’t really been able to have all our questions come before the Parliament.

Beckles said, “You can be assured that when Parliament opens, we will be asking all those kinds of questions so that we would let the population know exactly what is going. We look forward to them (government) answering us.”

At a news conference at the Opposition Leader’s Office in Port of Spain on August 25, Beckles said, “Under the Companies Act the board of directors of FCB is solely responsible for matters relating to employment at the bank. This government is giving onto itself power that it does not possess.”

“Corporation Sole is not an employer,” Beckles said. “We know that under the financial institutions act and under the securities act the government does not have the power to do what they are doing.

“The CEO is not an employee of the state and therefore (she) cannot tender her resignation to the state.”

She made this comment to Darbasie’s recent pre-retirement leave as First Citizens Group CEO, amid initial reports she had resigned. It has also been reported she was asked to resign.

On August 22, in response to questions about Darbasie’s status and government’s investigations into the use and distribution of forex, Finance Minister Davendranath Tancoo said, “Will there be fallout? Yes. Because we will be focused simultaneously on enhanced and multiple streams of forex generation and a transparent distribution.”

He added, “Obviously then, those who have benefited from the skewed system facilitated by the PNM, those engaged in money laundering or others hoarding foreign currency, will complain loudest.”

Tancoo said then government is looking at “several options” to deal with the forex crisis.

At an event in Penal on August 27, Prime Minister Kamla Persad-Bissessar confirmed government was investigating some matters at First Citizens.

“As far as I am aware, the government does not get involved in matters of that area. A new board will be appointed shortly. I do not want to say any more about FCB because I do not want to prejudice any investigations that are ongoing with respect to matters that were going on in FCB,” she said.

In a notice published on August 29, the First Citizens Group (of which the bank is a part), said First Citizens Holdings Ltd (FCH) is a “private company fully owned by the Minister of Finance (as incorporated by Act of Parliament), otherwise known as ‘Corporation Sole’.

The group said FCH holds 60.11 per cent of the shares in First Citizens Group Financial Holdings Ltd (FCGH) which is “the public company which has been listed on the TT Stock Exchange since October 15, 2021 and began trading on October 18, 2021.

FCGH is the group’s financial holding company and is regulated by the Central Bank.

The company is licensed under the Financial Institutions Act. The group said, “A special meeting of the shareholders of FCGH will be convened at the appointed time which would allow the shareholders to consider and elect directors of FCGFH.”

On August 27, Tancoo presented instruments of appointment to Shankar Bidaisee, Prof Sterling Frost, Crystelle Smith, Prakash Dhanrajh, Sandy Roopchand, Jo-Anne Boodoosingh, Nichelle Granderson and Javan Lewis as new directors of the FCH board.

Bidaisee and Frost are chairman and deputy chairman respectively.

Attorney is new First Citizens Holdings chairman

GOVERNMENT has identified attorney Shankar Bidaisee, the current chairman of the Urban Development Corporation of Trinidad and Tobago, as the new chairman of First Citizens Holdings Ltd.

The names of eight directors were finalised on August 26.

A statement from Finance Minister Davendranath Tancoo on August 27 said the minister “presented instruments of appointment to new members of the Board of Directors of the First Citizens Holdings Ltd.”

The release said Bidaisee, along with Prof Sterling Frost (deputy chairman), human resource team leader Crystelle Smith, insurance executive Prakash Dhanrajh, fast-food executive Sandy Roopchand, management executive Jo-Anne Boodoosingh, business executive Javan Lewis and business consultant Nichelle Granderson have been appointed by the finance minister.

Shareholders will have to elect the nominees by September 26 for the First Citizens Group Financial Holdings Ltd, the publicly listed company of First Citizens Holdings.

Frost previously served as deputy Group CEO of the bank and as a director on a subsidiary board.

On August 26, Tancoo said he was unable to disclose the names of the government’s nominees, saying he had to communicate with them first.

The First Citizens Group Financial Holdings Ltd, the parent company of First Citizens bank, is among publicly traded companies undergoing board changes following the April 28 general election and change in administration.

The development follows the early exit of Group Chief Executive Officer Karen Darbasie who went on approved vacation on August 21 ahead of her pre-retirement leave. Group deputy CEO Jason Julien, will act as Group CEO in Darbasie’s absence and assume the role upon her retirement, according to a notice to the TT Stock Exchange.

This is a developing story and would be updated as new information comes to hand.

PNM: Government has no legal power over First Citizens CEO’s job

OPPOSITION LEADER Pennelope Beckles called on the government to stay out of the inner dealings of state-owned financial institution First Citizens Group Financial Holdings (FCGFH), parent company of First Citizens Bank (FCB) after news reports indicated that “pressure” from the government led to the resignation of the company’s CEO, Karen Darbasie.

“It is important for us to say to this government keep your hands off FCB,” Beckles said at the opposition’s media conference at the office of the Opposition Leader on Charles Street, Port of Spain on August 25.

“We need to tell them that financial institutions are not playthings,” she said. “Investor confidence is built on trust, and political interference shatters trust.”

“We want to say to this government that the people of TT are the majority shareholders of FCB and they deserve honesty – not back-room manoeuvring.”

Beckles pointed out that, according to the Companies Act, the government had no role in matters relating to employment despite being Corporation Sole.

“Under the Companies Act the board of directors of FCB is solely responsible for matters relating to employment at the bank. This government is giving onto itself power that it does not possess.”

“Corporation Sole is not an employer,” Beckles said. “We know that under the financial institutions act and under the securities act the government does not have the power to do what they are doing.

“The CEO is not an employee of the state and therefore (she) cannot tender her resignation to the state.

“The honourable Minister of Finance or Minister in the Ministry of Finance therefore cannot accept the resignation of any employee. We know that FCB is a listed security and a corporate body. The CEO reports to the board and any matters as it relates to employment is for the board.”

On August 22 Newsday reported that a letter of resignation was submitted to Corporation Sole, Finance Minister Davendranath Tancoo on August 20.

But on August 25, another local newspaper reported claims that the letter to the minister was an indication that her retirement date was in May next year, but she was prepared to demit office once the terms of her contract of employment were honoured. However, the report noted that she did not indicate an intention to resign.

The report added that in response to Darbasie’s letter the Ministry of Finance said it “accepts” her “resignation.”

But the paper reported that in a memo to staff on August 22, the board said it held a special meeting on August 21, after which it had agreed to allow Darbasie to proceed on approved vacation from August 21, to October 21, after which her retirement would be effective.

The memo to staff also said that the company’s succession plan was already in place, the report said.

Beckles lauded the board at the bank for “resisting some political pressure,” noting that the situation was akin to the departure of former Central Bank Governor Dr Alvin Hilaire.

“When you think about this situation, what do you think about? You think about the governor of the Central Bank, basically being told to resign or be fired.

“This government needs to know that it is unacceptable to intrude into the affairs of one of the government’s leading financial institutions.”

PNM political leader Pennelope Beckles speaks at a media conference as PNM senator Dr Amery Browne, left, and Port of Spain South/St Ann’s West MP Stuart Young look on at the Office of the Opposition Leader, Charles Street, Port of Spain, on August 25. – Photo by Ayanna Kinsale

Newsday called former minister of finance Vishnu Dhanpaul for additional comments but he deferred comment to the opposition leader.

“The leader of the opposition did an excellent job explaining this. I have nothing else to add,” Dhanpaul said.

Board, government mum on Darbasie’s departure

Government officials and board members of FCB have zipped their lips shut on the peculiar circumstances surrounding the departure of CEO Karen Darbasie.

Newsday called group chairman Anthony Smart, who declined to comment on questions from Newsday on Darbasie’s departure which was reported by Newsday on August 22.

When Newsday contacted acting CEO Jason Julien on the matter he also declined comment.

Newsday also called Minister in the Ministry of Finance and Minister of Planning Kennedy Swaratsingh, who said he could not respond at the time.

Newsday also sent questions to Minister of Finance Davendranath Tancoo.

In response he said: “I have no comment to make on any of these questions save and except that I remain committed to the highest level of governance of our banking sector including the First Citizens Bank and its associated companies.”

However on August 22, when Newsday asked the minister for comment on the issue, asking questions on Darbasie’s departure, allegations surrounding her departure and the government’s probes into the use and distribution of foreign exchange (forex) the minister said:

“Will there be fallout? Yes. Because we will be focused simultaneously on enhanced and multiple streams of foreign exchange generation and a transparent distribution. Obviously then, those who have benefited from the skewed system facilitated by the PNM, those engaged in money laundering or others hoarding foreign currency, will complain loudest.”

In that message the minister said the government is looking at “several options” to deal with the forex crisis, but noted that there were multiple aspects to the forex issue including “the failure of the PNM government to take any steps to focus on improving existing or developing new sources of foreign exchange…”

“Can we fix it? Yes. Will it take time? Yes. You cannot undo a decade of PNM deliberate mismanagement overnight,” the minister said on August 22.

FCGFH share price bounces back

FCGFH share prices rebounded from a 52-week low on August 25, days after the debacle behind Darbasie’s departure became public.

On August 25 the TT Stock Exchange (TTSE) reported that FCGFH opened trading at $40.39, which was the price of shares at close on August 21.

But by the time the market closed on August 25, the share priced jumped to $40.75, an increase of $0.36 or .89 per cent.

 

Attorney loses appeal in 2019 land sale fraud case

THE Court of Appeal has upheld a ruling that an attorney was negligent in handling a 2019 land sale that turned out to be a sophisticated fraud.

The case involved the sale of a property in Barataria, where a fraudster posing as the true owner, Robert John, sold the land to Keelan Aaron Hunte for $840,000. First Citizens Bank (FCB) provided a $650,000 loan to Hunte and held the property as security. Months later, the real Robert John discovered the fraudulent sale and challenged the transaction in court.

In 2023, Justice Frank Seepersad found attorney Richard Beckles, trading as The Legal Consultancy, and his junior attorney, Claire Pascall, failed to properly check the fraudster’s identity. They missed obvious red flags on the identification documents, including mismatched passport numbers, identical photographs on both ID and passport, spelling errors, and address discrepancies. The court ruled that even “an untrained eye” would have seen the inconsistencies.

Hunte was left paying a mortgage for property he never legally owned, and FCB’s loan was left unsecured. Beckles was ordered to pay more than $525,000 to Hunte, $386,000 to FCB, and nearly $100,000 in costs to John.

On appeal, Beckles argued that the trial judge unfairly relied on document discrepancies not raised in the pleadings and overstated the duty of care required. However, Justices Maria Wilson, Ronnie Boodoosingh, and Geoffrey Henderson dismissed these arguments, finding that Beckles had a duty to take “reasonable verification steps” given the rise of property fraud.

“The lawyers had an obligation to undertake a thorough review,” Justice Boodoosingh wrote. “A reasonable and competent attorney would have identified these warning flags once a meticulous examination of the documents was engaged.”

The court stressed that identity verification is a critical part of modern conveyancing, especially in Trinidad and Tobago, where property fraud has been on the rise.

The appeal was dismissed, and Beckles remains liable for all damages and costs.

In the appeal, Beckles did not dispute the legal test for assessing an attorney’s conduct, namely that it should meet the standard of a reasonably competent practitioner, not that of a particularly meticulous one. Instead, he challenged Seepersad’s findings of fact.

Boodoosingh held that Seepersad had properly considered relevant evidence, including transaction documents and discrepancies in identification records, such as inconsistent signatures, spelling of names, and addresses.

Seepersad’s findings of negligence were upheld, as Beckles had failed to notice obvious irregularities, question the vendor, or advise his clients about “red flags,” leaving the purchaser without a good title and the mortgage unsecured.

Since Beckles acted for both the purchaser and the mortgagor without independent representation for the vendor, greater vigilance was required, the court ruled.

Shiv Sharma and Adrian Byrne represented Beckles.

Tara Thompson and Justin Leung represented John.

Justin Junkere and Alana Praimdass appeared for Hunte, and Jean-Louis Kelly and Dante Selman-Carrington represented FCB.

Judge: Bank cannot charge more than 5% interest in loan dispute

A High Court judge has ruled that First Citizens Bank is not entitled to charge more than five per cent interest after judgment in a loan dispute, even though the original loan agreement stated a higher rate.

Justice Frank Seepersad made the ruling on July 9, in a case where the bank had asked the court to apply the loan’s contractual interest rate of 10.25 per cent after the judgment was entered. The court instead decided to apply the five per cent statutory rate outlined in the Remedies of Creditors Act.

The case involved a customer who had borrowed money from First Citizens Bank but later defaulted. The bank then took legal action, and on June 4, the court entered judgment against the borrower for $157,986.47 in debt, interest, and costs. The only question left was the rate of interest to apply from the date of judgment until the full amount is paid.

Justice Seepersad explained that while the loan agreement mentioned interest continuing after judgment, the law gave the court the final say. He said courts must avoid allowing judgments to be used as profit-making tools, especially when they can be enforced for up to 12 years.

“This court will not permit its judgment to be used as a product of commercial investment,” Seepersad said. He also considered that the borrower was unwell, unemployed, and could not reasonably afford additional interest charges at the higher rate.

The judge said financial institutions must show empathy and avoid harsh enforcement practices that can place an unfair burden on vulnerable individuals. “Commercial entities must act with a sense of empathy and should shy away from adopting the stance of Shylock,” he said, referencing the Shakespearean character known for demanding a literal “pound of flesh.”

The court concluded that a five per cent post-judgment interest rate was fair, in line with legal principles and prevailing financial conditions. The ruling was made under the Supreme Court of Judicature Act, the Remedies of Creditors Act, and the Civil Proceedings Rules.

First Citizens Girls First Festival to empower Tobago

THE First Citizens Girls First Festival will return to Tobago on July 20, at the Magdalena Grand Beach and Golf Resort, Lowlands.

In a media release on June 30, First Citizens said Girls First 2025 isn’t just an event, but it’s Tobago’s moment to shine as a hub of inspiration, connection, and transformation for girls aged 13-18.

It said Tobago will come alive with energy, purpose, and unstoppable girl power.

“This year, we are thrilled to bring the festival back to Tobago – an island with such rich culture, resilience, and talent,” said Karen Darbasie, founder of Girls First and Group CEO at First Citizens.

She said it “is a call to every Tobago girl to stand tall, own her brilliance, and step boldly into her future.”

The event will feature dynamic speakers Sonia Whitlock and Raina Alleyne; hands-on workshops in financial literacy, self-defence, mental health and goal-setting; interactive sessions where girls can ask raw, real questions and hear stories from fearless female leaders; interactive challenges and giveaways that celebrate creativity, leadership, and action; and a positive vibe with music and surprise guests.

First Citizens said it is proud to champion Tobago’s young women through this flagship initiative – part of the group’s commitment to nurturing the region’s future trailblazers.

“Our girls are not just the leaders of tomorrow, they’re the change-makers of today,” Darbasie said.

“Girls First Tobago is here to remind every young woman that her dreams are valid, her voice is powerful, and her moment is now.”

For more information on the First Citizens Girls First Festival visit their website, www.firstcitizensgroup.com or follow them on Instagram @FCGirlsFirst.

4 ATMs smashed in Port of Spain

FOUR First Citizens Bank ATMs on Independence Square, Port of Spain, were found vandalised on June 11, with total damage estimated at $33,000.

Reports say around 4 am, a customer attempting to use one of the machines told an Amalgamated Security officer stationed at the bank’s Credit Card Centre on Chacon Street the machine were damaged.

The officer discovered all four machines had been smashed. The matter was reported to the Central Police Station, and officers from the Criminal Investigations Department (CID) visited to investigate.

Later that same day, two armed men robbed a Subway restaurant on Ariapita Avenue, Woodbrook. Around 3.20 pm, the cashier was at the register when she heard someone behind her say, “Nobody move, go in the back.”

On turning around, she saw two men dressed in black, one of whom had his face covered.

One suspect was described as approximately five feet nine inches tall, while the other was about six feet tall.

The men ordered all five employees to the back of the restaurant, where they demanded cash and personal belongings.

A Samsung A72 cellphone valued at $3,000 was taken from one employee. Another staff member reported the theft of her iPhone 8 Plus, valued at $1,000. A third employee was taken to the register and told to open it, after which the suspect stole $800 in cash.

The men then ran away along Gallus Street, Woodbrook.

Meanwhile, in Arouca, a 41-year-old man of Windy Hill was robbed of his car at gunpoint on the evening of June 10.

Around 6 pm, the man was in his yard when he was approached by two men, one of whom was armed. The gunman ordered him to “pass d keys, I want d car.”

The victim complied and handed over the keys to his white Nissan B14, registration number PBM 5668, valued at $15,000. The suspects got in the car and drove off.

First Citizens’ Anton Robinson lands CariFin beaver-trick with Cross Country win

First Citizens Bank’s Anton Robinson capped off a fine season in the CariFin Games when he copped the Cross County Championship title at the Queen’s Park Savannah in Port of Spain on May 25 – winning his fourth straight crown in the 2025 season.

Robinson lit up the 33rd edition of the CariFin Games as he had earlier copped the One Lap Savannah, Green Mile and Chancellor Challenge distance races. In the 6K Cross Country run which attracted over 150 competitors and seven institutions, Robinson again showed off his stamina and endurance as he won the race in a time of 21 minutes and 35 seconds (21:35). The 2024 champion Shay Gonzales, who represented Scotiabank, had no answer for the powerful Robinson as the former placed a distant second in 26:17.

Gonzales just saw off the challenge of Ministry of Finance’s (MOF) Damian Joseph, who clocked 26:52 for third. Central Bank’s Jonathan Pierre (28:46) and MOF’s Ronald Sylvester (28:58) rounded off the top five positions in the men’s category.

Robinson said his Cross Country win was no easy feat as he knew he had to push through the challenging 6K journey.

First Citizens Bank’s Anton Robinson celebrates after winning the men’s category of the CariFin’s Cross Country event at the Queen’s Park Savannah, Port of Spain on May 25. Photo courtesy CariFin –

In the women’s Cross Country race, which covered a 4K distance, Central Bank’s Lorianne Ayoung-Chee improved on her second-place finish in 2024 when she claimed the winners’ medal in 21:20.

Unit Trust Corporation’s Elizabeth Alexander (23:31) finished the course more than two minutes behind Ayoung-Chee as she grabbed second, with MOF’s Angel Peruza finishing third in 25:05. Peruza’s MOF colleague Danielle De Gannes (26:55) was fourth, with Central Bank’s Karyn Stewart finishing fifth in 28 minutes.

The men’s 2K walking event was won by Central Bank’s Brian Jeremie (19:26), who secured a third straight walking title. Meanwhile, MOF’s Jewel Blackwell topped the women’s walking race in 21:22 as she edged Sagicor’s Cherisse Pierre (21:33) into second. For Blackwell, it was her second win of the season as she had also copped the Green Mile title.

The four-team mixed relay event, which saw the teams competing over a 3K distance with both running and walking participants, was won by Scotiabank in 21:24. Central Bank placed second in 21:47, with First Citizens grabbing third spot in 23 minutes.

 

Massy to raise $600m through bond, loan arrangements

Massy Holdings is set to raise up to $600 million to refinance maturing debt through a fixed-rate bond issue and a medium-term loan, both facilitated by First Citizens Bank.

In a notice to stakeholders on April 15, the diversified conglomerate announced its intention to issue a $300 million fixed-rate bond and access a separate $300 million medium-term loan.

“Both arrangements are intended to repay long-term obligations that matured earlier this year and were temporarily covered by short-term bridge financing,” the notice said.

The proposed financial structure will not increase Massy’s overall debt burden, as the new funds will solely replace existing liabilities.

First Citizens Bank will serve as the sole lead arranger for the bond issue and the loan. The bond will be offered privately to investors in TT and will carry a 15-year term.

The notice said interest payments will be fixed and made semi-annually, with principal repayments beginning after a five-year moratorium to be settled in equal instalments every six months thereafter.

The eight-year loan, meanwhile, will have its interest rate reset annually, with quarterly interest payments beginning three months after closing.

Massy and First Citizens have already agreed to the commercial terms, and the transaction is expected to close this month, pending all necessary regulatory approvals.

It said investors will be provided with detailed financial and corporate information to guide their decision-making before the bond placement.

First Citizens reports 23% increase in profits

FIRST Citizens Group Financial Holdings Ltd recorded a profit after tax of $957 million for the year ended September 30, 2024.

This represents an increase of 23.17 per cent from $777 million in the previous year.

In a newspaper ad on December 3, First Citizens chairman Anthony Smart said the group’s total assets stood at $47.1 billion, an increase of 4.84 per cent from $44.9 billion.

Loans to customers increased by over $1.1 billion or 5.37 per cent to $21.2 billion from $20.1 billion.

Earnings per share increased by 23 per cent from $3.08 to $3.79.

The directors, Smart said, have declared a final dividend of $0.88 per ordinary share for the final quarter payable on December 28 to all shareholders on record as at December 13.

This brings the total dividend for 2024 to $2.37 per share compared to $2 per share in 2023.

“This represents a year-on-year increase of 18.5 per cent in dividends to our valued shareholders,” Smart said.

He added that these accomplishments were further complemented in October when global credit rating Standard and Poor’s re-affirmed First Citizens Bank Ltd’s investment grade rating of BBB-/A-3 with a stable outlook.

Property tax payment deadline extended to December 20

FINANCE Minister Colm Imbert has announced a new deadline to pay property tax: December 20.

In an X (formerly Twitter) post on November 2, Imbert announced the new payment deadline and said the deadline for Board of Inland Revenue to deliver property tax notices has been extended to November 29.

On June 25, the ministry advised residential property owners to disregard tax notices dated before March 6, as the Property Tax Act had been amended. The amendment changed the rate of tax payable from three per cent to two per cent and payments were due by September 30.

On September 23, it was announced the deadline had been pushed back from September 30 to November 29.

In the post, Imbert also said payments could also now be made online at Republic Bank from “next week Friday (November 8).”

On October 30, on its website, the ministry announced the introduction of property tax online bill payment.

First Citizens customers were able to pay their property tax via First Citizens Online Banking from that day.

Government introduces online property tax payments with FCB

THE government has fulfilled its promise to offer an online payment option for property taxes, responding to homeowners’ complaints about long lines at payment locations.

On October 30, the Finance Ministry announced, via its website, a notice about the introduction of property tax online bill payment.

The notice was also shared on the ministry’s Facebook page at 10.10 pm, which said starting from 10 pm on October 30, customers of state-owned First Citizens Bank can pay their property tax through the bank’s online and mobile app.

To access this new payment option, customers must add “Inland Revenue Division — Property Tax” as a standard payee and follow the usual payment process.

Each property requires a separate payee to be added.

Customers should have their property PIN and media number ready, as provided by the ministry’s Notice of Assessment Bill.

The ministry advises, “Please note, the property PIN Number should be inputted in the payee account number field.”

When making a payment, customers must select the IRD property tax payee, enter the media number in the description field and complete the required fields.

Earlier in the day on October 30, Finance Minister Colm Imbert assured attendees at the TT Stock Exchange Capital Market Conference in Port of Spain that in the near future, everyone would be able to pay their taxes online.

He emphasised that such an initiative is part of the government committing to providing digital options for all financial transactions.

Many homeowners have expressed frustration over the lack of online payment options, forcing them to visit the Board of Inland Revenue (BIR) offices nationwide.

The original payment deadline was September 30, but the ministry has extended it to November 29.

Property owners and occupiers of residential land who received a notice of assessment from the BIR have until November 29 to pay the tax without incurring penalties.

Imbert previously acknowledged that people were still experiencing issues receiving their notices of assessment from the BIR.

Under the Property Tax (Amendment) Act, 2024, the rate of the tax was decreased from three per cent to two per cent.

Wade Mark questions three bids on refinery

OPPOSITION Senator Wade Mark alleged Indian steel tycoon Naveen Jindal was indirectly linked to one of the three firms short-listed to bid on the oil refinery at Pointe-a-Pierre, speaking on the first day of the budget debate in the Senate on October 21.

He raised question over all three firms, suggesting one may be subject to a US embargo and that another was not properly registered.

“We are calling on the government to scrap that entire process!” he stormed of the ongoing refinery tender.

“When we checked the registry to get information on these three companies we realised that CRO Consortium is made up of three locally-incorporated companies, one called Ocala, the other is DR Commodities and Chemie-Tech.

“What we found interesting is when we did a search for ‘CRO Consortium’, it yielded no results.”

Mark said the result meant CRO Consortium was allegedly not legally-incorporated under the laws of TT.

“If this company is not legally-incorporated under the laws of TT, how come this company was short-listed by the Cabinet.”

Mark alleged all three bidders were suspicious.

“You know DR Commodities was former DR Logistics. But when we searched (for) DR Commodities, it is the parent company of this local company but it is based in India. And when we searched the Indian company we realised (that) on the board of directors were two associates and family members of Jindal. That is what we are seeing.” Mark said the current tender should be scrapped.

“What is even more important is a Venezuelan company engaged in oil and gas. It is a holdings company that is sanctioned by the United States.

“How come this government is short-listing a company that is sanctioned by the US to take over our Pointe-a-Pierre refinery?”

Mark then spoke cryptically, “Mr President you know what has happened? Jindal went through the front door and came thought the back door.”

“So we want the government to scrap that entire project. It is too corrupt and the government must answer. In fact we need a forensic investigation into this entire transaction. Mark also used the opportunity to ask if the government would sell the Port Authority, First Citizens Bank (FCB), NP and TSTT.

Mark earlier challenged Finance Minister Colm Imbert’s claims that TT had healthy economic indicators. He said under the Government had presided over a decade of despair, death, decay and decimation. He said in terms of real GDP, that is adjusted for inflation, TT’s GDP had contracted by 19 per cent from 2015 to 2024.

Mark alleged scarce foreign exchange, runaway food prices and spiking crime. He lamented “the working poor” including some public servants now surviving on 2013 wages in the year 2024.

“Unemployment among youths is rising.” The cost of basic food items has become significantly higher, Mark said.

He contrasted Imbert just saying TT was now in “a very difficult place” to the minister also recently telling the House of Representatives, “The rain has stopped.”

First Citizens backs school entrepreneurship contest again

FIRST Citizens Bank has announced its continued sponsorship of the National Secondary Schools Entrepreneurship Competition (NSSEC), an initiative aimed at innovation, leadership and business acumen among young students outside the traditional school system.

In a media release, it said the competition exposed secondary-school students to entrepreneurship training via simulation software.

Through gamification, the students experienced the ever-changing culture of running a business enterprise.

According to the Merriam-Webster dictionary, gamification is the process of using game-like elements of a task to encourage greater participation.

Addressing the participants, Jason Julien, group deputy CEO of business generation, said, “At NSSEC, our objectives include developing your competencies and intelligence…your ability to think and more importantly to think creatively, strategically and critically in real-world scenarios and simulations and having to do so as a team.

Jason Julien, group deputy CEO, business generation, delivers remarks at the NSSEC closing ceremony at NAPA, Port of Spain. – Photo courtesy First Citizens

“We at First Citizens, are proud to continue to be a partner with the National Secondary Schools Entrepreneurship Competition and have seen our investment over the last seven years impact the lives of over 4,000 students.”

The initiative emphasised the importance of entrepreneurial thinking by empowering young people to dream big and to develop the practical skills necessary to turn their ideas into reality, the release said.

“In keeping with its continued commitment to youth development and education, First Citizens reaffirms its commitment to projects such as NSSEC and believes in the overall development of young people, equipping them with valuable skills and fostering networking and camaraderie.”

Accounting ‘expert’ testifies at LifeSport trial

AN accounting expert came under scrutiny for his report on the financial statements of the Sport Company of TT (SporTT) on the third day of the trial against its former CEO and 13 ex-board members.

The cases arises out of the failed LifeSport programme and a $34 million contract to eBeam Interact Ltd.

Dwayne Rodriguez-Seijas, an assurance partner with PriceWaterhouseCoopers, testified at the trial before Justice Ricky Rahim on September 12. Rodriguez-Seijas was deemed an expert witness and had been asked to “read and interpret” SporTT’s financial statements from September 2007-2015.

He admitted that based on his review, SporTT was not a “for-profit company.”

He also said for the entire period under consideration, it never declared a loss or made a profit.

Rodriguez-Seijas had been asked to prepare a report based on five questions relating to SporTT financial statements.

He was asked to say whether the audited statements noted SporTT suffered no loss in respect of any of its activities during the review period and if not, why not.

He was also asked if the company had any financial exposure as a result of the transactions complained of in its lawsuit against the ex-directors; whether the alleged liabilities relating to loans shown in SporTT’s financial statements were a fiction and did not meet the recognition criteria for financial liabilities; and whether two $17 million payments were reflected in the financial statements, and if not, was there any reason why they would not be reflected there.

On September 12, attorneys Anil Maraj and Jagdeo Singh questioned him for four ex-directors.

In response to questions, Rodriguez-Seijas agreed SporTT relied on a mix of funding from projects and government grants. He said the statements reflected some loans, but a significant contribution of government funding.

“My understanding is that expenses born by the company are funded by direct financing or government grants.”

Asked if SporTT had a “free slate” to use the money it received as it wanted, Rodriguez-Seijas said there were conditions attached to government-funded projects, although from looking at the statements he could not say what the conditions would have been. He said if the government was the guarantor (of a loan facility), then it would set the conditions.

Questioned about the two $17 million payments under the LifeSport programme, he said the financial statements had little information specific to those two payments and he did not do an independent exercise to identify the source.

“I did review the financial information provided to me and the content of the various witness statements.”

He said there were notes on the borrowing for the LifeSport programme.

“I did review the source documents included in the witness statements shared with me. I do not know if the money was paid out of a loan or general subvention to the company.”

Rodriguez-Seijas also admitted he did not have access to all supporting documents or interviews with the company’s management and that his scope of work could have changed if he had got supporting source documents, but maintained, “I was asked to review financial statements and witness statements. Further information could have led me to a further conclusion.”

Rodriguez-Seijas also said since SporTT was named as the borrower of a loan, the company would have been legally obligated to repay that loan.

“Although I have not seen the loan documents…I only know what was noted in the financial statements.”

He was also questioned about two loans from First Citizens Bank which were repaid in 2014.

SporTT’s lawsuit refers to loans between eBeam and SporTT which, it has alleged, never had board approval.

It alleged that eBeam did not provide the services for the programme, which aimed to transition unemployed young men to responsible adulthood by providing sport training, occupational skills training and job placement.

It also claimed that ex-CEO John Mollenthiel and former board members should be held liable for entering into the contract.

The trial continues on September 13, when some of the ex-directors are expected to give evidence.

Representing SporTT are Colin Kangaloo, SC, John Lee and Stephanie Moe.

The ex-directors are represented by Fyard Hosein, SC, Rishi Dass, SC, Anthony Vieira, Neil Bisnath, Karina Singh, Roger Kawalsingh, Nicole de Verteuil-Milne, Kamini Persaud-Maraj, Richard Jagai, Sasha Sukram and Dharmendra Punwasee.

About the case:

SporTT’s claim of negligence and breach of fiduciary duty is against its former CEO John Mollenthiel and ex-directors Sebastian Paddington, Chlea Lamsee-Ebanks, Reynold Bala, Morris Blanc, Nisa Dass, Anly Gopeesingh, Sabrenah Khayyam, Cheemattee Martin, Matthew Quamina, Annan Ramnansingh, Kent Samlal, Harnarine Seeram Singh and Milton Siboo.