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AG REVEALS DPP TO PROBE SALE OF CONTROVERSIAL FCB SHARES

by | Apr 10, 2014

anand ramloganThe Director of Public Prosecution will be given a file relating to the controversial sale of share at state owned First Citizens Bank.

Attorney General, Anand Ramlogan , made the revelation at the weekly post cabinet news briefing held at the Office of the Prime Minister, St Clair this afternoon.

Former First Citizen’s Group Chief Risk Officer, Phillip Rahaman, was recently fired from F.C.B. after he purchased over 600 thousand shares from the institution and allegedly made a $12 million profit from his investment. FCB said Mr. Rahaman was dismissed following an extensive internal investigation.

The Banking Insurance and General Workers Union had labeled the incident as a possible case of insider trading, since Mr. Rahaman had knowledge of the banks operations.

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The AG also listed the different areas that will be investigated in this serious development.

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