The Banking Insurance and General Workers Union (BIGWU) has said it was impossible for former First Citizen’s Group chief risk officer, Phillip Rahaman, to continue in his post given the strong opposition to his tenure at the bank.
Mr. Rahaman was fired from the majority state owned bank last week after he purchased over 600 thousand First Citizens Bank shares and made a $12 million profit from his investment.
FCB said Mr. Rahaman was dismissed following an extensive internal investigation.
BIGWU and several other commentators had labeled the incident as a possible case of insider trading, since Mr. Rahaman had knowledge of the banks operations.
President General of BIGWU, Vincent Cabrera, said this is not the first time an incident like this has happened at a state institution. He went on to say that Philip Rahaman is not the real issue.
The union head rejected statements made by Finance Minister, Larry Howai, which point to an under subscription by FCB employees.
Mr. Cabrera also reiterated his call for FCB Chairman Nyree Alfonso to resign.