Minority Share Holders Rights Activist, Peter Permell is congratulating the Attorney General (AG). This comes after his decision to review the million dollar purchase of First Citizens Bank (FCB) shares to determine whether civil or criminal action is required.
The purchase and sale of over 600,000 FCB shares by the bank’s former Group Chief Risk Officer, Phillip Rahaman, has been a scandalous topic over the past few weeks. Some sections of the public have labeled it a case of insider trading.
Mr. Rahaman has since been dismissed from his position following an internal investigation to determine if any rules were breached.
Senior Council, Deborah Peake, is assisting AG Anand Ramlogan with the in probe.
In an interview with News Power Now, Mr. Permell says while he may not always agree with eh AG this decision is a good one.
Mr. Permell says he is advised this case may fall under Section 91, 92, 94 and 95 of the Securities Act of 2012.
Mr. Permell adds that statements that the bank may end up in a situation comparable to insurance giant Clico are premature.