T&T Fraud Squad prob­ing for­mer cen­tral bank gov­er­nor

Stabroek News - - REGIONAL NEWS -

(Trinidad Ex­press) For­mer gov­er­nor of the Cen­tral Bank Jwala Ram­bar­ran is un­der in­ves­ti­ga­tion by the Fraud Squad for an al­leged con­spir­acy with the for­mer gen­eral man­ager of the De­posit In­sur­ance Cor­po­ra­tion (DIC) to de­fraud.

Dur­ing his ten­ure as gov­er­nor, Ram­bar­ran was also the chair­man of the DIC.

Ac­cord­ing to doc­u­ments re­ceived by the Sun­day Ex­press, Ram­bar­ran, along with for­mer gen­eral man­ager of the DIC Ar­joon Har­ri­paul, is al­leged to have con­spired for the lat­ter to ob­tain an en­hanced em­ploy­ment pack­age in March 2015, which in­cluded an un­usual ter­mi­na­tion en­ti­tle­ment of a lump sum pay­ment equal to twice the sum of his annual cash com­pen­sa­tion and a gra­tu­ity ben­e­fit within 30 days of ter­mi­na­tion from the or­gan­i­sa­tion.

The en­hanced con­tract, which also sought to in­crease Har­ri­paul’s term of em­ploy­ment from three to five years, was done with­out the ap­proval of the board mem­bers.

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