The parting between the Guyana Bank for Trade and Industry (GBTI) and its recently hired Trinidadian Chief Executive Officer, Larry Nath came through a mutual understanding and following questions that had been raised here over the appointment, sources close to the process says.
“His confirmation to the position was subjected to him meeting all the requisite checks here. You know there was the issue with the (Guyana) Securities Council and here and so on…so yes, while he had a contract and all of that he still had to pass these things,” the source said.
Governor of the Bank of Guyana, Gobind Ganga has confirmed to Stabroek News that Nath will no longer be the local bank’s CEO as he explained that he received correspondence that the Trinidadian had declined the post.
But the source said that Nath’s non-acceptance letter to the bank was “formality for records purposes” as the two sides came to an understanding where there were no legally binding obligations. “So he parted ways and there are no strings attached,” the source explained.
GBTI never officially announced Nath’s appointment and most persons only learned through a report by the Stabroek News back in December of last year.
Public Relations Officer of GBTI, Pamela Binda has told Stabroek News then that the bank was not willing at that time to state when Nath was appointed or reveal any details related to his appointment.
However, he was present at the bank’s annual donation and 2018 calendar launch at their Corporate office in Kingston in early December.
The announcement of Nath as CEO saw public concerns being raised here, including a formal complaint to the Guyana Securities Council.
Nath who previously served as Chief Executive of First Citizens Bank in his home country resigned from the post in 2014 amidst controversy.
As a publicly traded company GBTI is a reporting issuer registered with the council and subject to its supervision. The Guyana Securities Council is authorized under the Securities Industry Act 1998 (SIA) to among other things register, authorise or regulate securities issuers such as GBTI. They are also empowered to control and supervise their activities with a view to maintaining proper standards of conduct and professionalism in the securities business.
Section 58 of the SIA specifically notes that “where a material change occurs in the affairs of the issuer the reporting issuer shall as soon as practicable but…no later than seven days after the change occurs file with the council and issue a press release authorized by a senior officer that discloses the nature and substance of the change.”
