- NEWSDAY.CO.TT - A la Une - Hier 13:23

Fired Central Bank governor demands $9.87m

FORMER Central Bank Governor Dr Alvin Hilaire is demanding $9.87 million in compensation in his legal warning to the Cabinet, claiming he was wrongfully fired from his job. His lawyers sent a pre-action letter through the Attorney General and the Cabinet Secretary, asking for a quick resolution to the matter. Letters were sent to Attorney General John Jeremie and the Cabinet Secretary on July 2. Hilaire is represented by former prime minister Stuart Young, SC, Anthony Bullock and Imran Ali. Newsday understands Hilaire intends to ask the courts to review his dismissal which he contends was unreasonable. The government was given 14 days to respond. Newsday also understands the letter describes the controversial way in which he was removed from office. Sources told Newsday Hilaire was first asked to resign. He responded by saying he wanted to seek legal advice, but before he could do so, he received an instrument from the President revoking his appointment. Hilaire had served as governor since 2015. His appointment was revoked on June 24, by President Christine Kangaloo at the request of Cabinet, which is led by Prime Minister Kamla Persad-Bissessar. Former finance minister Larry Howai was later appointed Central Bank Governor. The firing came after Persad-Bissessar claimed Hilaire refused to share information about the top users of foreign exchange in Trinidad and Tobago. However, the Central Bank said it was limited in what it can reveal under the Central Bank Act. It was reported that government removed Hilaire partly because he was not co-operating in the ongoing foreign exchange crisis. Hilaire’s term was supposed to end in December 2026. His appointment had been renewed twice during his time in office. Howai is also and ex-CEO of First Citizens Bank. He served in the Persad-Bissessar administration from 2012 to 2015. This isn’t the first time a Central Bank governor has been dismissed. In 2015, the Rowley-led Government fired then governor Jwala Rambarran after he revealed the names of the top users of forex and confirmed the country had entered a recession. Rambarran took the matter to court and won. The court found his removal was unlawful and politically motivated. He was awarded more than $5.47 million in compensation. Now, the new UNC-led government has again raised concerns about transparency at the Central Bank. The prime minister has said the Bank’s accounts were being audited by a private firm instead of the Auditor General. Persad-Bissessar said she had instructed Finance Minister Davendranath Tancoo to take legal steps so that the Auditor General can audit the Bank’s records. Auditor General Jaiwantie Ramdass has also complained that the Central Bank denied her access to key financial systems. The post Fired Central Bank governor demands $9.87m appeared first on Trinidad and Tobago Newsday.