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airuma wrote:This is something to beat up about, I care about my existence and that of my children. If we keep "thieving" from ourself like this we will head nowhere fast and will have to take the blame for it. In the final analysis, the countries that have successfully dealt with and eradicated these practices, will be superior. They will own us if we can't own ourselves. These practices will only widen the gap between the wealthy and the poor, which in turn will fuel crime, apart from that, the general public now knows that someone was able to generate over $12M in 5 months with very little effort. Do we really need this lack of productivity to continue in Trinidad & Tobago? Come on people, look at the bigger picture!
pugboy wrote:So removing implies fishy business,
Yet he gets to keep the 12m ?
Now that is even more fishy business.
Country_Bookie wrote:pugboy wrote:So removing implies fishy business,
Yet he gets to keep the 12m ?
Now that is even more fishy business.
What law allows them to disgorge profits from this transaction?
mitch1980 wrote:Even though Rahaman is not with the bank any questions need to be answered
1. how he went to FCIB to finance this purchase?
2. On what grounds would an institution lend that amount and the agreed payback?
In a previous article one of the daily newspaper reported it came from FCIB. they can be wrong as we know newspapers to be
Country_Bookie wrote:F C I B is a private institution and can lend to whoever the feel like and any amount they feel like. They don't have to give any explanation as to why they lent him the money.
Unless FCB can find evidence that Mr. Rahaman used insider information, or broke any of the IPO allocation rules, he will likely be suing FCB in the near future for wrongful termination.
Sumana.00 wrote:mitch1980 wrote:Even though Rahaman is not with the bank any questions need to be answered
1. how he went to FCIB to finance this purchase?
2. On what grounds would an institution lend that amount and the agreed payback?
In a previous article one of the daily newspaper reported it came from FCIB. they can be wrong as we know newspapers to be
Ray can correct me if I'm wrong but he would have had to complete a Source of Funds and relevant FIU documents. Nothing was wrong with this transaction, he had the finances to invest and he did.
ray d saint wrote:Which ever Financial Institution the financing was secured from, has no bearing on the former FCB employee and the FCB IPO purchase he did.
A SOFD is the sole responsibility of the financial institution to which you are approaching for what ever reason. If he did sign one and the declaration made was false, then there is an issue for the FIU to investigate..... apart from it all the whole issue here is an 'ethical' one and there was a loop hole in the IPO process and it was explored.
I wonder if the next current FCB executive member who secured in excess of 200k shares in the IPO when he sells what will be his predicament......As it stands at the close of trading yesterday the individual has in excess of 2.8M in unrealized profits......
Carry on....
Redman wrote:Country_Bookie wrote:F C I B is a private institution and can lend to whoever the feel like and any amount they feel like. They don't have to give any explanation as to why they lent him the money.
Unless FCB can find evidence that Mr. Rahaman used insider information, or broke any of the IPO allocation rules, he will likely be suing FCB in the near future for wrongful termination.
Nope
First Caribbean trades on the local stock exchange.
http://www.stockex.co.tt/controller.php ... ockCode=99
I think they will catch Rahaman with the source of funds.
The problem is that with him fired or whatevered it's admission that something went wrong.
So more heads have to roll.
Pug boy the syndicate breaks the rules.
They might be able to reverse the trade on that
Country_Bookie wrote:Redman wrote:Country_Bookie wrote:F C I B is a private institution and can lend to whoever the feel like and any amount they feel like. They don't have to give any explanation as to why they lent him the money.
Unless FCB can find evidence that Mr. Rahaman used insider information, or broke any of the IPO allocation rules, he will likely be suing FCB in the near future for wrongful termination.
Nope
First Caribbean trades on the local stock exchange.
http://www.stockex.co.tt/controller.php ... ockCode=99
I think they will catch Rahaman with the source of funds.
The problem is that with him fired or whatevered it's admission that something went wrong.
So more heads have to roll.
Pug boy the syndicate breaks the rules.
They might be able to reverse the trade on that
What does FCIB being on the stock exchange have to do with them having to disclose their lending policies?
Does either of Republic or Scotia disclose to the public why they lent money to one of their customers?
Conrad wrote:ray d saint wrote:Which ever Financial Institution the financing was secured from, has no bearing on the former FCB employee and the FCB IPO purchase he did.
A SOFD is the sole responsibility of the financial institution to which you are approaching for what ever reason. If he did sign one and the declaration made was false, then there is an issue for the FIU to investigate..... apart from it all the whole issue here is an 'ethical' one and there was a loop hole in the IPO process and it was explored.
I wonder if the next current FCB executive member who secured in excess of 200k shares in the IPO when he sells what will be his predicament......As it stands at the close of trading yesterday the individual has in excess of 2.8M in unrealized profits......
Carry on....
So you're saying the FIU can't/shouldn't investigate how he was able to approach a financial institution to garner ALL THAT MONEY?
That's why we're known as Trickidadians and nearly got blacklisted... no one wants to enforce checks and balances lest they disturb the line of nepotism and unethical money.
ray d saint wrote:Conrad wrote:ray d saint wrote:Which ever Financial Institution the financing was secured from, has no bearing on the former FCB employee and the FCB IPO purchase he did.
A SOFD is the sole responsibility of the financial institution to which you are approaching for what ever reason. If he did sign one and the declaration made was false, then there is an issue for the FIU to investigate..... apart from it all the whole issue here is an 'ethical' one and there was a loop hole in the IPO process and it was explored.
I wonder if the next current FCB executive member who secured in excess of 200k shares in the IPO when he sells what will be his predicament......As it stands at the close of trading yesterday the individual has in excess of 2.8M in unrealized profits......
Carry on....
So you're saying the FIU can't/shouldn't investigate how he was able to approach a financial institution to garner ALL THAT MONEY?
That's why we're known as Trickidadians and nearly got blacklisted... no one wants to enforce checks and balances lest they disturb the line of nepotism and unethical money.
There are NO RESTRICTIONS to what the FIU can and cannot investigate.... They SUPPOSED to be the financial watchdogs together with the SEC in financial dealings in Trinidad & Tobago.
it is public information that HPR is a established businessman outside of FCB. Financing is backed by credit ratings and collateral not so.... if all was not in order, u think he would have gotten the initial amt to invest??
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