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neilsingh100
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Re: FCB IPO

Postby neilsingh100 » March 12th, 2014, 7:43 pm

Confirmation from FCB through the Trinidad Stock Exchange that the majority of shares were sold by H. Phillip Rahaman at average price of 42.15 on the 14th January, 2014.

Profit made was approximately 13 million

http://www.stockex.co.tt/controller.php ... entID=6934

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Re: FCB IPO

Postby kg494EJ-1 » March 25th, 2014, 7:35 pm

Well I guess we now all now know the outcome of the matter, may just be to stop prying eyes but hey.

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Re: FCB IPO

Postby Hyperion » March 25th, 2014, 8:31 pm

Yeahm they remove him, after he made 13 million, an even bigger golden handshake than Howai?

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Re: FCB IPO

Postby pugboy » March 25th, 2014, 8:40 pm

So removing implies fishy business,
Yet he gets to keep the 12m ?
Now that is even more fishy business.

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Re: FCB IPO

Postby ray d saint » March 26th, 2014, 7:44 am

Image

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Re: FCB IPO

Postby desifemlove » March 26th, 2014, 7:59 am

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!


so how you does tink we should change this?

To state the obvious, it's we culture to blame, we a lax/too easy-going culture, so we cut corners and accept mediocrity. Until people want to become more responsible and less lax, then we have endless corruption. But people want to lime and fete before having standards, if so, so be it. doh complain if PNM or UNC corrupt, cos remember Kamla, or Dr. Glenn or Rowley or whoever grew up in the same "corrupt" culture. what all yuh expect, since they can't change lifetime of conditioning with being a govt. minister?

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Re: FCB IPO

Postby DVSTT » March 26th, 2014, 10:09 am

What's going on with Phoenix Park gas processors? Weren't they supposed to be put up for ipo?

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Re: FCB IPO

Postby jusjase44 » March 26th, 2014, 10:14 am

May/June for Phoenix Park gas processors?

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Re: FCB IPO

Postby Country_Bookie » March 26th, 2014, 10:36 am

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?

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Re: FCB IPO

Postby ray d saint » March 26th, 2014, 1:10 pm

Image

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Re: FCB IPO

Postby ray d saint » March 26th, 2014, 1:11 pm

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?



None.

It was a legitimate transaction.

8-)

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Re: FCB IPO

Postby mitch1980 » March 26th, 2014, 1:15 pm

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

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Re: FCB IPO

Postby Country_Bookie » March 26th, 2014, 1:53 pm

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.

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Re: FCB IPO

Postby Sumana.00 » March 26th, 2014, 2:04 pm

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.

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Re: FCB IPO

Postby PariaMan » March 26th, 2014, 2:30 pm

THe question is wether he was entiled to purchase these shares!.

Obviously he did something "wrong" hence the firing

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Re: FCB IPO

Postby pugboy » March 26th, 2014, 6:32 pm

the actual transaction is legal since the idiots who framed up the "special" privileges for employees
never thought of what could happen(or maybe they did)

our legal framework has no expertise or provisions to handle this kind of thing,
sec is toothless like central bank

If it was in yankeeland, uncle sam would make sure that a proper source trace back in time of every single cent used to buy those shares, plus ensuring that he had paid taxes on all of those monies, any missing taxes would be charged with tax evasion.
That was the only way they were able to shutdown the mafia.

It is also quite likely that he was not the sole funder of the transaction,
it might have been a syndicate of persons putting up money.

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Re: FCB IPO

Postby Redman » March 26th, 2014, 8:37 pm

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

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Re: FCB IPO

Postby ray d saint » March 27th, 2014, 7:43 am

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.


Quoted for Truth.

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Re: FCB IPO

Postby ray d saint » March 27th, 2014, 7:52 am

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....

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Re: FCB IPO

Postby Conrad » March 27th, 2014, 11:23 am

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.
Last edited by Conrad on March 27th, 2014, 11:36 am, edited 1 time in total.

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Re: FCB IPO

Postby Redman » March 27th, 2014, 11:30 am

People lie through their ARSE on SOF

Later

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Re: FCB IPO

Postby acesinghit » March 27th, 2014, 12:01 pm

the other FCB executive may have to leave too since they fire HPR, jus sayin..

*whistles*

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Re: FCB IPO

Postby Bareback » March 27th, 2014, 12:53 pm

Keep in mind that a SOF is a requirement of the receiving institution and is guided by the RISK DEPT. SOF may not exist and the person responsible for it no longer works there!

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Re: FCB IPO

Postby Country_Bookie » March 27th, 2014, 2:31 pm

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?

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Re: FCB IPO

Postby pugboy » March 27th, 2014, 3:38 pm

what is the penalty for a false SOF declaration ?
Surely it must be at least equal to the amount of funds being bandied
and not a nominal figure like $100k fine

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Re: FCB IPO

Postby Redman » March 27th, 2014, 4:08 pm

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?


I was just stating that they are not a private institution

and I moved on :|

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Re: FCB IPO

Postby RIPEBREDFRUIT » March 28th, 2014, 7:32 am

incider chading???

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Re: FCB IPO

Postby ray d saint » March 28th, 2014, 7:57 am

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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Re: FCB IPO

Postby Redman » March 28th, 2014, 8:11 am

Well if all was in order he would not have to resigned or been forced to resign.

The fact that his position in the bank gave him access to all the relevant information-public or not means that he SHOULD not have capitalized on it in such a brazen way.

IMHO the transaction should not have been allowed to happen in the first place.

Its a grey area that needs to be dealt with as we mature.
He is being vilified simply because he is the first one to have been 'exposed' and of course the size of the purchase

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Re: FCB IPO

Postby Conrad » March 28th, 2014, 8:14 am

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??


If this was the basis for lending then they don't have a case against him.

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