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Massy Group deeply troubled By recent disclosure By Central Bank Governor Jwala Rambarran

MassyThe Massy Group is deeply troubled by the recent disclosure by Central Bank Governor Jwala Rambarran of the country’s 18 biggest foreign exchange buyers. President and Chief Executive of Massy Group, Gervais Warner says it may have set a dangerous precedent.


In a statement Mr. Warner says he viewed Mr. Rambarran’s actions a breach of confidentiality, adding the company is now exploring it legal options in the matter. Mr. Warner is today quoted as saying attorneys representing the Massy Group are trying to determine if Mr. Rambaran’s actions were legal.


He said thus far the legal team found that the Central Bank Governor should not have placed such information in the public domain. Mr. Warner contends the information that was used and disclosed is confidential to the commercial banks with whom the Massy Group does its banking.


He said if the Governor of the Central Bank can disclose confidential information that is shared with commercial banks, then, he could share other personal information. Mr. Warner believes the population should be very concerned by this.


Several of the companies named by Rambarran last week have officially written to Finance Minister Colm Imbert alleging that the Central Bank Governor may have been in breach of the Central Bank Act in disclosing their information. The T&T Chamber of Commerce also released a statement expressing similar sentiments but Rambarran has defended his action, saying he acted in the public interest. Imbert told the Senate this week that after receiving complaints from companies about the issue, he had advised his legal team to look into whether there was indeed a breach.


Meanwhile former Prime Minister Kamla Persad Bissessar believes the Central Bank Governor is being hounded out of office. She said Mr. Rambarran’s statement on the foreign exchange issue was made after the government had called on him to give an account with respect to who is getting the foreign exchange.


Mrs. Persad Bissessar said now that he has done it they are trying to hound him out of office. She said in her view he was within the law. She said she was awaiting the disclosure of the government’s legal advice on the matter.




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