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JMMB has responded to concerns raised by a minority shareholder in Trinidad and Tobago about a pattern of so-called "insider selling" by parties connected to the financial entity.
In a letter to the Business Editor at Trinidad's Guardian newspaper last Tuesday, shareholder advocate, Peter Permell, highlighted that JMMB connected parties had sold 41.4 million shares in 18 transactions. These transactions took place during the period August 20, 2013 to October 10 this year.
Mr. Pernell said JMMB owed its shareholders an explanation.
The Guardian newspaper on Monday published a response from JMMB's Corporate Secretary Carolyn DaCosta, in which she stated that JMMB’s connected parties comprise a number of individuals and entities that guide their own decisions around the composition of their investment portfolios.
She added that their decisions to sell shares in JMMB Limited were for personal reasons and had nothing to do with the company's operations.
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