Subhas Ramkhelawan
The Trinidad Express newspaper is reporting that Subhas Ramkhelawan resigned on Thursday as an Independent senator and as chairman of the Trinidad and Tobago Stock Exchange (TTSE).
Ramkhelawan remains the managing director of his brokerage company, Bourse Securities, which is the subject of an investigation by the Securities and Exchange Commission (SEC), on its role in the purchase and sale of former First Citizens Chief Risk Officer Philip Rahaman’s 656,688 bank shares.
His resignation from the two positions came two days after he reportedly held discussions with Attorney General Anand Ramlogan on the matter on Tuesday evening.
Ramkhelawan submitted his resignation letter to President Anthony Carmona at 10.15AM and his resignation to TTSE at 1:00PM.
In a press statement, Carmona said he had accepted the voluntary resignation of Ramkhelawan.
“His Excellency, in a letter dated April 10, 2014, to Mr Ramkhelawan, has expressed his deep appreciation to Mr Ramkhelawan for services rendered to the Parliament and, by extension, the people of the Republic of Trinidad and Tobago in his capacity as an Independent senator,” the President’s office stated.
The TTSE, in its statement, confirmed that Ramkhelawan had resigned with “immediate effect” and announced deputy chairman Peter Clarke will preside at stock exchange meetings until the first board meeting, following the annual meeting of shareholders on May 8.
There had been several calls for Ramkhelawan to step down from the offices he held because of the possible conflict of interest it presented in the investigation into the share transaction—he was the broker of a transaction being investigated by TTSE and SEC and he was the chairman of TTSE.
Ramkhelawan has maintained that there continues to be speculation, misinformation, mischief and misreporting about his company’s role in the transaction.
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