Alleyne muzzled

Former chairman of the Unit Trust Corporation and the Agricultural Development Bank, Hubert Alleyne, was debarred from making the feature address in the capacity of chairman, for the ADB’s staff recognition and Award Function which was held at Hilton Trinidad last night. Allyene was recently sacked from his job at UTC over issues coming out of the controversy on the proposed  UTC/FCB merger. He later resigned his position as chairman of the ADB. Sources told Sunday Newsday that hours before he was due to make the feature address, Alleyne was told he could no longer make the speech. Information reaching Sunday Newsday is that the CEO, Jacqueline Rawlins received instructions from a Ministry, possibly the Ministry of Agriculture, Land and Marine Resources, not to allow Alleyne to do the speech again. In his address, of which Sunday Newsday managed to get a copy, Alleyne had intended to compare the agriculture sector in the past to where it is now.

“The records show that around that time, (35 years ago), agriculture accounted for about 10 percent of GDP and employed about 20 percent of the workforce. Around that period too, the Ministry of Agriculture, Land and Fisheries as it was then called employed less than 70 professional staff. Loanable resources for the ADB were established at $100 million and it was proposed, that oil revenues be made available to the ADB for that purpose,” he said. Alleyene noted that 35 years later, we live in contrasting times with agriculture contributing about three to four percent of GDP and employment in the sector dropping to under ten percent. “We would not also dare to dream or to think about requesting loan capital from the Treasury,” he added, “we intend to run a low cost operation with an equity position of no more than $50 million.” Alleyne had stated in the speech that in this regard and in the light of the recent budget presentation, “We have no plans whatsoever to ask for any assistance from the national Treasury.”

“The ADB is neither a bank nor a financial institution nor a building. It is a spirt. It is a team of strong spirited people who will overcome any adversity to succeed in achieving their goals. I have witnessed first hand that spirit of the ADB, I am now enveloped in its power. Believe me that spirit will never die,” he stated. Sources said the entire awards ceremony almost did not come off at all. The source said they did not know if it was related to Alleyne’s resignation but knew that PSA President, Jennifer Baptiste-Primus was unhappy when she heard about that. The source indicated that it was through Baptiste’s efforts, because ADB workers were members of her Association, that the function eventually went on as planned. Speaking to Newsday last night at the Hilton at the Awards Ceremony, Jennifer Baptiste-Primus said, “ It was a very low blow; you can kill a man but not his idea. Tonight we should have been commending him for such a creative and fulfilling idea that has redounded to the benefit of the UTC and ADB. It shows how low politics and politicians can go.” She was referring to the UTC/ADB plan to make available to Caroni VSEP workers, loans at very low rates of interest.

Amused Hubert Alleyne —

No hard feelings...

but I want answers!

By Neidi Lee-Sing Rojas

Embattled former chairman of the Unit Trust Corporation, Hubert Alleyne said he has no “hard feelings” over his mysterious and sudden removal of the board. However, he wants to know what he has done wrong and is seeking answers from authorities. Speaking during an exclusive interview with Sunday Newsday at his home in Federation Park, Port-of-Spain, Alleyne, who looked relaxed in his setting, said he has been quite amused but somewhat disturbed over the whole scenario since he was sacked from his position. “Up until now, I have had no answers and I really don’t know what I have done wrong and I want to know why I was removed” he asked. In a recent Newsday article, the Junior Finance Minister, Conrad Enill said Alleyne was fired because he was not following Government’s policy. To this, he responded: “I don’t know anything about any Government policy and if there was such a policy, I should have known or told about it.” There were also reports that the reason why he was sacked was because he was opposed to the UTC/FCB merger and was seen as someone who was trying to “stir up hostility.”

Alleyne said he “had a duty of care and a loyalty to the unit holders, all 400,000 of them, plus $10.5 billion in investments.” He explained that whenever Prime Minister Patrick Manning made public statements in relation to UTC business via his post Cabinet press conferences, people became ‘skittish’ and would call him up to find out what was going on. “I, therefore had little choice but to allay their fears and tell them what could happen and what can’t happen, so in no way was I trying to stir up hostilities. In fact, it was quite the opposite, it was to keep the unit holders calm and prevent them from panicking,” he said. He said the only reason why he had spoken out on the issue was because the unit-holders were getting worried about their money and he had a duty to uphold. “I was doing my job, I did not know I was upsetting anybody,” lamented Alleyne. In a previous statement, he felt that his removal was illegal. Under the UTC Act, the chairman cannot be removed except under special circumstances, including being convicted of a crime, becoming an MP and being declared insane. Is he going to challenge his removal? “Well, first I have to find out from the policy makers why I was removed and they have to tell us something with some degree of certainty,” said Alleyne, “and when I find that out, then I will be able to make a definite decision.”

He said he has been hearing several reasons through the electronic and print media, but for now, he really doesn’t know anything. Asked if he was confused by the entire situation, Alleyne said: “I would not say that, I am amused by the whole situation (laughs)... not confused.” In previous press reports Government officials had said they would have preferred  if he did not go public with his sentiments on the merger issues and that he had spoken with them discreetly. Alleyne said what he understood from this report, was that government was expecting certain ‘courtesies’ from him, but up until today, no one has approached him, nor consulted him on this matter and he does not know anything about the so-called “courtesies.” Looking back at a history of people being fired from Government because they were outspoken, Alleyne recalled Donald Baldeosingh, a former Petrotrin CEO. “But he was a CEO, I was a chairman, so mine appears to be a very unique situation,” he commented. He said he was the only member of the board to have been appointed upon recommendation from the President. Members of the board are otherwise appointed as representatives from various Ministries and he felt this is done in order to remove the ‘taint of political interference.’

The ex-chairman does not feel political inteference is beginning to take a stronghold on the board, but there is a level of misunderstanding or misinterpretation, either by the people at the UTC or by the people in the various Ministries. His suggestions? Alleyne said: “We should come together and try to work out these misunderstandings and come to some common position. I have no hard feelings. I see the entire situation as quite an intellectual situation. I think the people of the nation are curious to know how this thing will play out.” He lamented that what he has experienced was a ‘high price’ to pay for serving one’s country. As he said: “I was retired and happily so and they (government) were the ones who called me out to serve.” Despite all the political wranglings over the proposed UTC/FCB merger, he felt that the financial institution was stable. He defended his recent tenureship in this regard. “The assets under my management is now TT$10.5 billion, and only stability could bring that,” he said. Referring to a comment from Central Bank Governor, Ewart Williams that what the UTC needed right now was stability and this should be encouraged, Alleyne agreed with him, saying political upheavals in the public domain could make investors unstable. Told about a news report in which Williams puported that Government had lost confidence in him (Alleyne), he said: “I don’t know anything about that.

All I could say is that this has been a record-breaking year for the UTC and the records will show it, so what else could I say and I am very happy to have achieved that.” On the issue on Executive Director, Renrick Nickie, who was said to be tipped by government for the job but was sent home by the Alleyne-led board on 79 days leave, Alleyne explained that Renrick Nickie went on leave for 79 days and in a financial institution, people are not allowed to accumulate that many days leave. He said there was nothing personal, nor political, in sending him on leave, pointing out that the UTC is a financial institution and not a political one. Referring to the proposed idea of the merger which was supposedly driven by the FTAA (Free Trade Area of the Americas) requirements in which it stipulates that government must not own a bank or shareholding in banks, Alleyne said: “Government should not be putting the citizens’ money at risk because if they do that, the cost is at the expense of the citizens.” He said Government has about $3 billion in investments in FCB. “Government should not have money invested in a bank and on the otherhand have citizens crying out for good services in the country,” he stated. Alleyne said he did not know why there were political wranglings at UTC because the government had little power since they have no money invested there.