UTC official sent on leave

The Unit Trust Corporation (UTC) yesterday sent on leave a top official and distanced itself from his recent remarks on its possible merger with First Citizens Bank (FCB).

Yesterday UTC executive manager of marketing operations and information technology Renrick Nickie was sent on a 79-day leave by the corporation’s Board of Directors after he allegedly broke the company’s gag order by doing an interview with a daily newspaper. Prime Minister Patrick Manning recently announced a proposal by FCB chairman Ken Gordon to merge with the UTC. Nickie has been tipped to replace Clarry Benn as executive director when Benn’s term of office expires. Benn was recommended by the board for a further term in office, but the Minister of Finance has approved only a six month-extension.

According to the Act, which governs the UTC, the board has to put up a candidate for the top post in consultation with the Governor of the Central Bank. The Minister of Finance then decides on the term of office. Nickie’s leave is expected to end at around the same time the six month-extension of Benn’s term in office as executive director expires. Further to the UTC sending Nickie on leave, the corporation issued a paid advertisement in today’s press dissociating itself from his comments in a daily newspaper.

The announcement stated: “The Board of Directors, management and staff of the Trinidad and Tobago Unit Trust Corporation, wish to advise that the views expressed by, and the comments attributed to Mr Renrick Nickie, which appear in the Trinidad Guardian under the headings, “UTC: Merge but leave units alone” and “Nickie: Retained earnings belong to Unit Trust” on September 27 and October 1, 2003, are not those of the Trinidad and Tobago Unit Trust Corporation.”