Court says tribunal against Seeteram can proceed

In a ruling which will pave the way for the accounting body to hold its members accountable in accordance with international accounting standards, Justice Devindra Rampersad dismissed Seeteram’s judicial review claim against ICATT and ordered that the disciplinary proceedings which were put on hold proceed as the disciplinary tribunal sees fit.

The judge also held that “all things being considered” there was “no compelling reason” why it would be unfair for ICATT’s disciplinary tribunal to proceed to hear the complaints against Seeteram.

“Mere delay, anxiety and dismay is not sufficient in this instance where public interest weighs heavily in favour of having the matter properly ventilated especially in light of an explanation put forward by the respondent (ICATT’s investigating Committee),” the judge said.

Seeteram in his claim sought to have the court quash the decision of the committee to convene a disciplinary tribunal to examine his professional conduct .

At the commission of inquiry into the collapse of CL Financial’s insurance arm, CLICO and the HCU, Seetaram, in 2012, testified that he failed to disclose a $150 million consolidated loss at an annual general meeting; concealed a $31 million loss among “prior adjustments” in the 2005 accounts; back-dated audited accounts and rushed preparing accounts — represented as fully audited accounts — upon the request of former HCU president Harry Harnarine.

He later denied he cooked the books, but blamed a typist for a crucial oversight on the HCU books.

Seetaram was the auditor appointed to look into HCU’s accounts following its collapse.

His explanation was rejected by lone commissioner, chairman Sir Anthony Colman, who in his report which was tabled in Parliament, noted that his testimony resulted in a disciplinary probe by a committee of the Institute of Chartered Accountants, after former minister Mariano Browne made a complaint calling for an investigation into Seetaram’s conduct.

An investigation committee was set up by ICATT which later found a prima facie case had been made out against the accountant and a disciplinary committee was established.