PM hints at UTC changes

PRIME MINISTER Patrick Manning on Friday hinted at possible legislative changes regarding the Unit Trust Corporation (UTC).

Speaking at Friday’s post-Cabinet news conference at Whitehall, Manning said Government has had “some reservations” about the UTC Board’s structure for some time now and it may require “legislative action to rectify that.” Last year, the Prime Minister was criticised by several prominent personalities in the financial sector when he said consideration was being given to a possible merger between the UTC and First Citizens Bank. Manning refused to be drawn into last month’s dismissal of UTC’s executive manager Renrick Nickie. He said while Government had a say in UTC’s operations, it did not interfere in the company’s management.