Investigators are looking into the fraudulent transfer of US$9.6 million (TT$62M) from the foreign currency bank account of the National Energy Corporation (NEC) of Trinidad & Tobago.
Energy Minister Kevin Ramnarine made the disclosure in a statement Thursday and later gave an update on the matter at the post cabinet media briefing.
Ramnarine said the fraud was discovered in late September, 2011 while officials were going through the state company's banking records.
The minister said once the fraud was discovered officials reported it to the company's bankers, First Citizen's Bank (FCB), and the bank made efforts right away to put a freeze on the funds and recover the money.
Ramnarine said the quick response resulted in the recovery of half of the money and almost all of the rest has so far been frozen.
Ramnarine said the fraud was discovered in late September, 2011 while officials were going through the state company's banking records.
The minister said once the fraud was discovered officials reported it to the company's bankers, First Citizen's Bank (FCB), and the bank made efforts right away to put a freeze on the funds and recover the money.
Ramnarine said the quick response resulted in the recovery of half of the money and almost all of the rest has so far been frozen.
He said to date the NEC has been able to get back US$4.6 million, meaning another US$5M is still to be recovered.
Four NEC employees have been sent on administrative leave with pay. The minister confirmed that some bank employees have been suspended. However he did not name anyone due to the sensitivity of the investigation.
He said to date FCB has been able to block 98% of the funds on behalf of the NEC. In addition it has alerted Interpol, the local Fraud Squad and the FBI. The bank is also using the services of international private investigators.
NEC is a subsidiary of the National Gas Company (NGC), which is chaired Larry Howai, who is also the CEO of FCB. Ramnarine told reporters that because of Howai's close connection to both the bank and NEC he has agreed to recuse himself from the current investigation.
Local media reports said around September 23 a man presented four wire transfer documents signed by NEC officials for the transfer of funds to overseas bank accounts in Boston, Antigua and Dubai.
Ramnarine told reporters the companies and individuals involved in the wire transfer fraud had no previous connections to the NEC.
He said to date FCB has been able to block 98% of the funds on behalf of the NEC. In addition it has alerted Interpol, the local Fraud Squad and the FBI. The bank is also using the services of international private investigators.
NEC is a subsidiary of the National Gas Company (NGC), which is chaired Larry Howai, who is also the CEO of FCB. Ramnarine told reporters that because of Howai's close connection to both the bank and NEC he has agreed to recuse himself from the current investigation.
Local media reports said around September 23 a man presented four wire transfer documents signed by NEC officials for the transfer of funds to overseas bank accounts in Boston, Antigua and Dubai.
Ramnarine told reporters the companies and individuals involved in the wire transfer fraud had no previous connections to the NEC.
No comments:
Post a Comment