The Guyana Bank for Trade and Industry (GBTI) has a new Chief Executive Officer, Trinidadian Larry Nath.
Nath replaces former substantive (CEO) John Tracey who retired with effect from May 1, 2017.
While Public Relations Officer of GBTI, Pamela Binda has told Stabroek News that GBTI is not willing at this time to state when Nath was appointed or reveal any details related to his appointment he has appeared publicly in his new post.
He was present at the bank’s annual donation and 2018 calendar launch at their Corporate office in Kingston on Tuesday.
The Trinidadian previously held the post of Chief Executive of First Citizens in that country. He resigned from the post in 2014.
A report from the Trinidad Express at that time explained that Nath joined the bank in 2011 as deputy chief executive officer, Banking Operations, and took over the position of Group CEO in 2012 after his predecessor Larry Howai was made Minister of Finance and the Economy.
Tracey’s retirement came while the GBTI was reeling from the loss of $941 million in a fraudulent transaction allegedly conducted by gold dealer Saddiqi Rasul.
Chairman of the Board of Directors Robin Stoby SC, who announced Tracey’s retirement at the bank’s last Annual General Meeting (AGM), told those gathered that Tracey, who since 1991 held senior positions at the bank, had reached an advanced age of 67 and deserved a rest.
Shaleeza Shaw, Head of Credit and Secretary to the board acted as CEO in the period between Tracey’s retirement and Nath’s appointment.
Rasul, the owner of SSS Minerals Trading, was on April 3 charged with six counts of fraud.
It was alleged that between March 21 and March 22, at Bartica, with intent to defraud, he obtained from GBTI $96 million, $290 million, $89 million, $45 million, $298 million and $138 million by falsely pretending that he had cash in a Citizens Bank account to honour cheques that he wrote.
Most recently the directors of GBTI have been involved in a protracted legal battle with the Special Organised Crime Unit (SOCU) over documents related to a US$500 million Guyana Rice Development Board probe.