(Trinidad Express) The Trinidad Government’s acquisition of an additional 26.13 per cent of the publicly-traded Republic Bank Limited (RBL) two weeks ago, has raised concerns about control of the bank.
The Sunday Express understands the bank is now seeking legal advice on the rights of the company by virtue of its shareholders, with the Government now having control over 53.21 per cent—24.65 per cent in the CLICO Investment Fund (CIF), 26.13 per cent transferred from the CLICO Investment Bank-In Compulsory Liquidation (CIB-ICL) two weeks ago and the majority state-owned First Citizens’s subsidiary, First Citizens Trust & Merchant Bank Ltd, which has 3,954,069 RBL shares or 2.43 per cent.
In 2012, the former People’s Partnership Government used just under 25 per cent of RBL shares to capitalise the Clico Trust Corporation which established the CLICO Investment Fund (CIF).
