In T&T: Corporate crime a growing trend

26 April 2012


Crimes in laundering and fraud up 173% from 2010 to 2011.

People who commit crimes in corporate Trinidad and Tobago must be called to account if apparent misappropriation of funds is evident, Chamber of Commerce president Andrew Sabga has said.

Sabga, who was re-elected president of the country’s largest business group, was speaking yesterday at the Chamber’s annual meeting business luncheon at the Hyatt Regency (Trinidad) hotel in Port of Spain.

“In 2011, crimes in laundering and fraud increased from 111 in 2010 to 303 reported cases. The many alleged abuses of good corporate governance unravelled during the Enquiry into CL Financial, have made clear an urgent need for the adoption of good governance practices and law enforcement,” he said.

“One thing is for certain: Just as in the international cases where swift justice was meted out to Bernard Madoff and Allen Stanford, persons must be called to account locally, where apparent misappropriation of funds has been evident. We fear that the lack of accountability in Trinidad and Tobago for crimes committed in the corporate world seems to be a growing and accepted trend,” Sabga added. Going forward, he said the Chamber expected that the recommendations out of Commissions of Enquiry—including the Uff and Piarco Airport enquiries—will be “speedily reviewed and implemented by the authorities”.

“We also expect that anyone found to be involved in wrongdoing will be held accountable for their actions,” he said.

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