Latest update December 21st, 2024 1:52 AM
CDB commences search for new President
Kaieteur News – The Board of Governors of the Caribbean Development Bank (CDB) has confirmed the closure of the internal administrative process involving its former President Dr. Hyginus Leon and that he has ceased to hold the office of the President of the Bank.
Former President of CDB, Dr. Hyginus Leon
In a statement, the CDB said in accordance with the Agreement Establishing the Caribbean Development Bank, the Vice President (Operations), Mr. Isaac Solomon, will continue to exercise the authority and perform the functions of President until a new President is elected.
“The process for the election of a new President has commenced and the Board of Governors has been invited to submit nominations for the position of the President of the Bank by August 26, 2024. It is expected that the election process will conclude in October
2024. CDB, under the direction of its Board of Governors and Directors, and through the leadership of its management and the efforts of its staff, continues to work fully and effectively together with its Member Countries and development partners to advance
CDB’s mission of reducing poverty and transforming lives through sustainable and resilient development initiatives,” the statement concluded.
St Lucia-based law firm, FOSTERS, that was looking into interest of Leon was of the opinion that “he will never be treated fairly” after he had been sent on administrative leave in January. “It is also evident that the bank has lost all trust and confidence in our client by the failure of the board of governors to prevent the continued violations of its charter, policies, rules and regulations with regard to its elected president. “Our client has therefore made the extremely difficult decision to resign his elected position of the president of the bank with immediate effect,” the law firm wrote.
The lawyers had given the regional financial institution until May 4 “to negotiate an amicable separation” indicating also that their correspondence should be viewed “as our client’s pre action protocol letter” regarding the entire situation. In the three-page letter, Dated April 21, and headlined “Re: Dr. Hyginus ‘Gene’ Leon, Resignation and Constructive Dismissal”, the law firm said it would be moving to the courts in Barbados “or any other jurisdiction more appropriate, to enforce our client’s legal and constitutional rights”. “My view has been, having reviewed everything in depth with regards to the bank, how it is run, read all of its policies, it would seem that the bank has not followed its own policies,” attorney Peter Foster KC said in the letter.
“There are specific policy requirements regarding the investigation of a president and very simply that if one of these committees…if they have found through whistle blowing report to them and there is some information requiring an investigation, they are supposed to escalate that to the board of directors through another sub-committee… “With that initial report, the board of directors would then have to consider whether or not there is sufficient in that whistle blower report to escalate it to the board of governors and the board of governors would have to meet and then make a determination.” Foster said “none of that was done” and Leon was sent on leave unceremoniously by a three-member committee and everybody staying quiet after that. In January, it was disclosed that Leon, had been sent on administrative leave until April this year, as “an ongoing administrative process” continued at the region’s premier financial institution.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The GRA is batting out of its crease
Peeping Tom… Kaieteur News- The Guyana Revenue Authority (GRA) has once again demonstrated a perplexing propensity... more
Let the asylum seekers go: a first step for Venezuela to rebuild relations in the Americas
By Sir Ronald Sanders Kaieteur News – The government of Nicolás Maduro in Venezuela has steadfast support from many... more
Weekend Cartoon
