Jamaican Bank Says It Could Lose Millions From `Irregular` Trades


CaribWorldNews, KINGSTON, Jamaica, Weds. Sept. 2, 2009: First Global Bank says it could lose around US$19 million due to `irregular` trades by a senior employee.

First Global Bank is owned by Jamaican food and financial services holding company Grace Kennedy Limited.

The trades involved U.S. Treasury bonds and occurred over the last several months, CEO Douglas Orane said in a statement.

First Global Bank said it uncovered the trades during a recent internal review of its treasury operations and dismissed the employee, a vice president whose name was not disclosed.

However, Orane insisted, `The bank`s capitalization remains sound and we assure our customers that these losses will not impact on the bank`s ability to meet its obligations.`

First Global Bank also insists it has put measures in place to prevent a recurrence.

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