San Fernando: The country's second largest trade union, the Oilfields Workers’ Trade Union (OWTU) is voicing strong opposition to government's announced intention to divest state-owned First Citizens’ Bank (FCB).
The union says the planned divestment is tantamount to privatization. In his Budget presentation on October 10th, Finance Minister Winston Dookeran announced a series of new measures to be implemented in the 2011/2012 financial year.
This included the partial divestment of the country's only state owned banking institution.
Although the amount of FCB shares to be listed on the local Stock Exchange is yet to be announced, the OWTU says it fears the move will mean privatisation.
It believes that given the critical importance of the economy to the country government should of necessity maintain total control of the state bank and not have it diluted through the public trading of its shares.
The union believes that divestment would reduce government’s influence within the local financial sector at a time when it should instead be strengthened.
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