BUSINESS tycoon Michael Lee Chin has described as "preposterous, unfounded, reckless and irresponsible" the suggestions by former finance minister Gerald Yetming that he made a payment to a Government minister to secure 20 per cent of First Citizens Bank (FCB). ..
'No bribe'
Jamaica tycoon denies paying off PNM minister for FCB deal
By Richard Lord with reporting by Marisa Camejo
Sunday, January 11th 2004
BUSINESS tycoon Michael Lee Chin has described as "preposterous, unfounded, reckless and irresponsible" the suggestions by former finance minister Gerald Yetming that he made a payment to a Government minister to secure 20 per cent of First Citizens Bank (FCB).
Yetming told Parliament that those who provided him with the information said the payment was a "bribe", but Lee Chin yesterday called on the United National Congress (UNC) MP to present "evidence" to support the allegations.
Speaking in the House of Representatives on Friday, Yetming said he has been told that a "certain sum of money has been paid to a minister of government. The people giving that information are speculating it's a bribe, I don't know, Mr Speaker. It could be a first payment or a deposit on the payment for the 20 per cent".
Yetming had earlier told the House that Lee Chin and FCB chairman Kenneth Gordon had discussed a plan to sell 20 per cent of the bank to the former's AIC Group.
But in a telephone interview with the Sunday Express from Canada yesterday, Lee Chin said: "No money of any sort has ever been paid to any Government minister, in any way, or anyone or any entity in regards to FCB. No money has been ever paid."
Lee Chin called on Prime Minister and Minister of Finance Patrick Manning to launch a full investigation into Yetming's allegations, arguing that this must be done because the reputations of a government minister and a Caribbean investor have been impugned.
He said Yetming should "bring forth whatever evidence he has and back up his claim. If he has no concrete evidence he should apologise and be sanctioned".
Lee Chin said making such allegations under the protection of Parliament was not right.
"We have to get away from this immature, calypso-type behaviour if we intend to build a regional financial centre," he remarked.
Admitting he has a business interest in this country, Lee Chin said "over time we intend to build a comprehensive financial services business in Trinidad and Tobago. If the opportunity presented itself that would include retail banking".
Asked if he had specific interest in FCB, Lee Chin said: "We would definitely be interested when the Government sees fit to put FCB on the block (for divestment), we would definitely want to be an untainted bidder."
On another claim by Yetming that it was he who proposed to Gordon a merger of FCB with the Unit Trust Corporation (UTC), the business executive said he met Gordon on two occasions and they never discussed any such proposal.
Gordon also called Yetming's utterances "preposterous".
"Such a statement from Mr Yetming would have surprised me years ago, but that's no longer so," said Gordon.
Seeking to explain his relationship with Lee Chin, Gordon said that he had met him on only two occasions: "Once when he paid me a courtesy call at FCB, and another time at a small dinner party with some mutual friends. The question of a UTC/FCB merger never arose on either occasion."
