Caribbean Development Bank Silent on President's Resignation Amid Possible Legal Action

The Barbados-based Caribbean Development Bank (CDB) on Tuesday remained mum on the resignation of its president, Dr Hyginus ‘Gene’ Leon, who has also threatened to file a lawsuit against the region’s premier financial institution.

In a one line reply to the Caribbean Media Corporation (CMC) for a response to Leon’s “immediate resignation”, the CDB simply stated: “The Bank has no comment at this time”.

According to a three-page letter sent to the CDB by the St Lucia-based law firm Fosters, Leon is 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 have 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, a copy of which has been obtained by CMC, 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”.

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. Attorney Peter Foster KC said Leon was sent on leave unceremoniously by a three-member committee, everybody staying quiet after that, and he was treated “very unfairly”.

(CMC)