(Trinidad Guardian) Former prime minister Stuart Young has alleged that political interference in T&T’s largest indigenous financial institution can threaten confidence in the country’s banking system, as he questioned the circumstances surrounding the departure of Republic Financial Holdings Ltd’s (RFHL) executive Richard Sammy and challenged Government’s claims that foreign exchange availability has improved.
RFHL is the parent company of Republic Bank (Guyana) Ltd.
Addressing a People’s National Movement (PNM) public meeting at City Hall in Port-of-Spain on Friday night, Young delivered a sharp critique of the Government’s handling of key economic issues, warning supporters that political interference in major financial institutions could have serious consequences.
His comments centred on Republic Financial Holdings, following last week’s announcement that Sammy had left the company by mutual agreement.
Sammy had previously been identified as the successor to long-serving group president and chief executive Nigel Baptiste and was expected to assume the role from January 1, 2027. Referring to Sammy’s departure, Young suggested the development deserved close public scrutiny.
“You see what happened this week with the removal and the resignation of Richard Sammy? This one painful to say,” Young told supporters, adding, “Mark my words, and keep your eyes on it very, very close. Because if what we hear on the ground is true and they have any truth to it about removing people because they ain’t giving money to certain friends and financiers of the UNC, we in real trouble in this country.”
Young argued that confidence in the country’s banking sector is critical to economic stability and warned against what he described as attempts to influence institutions for political purposes.
“You must never interfere with our banks and our financial system because you could bring collapse to Trinidad and Tobago… Because if they continue interfering, and the only reason they want to interfere there and put their people in place—you know why? They want to dip their hand,” he alleged.
Young also raised concerns about the availability of foreign exchange, rejecting claims that access to US currency has improved.
He argued that ordinary citizens and businesses continue to face difficulties obtaining foreign currency through commercial banks despite assurances from the Government that conditions have improved.
“I want to ask now, anybody in this room could walk into the bank now and get any amount of US that they ask for? The answer is no,” he said adding, “People going to the bank, they can’t even get a hundred US.”
The former prime minister said the continued shortage of foreign exchange remains one of the country’s most pressing economic challenges, affecting consumers, businesses and overall confidence in the economy.
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