St Vincent PM dismisses insider trading allegations

Prime Minister of St Vincent & the Grenadines Dr Ralph Gonsalves dismissed suggestions Tuesday that he used insider information to get his family to withdraw funds financially troubled Building & Loan Association (BLA).

He has accused Opposition Leader Arnhim Eustace of engaging in “nasty politics”.

“I did not utter a single word to them. Judge me not by your standard. I don’t get involved in insider trading,” Gonsalves told a news conference, adding that he holds a “sacred position” and would “not make use of any information I receive to advise any member of my family”.

On Monday, Eustace addressing the decision by the three-month old Financial Services Authority (FSA) to take over management and control of the BLA said he was also concerned that certain people had been able to withdraw a significant amount of money from the BLA prior to the FSA takeover and called on the institution to name them.

Eustace said that Gonsalves’ family had been allowed to withdraw their funds in October last year and called “on the FSA to give members a more fulsome account of the status of Building & Loan, with all deliberate speed”.
Gonsalves said in response that he did not know of the withdrawal.

CMC