First Global Bank probing trading irregularities

A senior employee at First Global Bank has been dismissed after the management discovered irregular transactions during a recent internal review of its treasury operations.



The bank says the central bank has been notified of the development and internal auditors have begun a review of the matter.



The implicated employee who worked in the treasury department was fired on Friday, following the investigations, which began last Monday.



The bank’s chairman Douglas Orane says based on the reviews, the institution could suffer bond trading losses estimated at approximately US$19 million.



However Mr. Orane says he’s satisfied that there is no risk of possible similar losses.



He also says additional measures have been put in place to ensure there is no recurrence.



Mr. Orane has sought to assure the bank’s customers that its capitalization remains sound and that the losses will not prevent the bank from meeting its obligations.



First Global Bank is an affiliate of Grace Kennedy Limited.