Caribbean Airlines board of directors replaced
Trinidad and Tobago’s Finance Minister, Larry Howai, has announced that current board of directors of the state-owned Caribbean Airlines have been replaced.
The announcement comes less than 72 hours after he announced that Caribbean Airlines had accumulated losses of more than US$100 million.
On Tuesday, Howai told the Senate that the preliminary unaudited figures showed that US$32 million of the loss was incurred by the Air Jamaica route, with the London route also accounting for a major part of the losses.
Howai says the new interim board will be chaired by former independent legislator Phillip Marshall and includes the Jamaican Denis Lalor.
He says the new board would have to outline measures to turn around the fortunes of the airline that accumulated losses of US$110 million including US40 million in government subsidies.
Caribbean Airlines, which began operations in 2007, acquired Air Jamaica in 2011.
The Jamaican Government has a 16 per cent stake in the Trinidadian air carrier.
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