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NEDCO chief sacked

By SEAN DOUGLAS Friday, May 30 2014

LABOUR Minister Errol Mc Leod yesterday said the National Entrepreneurship Development Company Limited (NEDCO) chief executive officer Ramlochan Ragoonanan has been fired, even as Cabinet yesterday got a report from the NEDCO Board on $1.2 million worth of offices in Penal for NEDCO and the National Integrated Business Incubator System (IBIS).

Speaking at yesterday’s post-Cabinet news briefing at the Office of the Prime Minister in St Clair, Mc Leod recalled answering Opposition questions in the Senate last Tuesday on NEDCO , and said Cabinet got the NEDCO Board report earlier in the day yesterday.

Following the establishment of the offices in Penal, the Board had reasons to investigate, “all that had gone on,” McLeod told reporters.

An audit by NEDCO’s auditor resulted in a report dated February 26, whose key findings were discussed at a NEDCO Board meeting on March 21.

Mc Leod said, “It was evident from the report that there were suggestions of wrongdoing on the part of the CEO and also the IBIS programme manager,” McLeod said. “As a result, the Board of Directors took the decision to suspend the CEO with immediate effect and such suspension took place on full-pay, pending the outcome of the investigation (and) to suspend the (IBIS) programme manager with immediate effect, also on full-pay.”

The Chief Operating Officer has been appointed to act as CEO until a fuller decision was made. “The investigation continued and concluded with the CEO agreeing with the Board that his contract of employment would be terminated with effect from April 30...one month or so ago, with one month’s payment in lieu notice,” the Labour Minister said.

Mc Leod hailed the Board for acting promptly saying the board members are conscious of its role and obligations. “We thought that this decision closes a chapter in ‘going forward’ of NEDCO. You might feel well informed of the progress NEDCO has made since 24 (May) 2010,” McLeod said.

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