Tuesday 19 November, 2019

UTC assures security of unitholders' funds after $400K fraud

Photo: Unit Trust Corporation (UTC) at the Falls at Westmall.

Photo: Unit Trust Corporation (UTC) at the Falls at Westmall.

"The safety and security of our unitholders’ funds is our greatest responsibility."

The assurance comes from the Unit Trust Corporation (UTC) after seven people, including two of its former employees were charged for attempting to clear out the life savings of a Tobago couple murdered in May 2019.

John Mills and his wife Evelyn John, close friends of Prime Minister Dr Keith Rowley, were found bound and gagged at their Cocorico Avenue, Buccoo New Road home, on May 2.

The accused are former UTC employees who were arrested in Tobago en route to the ANR Robinson International Airport, with tickets to the Netherlands.

The bank stressed that it promotes the highest standards of professional conduct and the diligent discharge of duties.

"We have zero-tolerance towards any attempt to compromise the security of our unitholders’ funds. Any attempt will be dealt with seriously and expeditiously."

UTC said it is cooperating fully with the Police Service on this investigation.

Below is the full statement from the Unit Trust Corporation (UTC):

Following media reports, the Trinidad and Tobago Unit Trust Corporation (UTC) is cooperating fully with the Trinidad and Tobago Police Service on this investigation.  Amongst those charged are two former employees.

We have zero-tolerance towards any attempt to compromise the security of our unitholders’ funds. Any attempt will be dealt with seriously and expeditiously.

At UTC, we have a robust Corporate Governance Framework. We ensure strict adherence to existing laws, regulations and stringent policies and procedures. At all times, we promote the highest standards of professional conduct and the diligent discharge of duties.

The safety and security of our unitholders’ funds is our greatest responsibility.

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