GKL clears the air regarding trading breach

GraceKennedy Limited has advised that the company has an understanding that the former Vice President Treasury of First Global Bank (FGB), Rohan Rose who was dismissed in 2009 has gone to the media with a story that he was not a rogue trader and blaming everyone else for his transgressions.

 

FGB obtained an injunction in the Supreme Court restraining Mr. Rose, from disclosing confidential information about the bank and its clients . The order restrains Mr. Rose `whether by himself, his attorneys at law, servants, or agents, or any of them, or otherwise howsoever` from making use of any confidential information obtained by reason of his capacity or office while employed to the bank . This includes, but is not limited to, customer information, discussions at and minutes of, internal meetings, and internal correspondence between staff and directors of the bank.

In a related case, FGB is suing Mr. Rose for US$7,643,131.43 as damages for breach of fiduciary duty, negligence, breach of contract, fraud, and restitution for and by reason of unjust enrichment. The injunction remains in force until June 4, at which time it will be further considered by the Court.