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Finance Minister Defends $10M Payout
Finance Minister Larry Howai is defending the ten million dollars he collected after leaving First Citizens last week.
In a statement, he says after 31 years of service to the state owned bank, he retired early so that he could take up the post as finance minister.
Minister Howai says : “The decision was not an immediate one since I knew two things would occur for certain. The first would be the loss of income which an early departure ahead of the three years to my retirement would create. The second consideration concerned the target which myself and the family I cherish so much would become the moment my appointment as Minister of Finance was made…”
He says he calculated the loss of income and the impact it would have on his family. And he adds that he does not want to be drawn into a public debate on the bank’s independent considerations of his entitlements.
The former First Citizens CEO says : “I wish to categorically state, however, that any payment made by the bank to me falls far short of what I would have accured had I served the last three years of my tenure to retirement….”
He says during his leadership First Citizens net worth increased by 5. 3 billion dollars and over 750 million dollars in dividends had been paid to shareholder.
Minister Howai says : “between the loss of income, bonuses and pension ehancements, my family would be deprived of funds we had planned for their future and to which my retirement would have entitled us all. Imagine then what it would feel like to know that regardless of this sacrifice we would all still become the target of personal attacks and untruths…” end of quote
Chairman of First Citzens Nyree Alfonso has defended the payment made to Minister Howai.
Meanwhile the Banking Insurance and General Workers Union has taken the first citizens board to task for it insisting that it is yet to begin wage negotiations.