Finance Minister Davendranath Tancoo says the “positive transformation” the country voted for in April is under way, with employment changes expected as organisations and staff work to achieve the “best fit for purpose.”
Tancoo made the comment yesterday in response to Sunday Express questions on Navin Dookeran’s dismissal as Export Import Bank of Trinidad and Tobago chief executive officer.
Dookeran, who had been CEO for six-and-a-half years, was dismissed on Friday.
“I am proud of what we accomplished during my tenure, and I wish the best for the institution and the country,” Dookeran said yesterday.
Dookeran is the son of former Central Bank Governor and finance minister Winston Dookeran.
Contacted for comment, Tancoo did not directly address Dookeran’s dismissal but said changes would occur as the country seeks to achieve the best fit for purpose.
“I work for an organisation with several thousand employees operating under several management structures and in several individual companies and corporations. On a daily basis persons join and/or demit office,” Tancoo said.
“I appreciate the confidence but I cannot reasonably be aware of every coming and going. What I can say is that the positive transformation the country voted for is happening and changes will take place as employer and employee seek to arrive at best fit for purpose,” he said.
Dookeran has been removed from the management team listed on the Exim Bank website.
During his national budget presentation in October, Tancoo had taken issue with Exim Bank’s handling of the country’s foreign exchange challenges.
“Foreign exchange shortages remain a challenge for businesses, limiting access to raw materials and production. The unfair practices at major commercial banks and the Exim Bank have exacerbated these shortages. This administration will act decisively to stabilise the external position,” Tancoo said then.
“By restoring energy production and creating an enabling environment for business and investment, we will increase foreign currency inflow. We will ensure that productive sectors have access to foreign exchange. We have installed new boards at First Citizens Bank and the Exim Bank, and we will move to install a majority of directors at Republic Bank Ltd. I am proud to announce that in our effort to build economic fairness, Tobago’s interests will be represented on all three boards, with a Tobagonian on each board,” he said.
In September, a new Exim Bank board chaired by Edwin Chariah was appointed.
Other members of the board are deputy chairman Suresh Maharaj, Nandini Narine, Bhushan Singh and Joseph Ridge Paul.
How forex was spent
The Express had previously reported exclusively that pharmaceutical and chicken companies had topped the list of forex users who obtained money from the Exim Bank over the last five years.
Between 2020 and June 30, 2025, the companies were allocated funds under the special forex window of the Exim Bank’s Forex Allocation System (FAS), which was created in 2020 during the Covid-19 pandemic for essential imports.
Topping the list of recipients under the Essential Window (2020–June 30, 2025) was Smith Robertson and Company Ltd (now Aventa Trinidad and Tobago Ltd), which received US$100,184,273.
Nutrimix Feeds Ltd received US$78,503,000, while Arawak and Company Ltd received US$76,203,000 under the Essential Window.
Some companies were able to “double dip”, receiving allocations under both the essential window and the bank’s regular operations.
Top recipients under the normal operations window:
1. Arawak and Company Ltd—US$64,416,110 (2022-June 30, 2025)
2. Trinrico Steel and Wire Products Ltd—US$60,785,290 (2019-June 30, 2025)
3. Nutrimix Feeds Ltd—US$53,500,000 (2022-June 30, 2025).
From 2020 to mid-2025, the Exim Bank distributed US$1.4 billion in forex to 123 companies under the essential window.
Separately, US$1.2 billion was sold to manufacturers under normal operations between 2018 and June 2025.
The special forex window was created by the former People’s National Movement (PNM) government in 2020 to facilitate essential imports during the pandemic.
In a November 2024 media release, the Ministry of Finance said that this window had allocated US$30 million monthly over a four-year period since inception.
Essential imports covered by the window included cleaning supplies, sanitary items, protective gear, toothpaste, hand sanitisers, face masks, tissue paper, deodorants, vaccines, over-the-counter medications, pharmaceuticals, and key food products.
Last year, the Express exclusively reported complaints from businesses unable to access forex through the special window.
Then-finance minister Colm Imbert explained that the facility was initially meant to be temporary.
However, after significant public outcry, the Cabinet agreed on November 1, 2024, to resume the forex window in a restructured format.
The release said that the list of qualifying items—foods, pharmaceuticals, and essential hygiene products such as sanitary napkins—would remain unchanged, but subject to periodic review.
“However, it will be subject to periodic review to see whether items should be added or deleted, as necessary. For example, retaining borderline food items (on the margin between essential and non-essential) such as sausages is arguable. For the avoidance of doubt, Covid-19 pandemic-related items such as hand soap, toothpaste, face masks, deodorant, respirators, and hand sanitisers are no longer considered to be “essential” imports,” said the release.
