A detailed whistleblower report raising serious governance concerns within First Citizens Bank Trinidad and Tobago has been submitted to the institution’s Board of Directors, prompting calls for urgent internal review.
The ten-page document, filed in March 2026 under the bank’s Whistleblowing Policy #284, centres on the conduct and influence of Deputy Chairman Dr Sterling Frost. It outlines four primary allegations: the misuse of the bank’s whistleblowing framework as a tool for coordinated targeting, a structural conflict of interest between senior management and board-level roles, undue interference by a board member in operational matters, and what it describes as the Board’s failure to meet key fiduciary and regulatory obligations.
According to the report, the Board had requested ongoing access to whistleblowing submissions—despite no provision within the policy allowing for such disclosure. The document argues that this move may have compromised the integrity of the process.
“The Board was not assigned any investigative role under the policy and had no basis under it to receive this information. The consequence of this breach is serious,” the report states.
It further alleges that Frost was among those with access to confidential disclosures at a time when issues connected to his own conduct were reportedly under scrutiny. This, the report claims, undermined assurances of confidentiality given to employees who came forward.
“Employees who submitted disclosures during this period did so in good faith reliance on the confidentiality protections the policy guarantees. That guarantee was broken without their knowledge,” the report notes, calling for an independent investigation to determine the extent of the exposure and appropriate remedies.
The report also raises questions about governance oversight, asking the Board to clarify who authorised the disclosure of whistleblowing reports, whether objections were raised by the General Counsel, and whether the Audit Committee was informed.
Separately, internal sources have pointed to recent leadership changes as a cause for concern. The departure of former Group Deputy Chief Executive Officer for Operations and Administration, Neela Moonilal-Kissoon, on March 6 has left a gap in senior management. Her portfolio previously covered critical areas including ICT, human resources, corporate strategy and banking operations.
The bank is also without a permanent deputy chief executive in business generation. Sana Ragbir’s acting appointment ended on December 31, 2025, after which she returned to her substantive role. These vacancies, sources suggest, come at a time when strong executive leadership is needed to support the bank’s strategic growth.
Efforts to obtain comment from the bank were unsuccessful. Neither Chairman Shankar Bidaisee nor Frost responded to requests for clarification. Frost was also provided with a copy of the whistleblower report but did not acknowledge receipt.
First Citizens, which is publicly traded and majority state-owned, has faced scrutiny in the past over governance issues. Frost himself retired from the bank in 2023 as Group Deputy CEO but returned following the 2024 general election, when he was appointed Deputy Chairman alongside Bidaisee’s appointment as chairman.
He currently serves on the boards of all subsidiaries within the First Citizens Group Financial Holdings structure and sits on key internal committees. Sources indicate that his presence across multiple levels of oversight may present challenges to the independence of any investigation into the allegations.
Before joining First Citizens in 2016, Frost held senior roles at Citibank in the Latin America region. He is also a recipient of the Order of the Republic of Trinidad and Tobago and has held academic appointments at The University of the West Indies.
The Board has not publicly indicated whether it will initiate an independent probe into the claims.
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