JackTHE REMOVAL of a Trinidad Cement Ltd. (TCL) Holdings director and the resignation of another are the latest twists in the bid by Mexican giant Cemex to acquire TCL.
The TCL board yesterday removed Arthur Lok Jack as a director of TCL Holdings and as a director of Caribbean Cement Company Limited, TCL subsidiaries. Another Holdings director, Steve Bideshi, tendered his resignation effective July 1.
Explaining the reason for Lok Jack's removal, TCL's chief executive officer Dr. Rollin Bertrand said: "The company no longer has confidence that Lok Jack will carry out his duties as a director of these companies and believes that its decision is in the best interest of the TCL group."
In an immediate response, Lok Jack told the Express that he would be taking legal action against TCL.
"I have already placed the matter in the hands of my lawyers," he said.
Lok Jack said he had expected to be removed from the board because, "I have been standing for deferred action on the buy-over bid and I expected the board to carry out an evaluation with the stockbrokers and this was not done."
He said he would continue to stand up for shareholder democracy, and accused the board of mishandling the matter.
Lok Jack said the action of the company would put the management and its staff in an awkward position. "This is the time to protect workers and shareholders," said Lok Jack.
Bertrand said he was not in a position to disclose what the board meant by "loss of confidence in Lok Jack" because the laws of Trinidad and Tobago prevented him from making disclosures about what took place at the board meeting.
Bertrand said the board has engaged the services of JP Morgan Securities to make an evaluation of the company and an Extraordinary General Meeting of shareholders is set for July 29.
"The purpose of the meeting will be to remove the 20 per cent shareholder clause," said Bertrand.
Members of the boards of TCL Holdings and TCL have been at loggerheads over the handling of moves by its 20 per cent shareholder, Cemex, to take over the company. Bertrand said the company has a commitment to ensure that he shareholders make an informed decision.
Meanwhile, some 400 workers of the company held a motorcade from Claxton Bay to San Fernando to demonstrate their resistance to a take-over by Cemex. Since the bid by Cemex, workers have been meeting daily during their lunch-hour to register their objection.
Bertrand said the demonstrations have not been affecting the company's production.
Louis B. Homer of the Trinidad Express's South Bureau
