Sealy Bids for BCA Board Seat

Former executive secretary of the West Indies Cricket Board (WICB) Andrew Sealy, who found himself embroiled in the stock market investment controversy that led to US$500,000 in losses, is pushing for a seat on the Barbados Cricket Association's (BCA) board of management.

According to a report in the Barbados Nation, Sealy has submitted nomination papers to the BCA, looking to fill a vacant seat when the BCA's membership votes at its general meeting next Tuesday.

"I feel that I can make a contribution to Barbados? cricket after having made a contribution to West Indies? cricket for 11 years," Sealy told the newspaper. "If you have an interest in Barbados cricket, you should want to get involved."

Sealy, who held senior administrative posts within the WICB for more than a decade, made headlines last July when the WICB confirmed it suffered US$500,000 in losses on the stock market from two investments made with Wall Street bank Merrill Lynch & Co.

At the time, the board said the investments were made without proper authority by former chief financial officer Richard Jodhan and Sealy, who was then executive secretary.

The WICB said the two investments -- US$496,000 made in January 2000 and US $3,000,000 in September 2000 -- where made by Jodhan and Sealy who did not have the "independent resolutions for making the investment which would have specifically given power and authority to the CFO and Executive Secretary to execute the final investment documents."

The Board's release continued by saying "consultation with the Executive Committee was necessary based on the CFO's own recommendation for full consideration of the investment options and details."

According to the WICB release, the initial investment (US $496,000) was not challenged until almost a year after the fact. On the matter of the second investment (US $3 000 000), the board said it "found that there was no independent Board resolution giving Messrs Jodhan and Sealy authority to make that specific investment of US$3 000 000, nor was there an independent resolution authorising the borrowing."

The WICB also said that Merrill Lynch "had not required a Board resolution for the investment but accepted the authorisation of Messrs Jodhan and Sealy (who were two of the four signatories to the Merrill Lynch account) as having the requisite power and authority."

** For more on the WICB investment fiasco, CLICK HERE.