President of the Caribbean Development Bank (CDB), Dr. Hyginus ‘Gene’ Leon has tendered his resignation with immediate effect, marking an unexpected conclusion to his tenure at the helm of the regional multilateral institution.
The resignation follows a period of administrative leave for Dr. Leon, which began three months ago under undisclosed circumstances. While the precise reasons for his leave had not been officially disclosed, Dr Leon’s legal representatives asserted that he has not received fair treatment from the institution.
It has been reported by various regional media agencies that a detailed three-page letter submitted to the bank by his attorneys, Dr Leon expressed his concerns about the lack of fairness in the institution’s treatment towards him. He emphasized his desire for an amicable separation and set a deadline of May 4 for negotiations to commence.
The CDB has maintained a tight-lipped stance regarding the circumstances surrounding Dr Leon’s administrative leave, confirming only in February that there was an internal administrative process involving the President.
Dr. Leon’s legal team has criticized the Board of Governors for their handling of the situation, alleging a violation of bank policies and its Charter. This critique comes amidst Prime Minister Gaston Browne of Antigua and Barbuda raising concerns about the disciplinary actions taken against Dr. Leon without proper consultation.
“It is also evident that the Bank has lost all trust and confidence in our client by the failure of the Board of Governors to prevent the continued violations of its Charter, policies, rules and regulations with regard to its elected President. Our client has therefore made the extremely difficult decision to resign his elected position of the President of the Bank with immediate effect,” his lawyers stated.
Following the conclusion of his suspension on April 14, Dr. Leon attempted to resume his duties but encountered obstacles accessing the bank’s facilities and equipment. A scheduled meeting of the Board of Directors on April 16 was expected to determine the extension of Dr Leon’s paid administrative leave pending the conclusion of the investigation.
Dr. Leon, who brought over two decades of experience from the International Monetary Fund to his role as the sixth President of the CDB, leaves the regional financial institution grappling with the task of appointing new leadership amid the unresolved controversy.
In light of Dr Leon’s departure, the Caribbean Development Bank faces a period of transition as it seeks to navigate the challenges ahead and maintain its mission of fostering economic growth and development in the region.
