Trinidad and Tobago’s Finance Minister Davendranath Tancoo on Monday revealed that state-owned Caribbean Airlines Limited (CAL) has spent more than TT$60 million on audits but has failed to submit “a single audited financial statement to the Ministry of Finance in over nine years.”
Delivering the first budget under the Kamla Persad-Bissessar coalition administration, Tancoo told legislators that the payments were made to international accounting firms Ernst & Young and PricewaterhouseCoopers.
“Shockingly, even in the absence of these audited accounts, the former Minister of Finance repeatedly approved financing for CAL in 2017, 2018, 2019 and as recently as March 2025 to cover operational shortfalls,” Tancoo said.
He accused former finance minister Colm Imbert of turning “a blind eye as CAL descended into inefficiency, non-compliance and fiscal indiscipline, leaving behind not a national airline but a national liability.”
“Worse yet, he actively fuelled this reckless behaviour by repeatedly approving billions in financing without demanding accountability,” Tancoo continued. “This is nothing short of criminal negligence. We have now installed a strong board of directors who are making the hard decisions required to fix our national airline.”
His comments came hours after Caribbean Airlines confirmed the immediate resignation of its chief executive officer Garvin Medera. The airline said chief operating officer Nirmala Ramai has been appointed acting CEO “until further notice” to ensure continuity and stability.
According to CAL, Ramai “will work closely with the senior leadership team to support the airline through this transition,” under the guidance of the board of directors. The company did not disclose reasons for Medera’s sudden departure but thanked him “for his years of service.”
The airline assured that it will “continue to operate its full schedule, with no disruption to customers or partners.”
CAL said the board and senior leadership team will now focus on five key initiatives: supporting employees and stakeholders with open communication, reviewing operations to boost efficiency, enhancing the customer experience, developing a financially sustainable growth plan, and conducting full audits of all departments to strengthen governance and accountability.
The airline also reaffirmed its commitment to promoting internal talent before seeking external hires “to provide employees with clear opportunities for growth and career advancement.”
