Gene Leon, president of the Caribbean Development Bank, tenders resignation

The president of the Caribbean Development Bank (CDB), Hyginus ‘Gene’ Leon, has resigned from his position at the regional financial institution, citing concerns about fair treatment.

In a letter from his lawyers based in St. Lucia, Leon expressed his belief that he would not receive fair treatment from the bank, particularly after being placed on administrative leave in January.

The letter highlighted a loss of trust and confidence between Leon and the Bank’s Board of Governors due to alleged violations of the institution’s charter, policies, rules, and regulations.

Leon’s legal representatives have given the CDB until May 4 to negotiate a separation agreement, indicating that their correspondence should be considered a pre-action protocol letter. They emphasized their intention to pursue legal action to uphold Leon’s legal and constitutional rights, potentially in Barbados or another appropriate jurisdiction.

The circumstances surrounding Leon’s administrative leave and subsequent resignation have raised questions about procedural fairness within the CDB. Concerns have been voiced about the process through which Leon was placed on leave and the lack of consultation with the Bank’s directors or governors. The lawyers asserted that the Bank’s handling of the investigation into Leon’s conduct has been unconventional and lacking in due process, alleging numerous procedural irregularities.

Despite the expiration of his leave, Leon faced obstacles upon attempting to return to work, including the withholding of access to bank facilities and electronic devices. The lawyers criticized the lack of communication and transparency from the Bank, particularly regarding the extension of Leon’s leave without prior notification.

Leon, who served as the sixth president of the CDB, brought extensive experience in economics and financial policy development to the role. He succeeded Warren Smith and assumed office in May 2021, leading a team of over 200 employees headquartered in Bridgetown.