Finance Minister Davendranath Tancoo says Caribbean Airlines' board, led by Reyna Kowlessar, is making "hard decisions" to fix the national airline, which had become a "national liability" after years of mismanagement.

And according to Tancoo, former finance minister Colm Imbert not only ignored the fiscal mismanagement at the airline, but actively fuelled it.

Tancoo made the statement as he delivered the national budget yesterday.

He said Caribbean Airlines' management spent more than $60 million on audits from Ernst & Young and PricewaterhouseCoopers, but "still failed to submit a single audited financial statement to the Ministry of Finance in over nine years."

"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.

Tancoo yesterday laid the consolidated audited financial statements of Caribbean Airlines for the financial year ended December 31, 2016 in parliament.

He said Imbert, who served as finance minister from September 2015 to March 2025, closed his eyes as Caribbean Airlines 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 said.

"In so doing, the MP for Diego Martin North East facilitated mismanagement, normalised waste and corruption and abandoned his responsibility of fiduciary oversight," he said.

Tancoo described the situation as 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. This is your Government working to ensure accountable fiscal policies," Tancoo said.

Kowlessar was appointed chairman of a restructured Caribbean Airlines board on June 24, replacing Shameer "Ronnie" Mohammed, who resigned following the general election.

Mohammed had been on the board since November 2016.

The other members of the Kowlessar-led Caribbean Airlines board are vice-chairman Videsh Praim, Sharlene Maharaj, Prof Selwyn Cudjoe, Amit Krishan Mahabir, Larren Peart, Alicia Edwards and Adam Moss, according to the airline's website.

'Full and thorough

audits ongoing'

Caribbean Airlines yesterday issued a release stating that it will be conducting "full and thorough audits" of all of its departments and processes to strengthen "governance, safety, and accountability," as it officially announced the resignation of Garvin Medera as its chief executive officer.

The Express exclusively reported Medera's resignation in our October 3 publication.

Caribbean Airlines stated that chief operating officer Nirmala Ramai has been appointed acting CEO.

Ramai has been the COO since 2022.

"I want to take this opportunity to thank all the employees of Caribbean Airlines who have done such a fantastic job over the past few years, facing some very difficult challenges and being their best, time and again, for each other and our passengers. Also, thanks to partners for their support and commitment and customers for their trust and loyalty. I wish everyone well" Medera stated.

Caribbean Airlines said that under the guidance of its board, Ramai will work closely with the senior leadership team to support the airline through this transition.

The airline stated that it will continue to operate its full schedule, with no disruption to customers or partners.

"The board of directors emphasises that this leadership transition comes at an important time for the airline and is part of its ongoing focus on stability, safety and accountability.

As part of this transition, the Board and Senior Leadership Team will be focusing on the following five key initiatives:

*Supporting employees and stakeholders with open communication and care.

*Reviewing operations to increase efficiency and modernisation.

*Enhancing the customer experience with improved services.

*Developing a long-term, financially responsible and sustainable growth plan.

*Conducting full and thorough audits of all departments and processes, to strengthen governance, safety, and accountability," it stated.

Caribbean Airlines also reaffirmed its commitment to developing and promoting talent from within the organisation, before seeking external candidates, to provide employees with clear opportunities for growth and career advancement.

"Caribbean Airlines will continue to serve the region with pride, reliability and a steadfast commitment to safety. The board of directors remains committed to open and timely communication with employees, customers and stakeholders as this leadership transition and strategic plan are implemented," it stated.

While referencing its leadership team in the release, Caribbean Airlines did not mention the recent resignation of three other members of its executive team.

Chief financial officer Varuna Kuarsingh, chief commercial officer Martin Aeberli, and Nalini Lalla, who has been the airline's corporate secretary for over a decade, have all resigned, several sources with knowledge of the situation but who are not authorised to comment publicly told the Sunday Express.

CAL board making tough decisions, says Tancoo