Former WICB president Pat Rousseau yesterday demanded that the regional cricket authority "bare all the information regarding a failed US$3 million stock market investment", which he insists the Board's chief financial officer, Richard Jodhan, "made without approval".

Rousseau reaffirmed that "by mid-May the Board had lost nearly US$300,000 on the investment and this month agreed to liquidate the portfolio, much of which was in high-tech stocks which have been taking a beating on world markets".

Continuing his salvo, Rousseau challenged the board to "produce either the Minutes of any board meeting approving the investment or for a loan of US$2 million which was acquired on behalf of the WICB, using the stock market investment as collateral".

Rousseau further challenged the board to release a resolution supporting these transactions, for which Jodhan and the WICB's executive secretary, Andrew Sealy, signed documents (with Wall Street bank, Merrill Lynch), claiming to have permission.

This second statement from Rousseau, was in response to a WICB media release which stated: "We must emphasise that the investigation revealed absolutely no evidence of any falsification of Board resolutions by Messrs Jodhan or Sealy or any other officer, as alleged by Mr Rousseau in his statement of June 14."

The Lewis Committee report earlier confirmed that neither Jodhan nor Sealy had "full power and authority to enter this agreement", but instead "found no evidence of such authority and power being vested in these two officers of the WICB".

This is the crux of the debate, and the former WICB president was again questioning the "competence and integrity" of both Jodhan and Sealy. Rousseau in his statement said that there was "no reason or basis to question their integrity unless the holding out of oneself as (being) authorised to sign on behalf of a company, when no such authority exists, brings their integrity into question".

Rousseau confirmed that neither the board nor the executive committee were told about the investment and its subsequent decline, by Jodhan, but rather, after inquiries by new CEO, Gregroy Shillingford.

The money, according to Rousseau, was part of an "advance from Sky TV", and was to be used specifically for cricket development purposes including the costs of this year's and next year's regional Under-19 and Under-15 cricket tournaments, thus easing the cashflow problems. The funds were instead invested in high risks equity stocks, with a three-year maturity.

Rousseau, however, was maintaining that "the same principle of acting without authority, which was used against himself and Joseph, should apply to Jodhan".

Rousseau and his former vice-president, Clarvis Joseph, were earlier this month forced to resign their positions with the WICB after the board ruled that they "acted outside of their authority" in firing West Indies team manager, Ricky Skerritt. The board at the same meeting, voted (10-4) to reinstate Skerritt.

This decision, (the re-instatement of Skerritt) along with the loss of nearly US $300,000 seemed to be the main reasons for their resignations.

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