Trinidad Settles With Fired Central Banker
TRINIDAD AND TOBAGO · COURTS AND FINANCE
Key Facts
- What is happening Trinidad and Tobago’s government settled Alvin Hilaire’s lawsuit over his sacking as central bank governor on Monday, 2 November, as the High Court trial in Port of Spain was due to begin.
- Why it matters Hilaire ran the bank that sets interest rates and supplies US dollars to local banks; the settlement means no court will rule on whether he was removed lawfully.
- The numbers Hilaire sought about 9.87 million Trinidad and Tobago dollars (about US$1.47 million) in compensation. The settlement amount is confidential and has not been disclosed.
- Who is who Prime Minister Kamla Persad-Bissessar leads the government; Hilaire led the central bank from December 2015 until 24 June 2025, when Larry Howai, a former finance minister, was named to replace him.
- What to watch Whether either side discloses the terms, and whether opposition lawmakers press the government on the cost to public finances.
- What it means for you US investors and bondholders can treat the leadership dispute at the central bank as closed; the deal settles a personal claim and changes no rule for foreign firms or visitors.
Trinidad and Tobago has settled the wrongful-dismissal case of Alvin Hilaire, its former central bank governor, before trial. The amount paid has not been made public.
Trinidad and Tobago’s government has settled a lawsuit by Alvin Hilaire, the central bank governor it removed in June 2025. The Hilaire settlement came on Monday, 2 November, as the High Court trial in Port of Spain was due to begin.
The sum is confidential, so nobody has said what the public will pay. For US readers the case concerns the institution that manages the US dollar supply in an energy-exporting Caribbean economy.
What the Hilaire Settlement Says
Hilaire’s claim against the Cabinet and the Attorney General was settled before Justice Lisa Ramsumair-Hinds of the Port of Spain High Court. The terms were endorsed on counsel’s briefs, a court notation recording that the lawyers agreed them.
Prime Minister Kamla Persad-Bissessar told a local newspaper by message that the parties reached an amicable settlement securing their respective interests. She added that the State was very pleased with the outcome.
Hilaire’s lawyer, Senior Counsel Stuart Young, said the parties are bound by a confidentiality agreement and gave no figure. Hilaire declined to comment.
Kennedy Swaratsingh, a Finance Ministry minister who was due to be cross-examined at the trial, said only that he wished Hilaire well. Local newspapers described the terms as favourable to Hilaire, a description neither side has confirmed on the record.
What Hilaire Claimed in Court
Hilaire asked the court to declare his dismissal unlawful and sought about 9.87 million Trinidad and Tobago dollars (about US$1.47 million). The sum covered pay to the end of his contract in December 2026, plus damages for distress and alleged constitutional breaches.
Conversions use the central bank mid rate of 6.70 Trinidad and Tobago dollars per US dollar, from its 30 October 2026 rates. Local reports give the claim only as a dollar sum, which is read here as the local currency.
How the Dispute Began
Cabinet advised President Christine Kangaloo on 24 June 2025 to revoke Hilaire’s appointment, and Larry Howai was named to replace him. Hilaire had led the Central Bank of Trinidad and Tobago since December 2015.
The government said the removal related to alleged breaches of the Central Bank Act, including misconduct and failure to perform his duties. Hilaire’s lawyers argued that there was no legal basis for it.
His lawyers said in July 2025 that Kennedy Swaratsingh asked him to resign on 24 June, with no time for legal advice. They said the Prime Minister was unhappy he had not let the Auditor General audit the bank.
Hilaire’s side said the Auditor General stopped being the bank’s external auditor in 2024 at her own request. These are one side’s allegations, and no court has ruled on them.
Why the Earlier Rambarran Case Matters
Hilaire took over from Jwala Rambarran, whom the previous government dismissed as governor in December 2015. In June 2022 a High Court judge ruled that dismissal unlawful and found that his constitutional rights had been breached.
The Court of Appeal upheld those findings in February 2025, though its judges differed on parts of the compensation. Because Hilaire’s case settled, no court has ruled on his claims, and the Rambarran judgments remain the closest court guidance.
What It Means for You
The central bank sets interest rates and supplies US dollars to local banks. Its leadership matters to investors and exporters, but the settlement closes a personal claim and does not itself change policy.
Foreign investors and bondholders may want to see whether the government discloses the cost to public finances. US travellers are not affected.
Related Rio Times reports include Who Runs Trinidad and Tobago’s Economy and Trinidad and Tobago Politics Explained. See also Foreign Powers and Investors in Trinidad and Tobago and Trinidad’s Venezuela gas deal.
What Is Not Known
The settlement amount and terms are confidential, so it is not known what the State will pay. Neither side has published the agreement.
The Prime Minister’s words come from one message to a local newspaper, and counsel’s remarks from one newspaper group. The description of the terms as favourable to Hilaire comes from newspaper accounts and is not confirmed by either side.
No court has tested the allegations on either side, because the case ended without a ruling. Whether the government’s claim of breaches of the Central Bank Act would have held is therefore unknown.
What Comes Next
The settlement ends the constitutional claim, and no further hearing has been announced. It does not mean the terms will be published, since the parties are bound by a confidentiality agreement.
It also does not mean that a court has found the government wrong, or Hilaire right, on any point. Questions about the cost may come from opposition lawmakers, but no date for any answer has been set.
Frequently Asked Questions
Who is Alvin Hilaire?
Hilaire led the Central Bank of Trinidad and Tobago from December 2015 until Cabinet advised his removal on 24 June 2025. He then sued the State over the dismissal.
How much did the government pay Hilaire?
The amount is confidential and has not been disclosed. He had sought about 9.87 million Trinidad and Tobago dollars (about US$1.47 million).
Did a court rule on his dismissal?
No court has ruled. The case settled as the trial was due to begin, so nobody decided whether the dismissal was lawful.
Does the settlement affect US investors or travellers?
It closes a personal legal claim and does not itself change central bank policy. US travellers are not affected.
Sources: Central Bank of Trinidad and Tobago, release on Hilaire’s December 2015 appointment, and its published US dollar rates (30 October 2026); the High Court settlement of 2 November 2026 and the statements by the Prime Minister and counsel, as reported by two independent local news organisations (the court’s own site carries no entry); local newspaper reports on the pre-action letter of July 2025 (all accessed 3 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief