Caribbean Development Bank president resigns with 'immediate effect'

President of the Barbados-based Caribbean Development Bank, Dr. Hyginus 'Gene' Leon, has resigned with immediate effect from the regional financial institution.

According to a three-page letter sent to the bank by his St. Lucia-based lawyers, Dr Leon is of the opinion that he will never be treated fairly after being sent on administrative leave in January.

The attorneys say it is evident that the bank has lost all trust and confidence in their client because of the failure of the Board of Governors to prevent the continued violations of its charter, policies, rules, and regulations with regard to its elected president.