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neilsingh100 wrote:financeguy72 wrote: I wrote him back requesting 5 years worth of CLICO Financial Statements and a listing of the $4.0B Assests backing this investment. I never heard from him again.
It is the same with all financial institutions here. Before investing in any mutual fund ask them where the money is invested and see if they will tell you.
Ask the UTC that and you will be surprised where money is invested if they tell you (in US dollar CL Financial Bonds paying 10 - 13%). So everyone thinking their investment is safe because the interest rate is low think again.
financeguy72 wrote:neilsingh100 wrote:financeguy72 wrote: I wrote him back requesting 5 years worth of CLICO Financial Statements and a listing of the $4.0B Assests backing this investment. I never heard from him again.
It is the same with all financial institutions here. Before investing in any mutual fund ask them where the money is invested and see if they will tell you.
Ask the UTC that and you will be surprised where money is invested if they tell you (in US dollar CL Financial Bonds paying 10 - 13%). So everyone thinking their investment is safe because the interest rate is low think again.
Personally, I think the only safe investment these days, is in oneself, a small business on the side. Putting ones hard earned cash in another persons hands to manage...seems wrong to me, especially in these days of CL Financial, Lehman Bros, Allan Stanford, Bernie Madoff et al....
Redman wrote:financeguy72 wrote:neilsingh100 wrote:financeguy72 wrote: I wrote him back requesting 5 years worth of CLICO Financial Statements and a listing of the $4.0B Assests backing this investment. I never heard from him again.
It is the same with all financial institutions here. Before investing in any mutual fund ask them where the money is invested and see if they will tell you.
Ask the UTC that and you will be surprised where money is invested if they tell you (in US dollar CL Financial Bonds paying 10 - 13%). So everyone thinking their investment is safe because the interest rate is low think again.
Personally, I think the only safe investment these days, is in oneself, a small business on the side. Putting ones hard earned cash in another persons hands to manage...seems wrong to me, especially in these days of CL Financial, Lehman Bros, Allan Stanford, Bernie Madoff et al....
Ignoring the hundreds of thousands of good advisers and millions of good investments readily available makes this good advice.
Finance guy while you talk with the benefit of hind sight you ignore the fact that there are people that are qualified in what they do and seek advice,and there are good advisers locally and abroad that do excellent work-And the EFPA was a good idea and a excellent product.
That CLICO collapsed might be more of a political mess up and pay back than being an absolute self inflicted scenario.So MAYBE the shortfall is misuse of what funds were injected or available.
We will find out-but all the 'I knew it' pontificating WAS NON EXISTENT BEFORE COLLAPSE.
Later
pugboy wrote:Maybe the CLICO group could learn something from this and start thousands of lawsuits against Duprey & friends
pugboy wrote:Bernard Madoff's son killed himself, couldn't handle the pressure of all the lawsuits he, his father and family were receiving from all the depositors.
Maybe the CLICO group could learn something from this and start thousands of lawsuits against Duprey & friends
bushwakka wrote:the word is that the PP is buying up all the best lawyers in trinidad over this
bushwakka wrote:^there is more to it than that
at the end of the day, the judiciary also has a responsibility to not bankrupt the gov't
it is not black and white, the facts are too numerous and have yet to be collected in the same place
bushwakka wrote:RASC, just becuz u voted in a gov't doesn't mean u have to agree with everything they do.....only PNM supporters think that way....
neilsingh100 wrote:bushwakka wrote:^there is more to it than that
at the end of the day, the judiciary also has a responsibility to not bankrupt the gov't
it is not black and white, the facts are too numerous and have yet to be collected in the same place
I am sorry to say you have been misinformed. A plan was presented that would pay off policyholders in 3-6 months and not impact our international credit rating or cost tax payers any more money and the government will own the profitable CL assets in the end. You have a situation here where the government is supposed to be protecting policyholders but doing the opposite. Dookeran has been ill advised by persons seeking their own interest plus these decisions were supposed to be made Central Bank so government is wrong on many fronts.
BTW, the judiciary is there to uphold the law of the land and that is it.
Please don't get caught up in Dookeran's rhetoric. In fact the actions he is taking borrowing money from the IMF at a floating interest rate of 6+% will have a larger negative effect on the country in the long run
bushwakka wrote:^that cud never be right......traditional annuity holders are backed by the statutory fund....which is also the case actually with the EFPA's (but apparently that need to be shown in court)
Central Bank blocking Clico inquiry
By ANDRE BAGOO Friday, April 8 2011
ACTIONS of the Central Bank Governor are blocking the progress of the Clico Commission of Inquiry, inquiry chairman Sir Anthony Coleman indicated yesterday as he issued what virtually amounted to a plea to Governor Ewart Williams to release crucial forensic reports on Clico to the inquiry.
Coleman yesterday broke his silence over a month-old impasse between lawyers for the commission and lawyers for the Central Bank over the disclosure of a forensic report prepared by Canada-based firm KPMG Forensics as well as other reports prepared by Ernst and Young.
The impasse, which dates back to January, has triggered a series of confidential talks between the Central Bank’s lawyers and counsel to the inquiry. The Central Bank is refusing to disclose a series of forensic reports arguing that the documents are legally privileged as they were prepared – at taxpayers’ expense – in anticipation of litigation against CL Financial subsidiary companies. The KPMG report relates to Clico, while the Ernst and Young reports relate to Clico Investment Bank and British American Insurance Company Limited.
Despite a request issued since January to the Central Bank as well as to KPMG, the parties have refused to disclose the documents claiming legal privilege. Additionally, the Central Bank itself, which commissioned the reports in the first place, is refusing to waive this legal privilege.
“I have to say that the position taken by the Central Bank is in my judgement seriously potentially impeding the work of the inquiry,” Coleman said at the very start of yesterday’s sitting at the Winsure Building, Richmond Street, Port-of-Spain.
Noting that he will have to determine, as a fact, whether the documents are truly privileged or not, the chairman continued, “I want it to be clearly understood that if it emerges that the Central Bank is indeed entitled, as a matter of law to block the inquiry’s access to these potentially important documents, that will involve the inquiry and its staff and the legal team which supports this inquiry in a very substantial extra amount of investigative work on the very massive documentation which has been engendered and is still being engendered by various parties in this enquiry.” Coleman was at pains to emphasise that further forensic investigations, starting from scratch, will also be at the public’s expense.
“This will slow down the work of the inquiry because it has, necessarily, very limited legally qualified counsel...and it will also involve the inquiry in requiring additional forensic accounting support,” he said. “That will have to be at the public’s expense.”
“Whether all this will be in the public interest having regard to the purpose of this inquiry is for consideration of the relevant public to judge. That is, the public of Trinidad and Tobago,” he added.
“It is that the position taken by the Central Bank is at least potentially adverse to the speedy and efficient completion of the work of this inquiry. That’s all I have to say about that.”
But it was not. Near the close of proceedings, after counsel for the inquiry Peter Carter QC made a statement on the issue, Coleman once more emphasised the point and made a virtual entreaty to the Governor of the Central Bank.
“I am sure that those who have the policy-making and decision-taking functions in Central Bank will have fully in mind the implications of adhering to their position,” he said. Coleman gave Central Bank attorneys the option of seeking instruction before responding to Carter’s statement on the issue. Benjamin made a brief remark. He said the issue is one of finding an appropriate balance between the demands of the unspecified litigation and the public interest.
“That litigation is being undertaken with a view to protecting depositors and policyholders,” he claimed.
While Coleman had given KPMG Forensics a deadline of Wednesday to disclose the report it prepared, the company has, like the other parties, refused. Carter, in a statement, chronicled the impasse which now threatens to derail a key aspect of the inquiry’s functioning.
On January 13, the Commission sent a letter to KPMG Trinidad requesting them to furnish any material in their possession related to the inquiry, he said.
“A letter of same date was sent to the Governor of the Central Bank, asking for arrangements to go through...that letter request specifically included a request for production of the KPMG report into Clico,” he noted.
KPMG Trinidad replied on January 21, a full week later, informing the Commission that they had passed the request on to KPMG Forensic in Canada, the company that was actually instructed on the matter.
KPMG Forensics, which is based in Toronto, Canada, responded on March 8, by e-mail.
In that e-mail, KPMG Forensics included that “contractual obligations, professional standards and applicable Canadian privacy legislation restrict KPMG Canada and its partner and employees from disclosing any information regarding its client to any third party without our client’s prior written consent or without receipt of an order issued by a (Canadian) court compelling KPMG Canada to produce such documents.”
“They added that they forwarded our letter to their client to request whether the client, namely the Bank, would consent to disclosure,” Carter added.
On March 29, the Commission wrote to KPMG Forensic requiring them to produce the report by April 6 and they were warned that if they failed to do so, then alternative action would have to be taken by the commission to procure the material.
On April 4, KPMG LLP (now dealing with the correspondence) repeated the confidentiality points made by KPMG Forensics and said the following, “the client has advised us that they do not consent to the disclosure of any information relating to our engagement and continue to advise us that material we prepared in conjunction with such engagement are subject to legal privilege.”
“KMPG LLP Toronto’s submission was that they were precluded by Canadian law...from producing the report to the Commission in the absence of their client’s consent,” Carter noted. “Until very recently the Central Bank has not addressed this issue specifically.”
By letter dated February 3, the Central Bank expressed concern about producing certain documents which they did not identify because they were subject to legal professional privilege and public interest immunity.
By letter dated April 6, lawyers acting on behalf of Central Bank wrote that, “as you are aware, the Central Bank is in possession of a number of reports commissioned subsequent to the failure of Clico, British American and CIB and potentially relevant to the inquiry for which the Central Bank, on advisement from leading counsel, considers to be subject to litigation privilege.”
“We do not accept that the Ersnt and Young, KPMG report are (covered by legal privilege),” Carter said.
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