TriniTuner.com  |  Latest Event:  

Forums

OFFICIAL CLICO THREAD

this is how we do it.......

Moderator: 3ne2nr Mods

K74T
TunerGod
Posts: 21234
Joined: June 7th, 2010, 11:01 pm

Re: OFFICIAL CLICO THREAD

Postby K74T » April 30th, 2021, 5:23 pm

Setta crooks

pugboy
TunerGod
Posts: 25288
Joined: September 6th, 2003, 6:18 pm

Re: OFFICIAL CLICO THREAD

Postby pugboy » April 30th, 2021, 5:31 pm

He did a similar thing with ttec pension fund, moved around money like it was his own
But you can bet he would never do that with his personal funds

govt bailout clico and they paid themselves a bonus the next week with the bailout money
God doh sleep, he lorse his son the other day

Wonder if similar plight will happen to duprey

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » September 7th, 2021, 1:04 am

The clico saga... it never ends

State challenges CLF liquidator's fees

Image

The Office of the Attorney General is challenging a judge’s decision to approve the fees claimed by the joint liquidators of CL Financial (CLF) for their work in 2019.

When the State’s appeal came up for hearing before Appellate Judges Gregory Smith and James Aboud Monday morning, Senior Counsel Deborah Peake suggested that it be heard expeditiously as the liquidators, Hugh Dickson and David Holukoff, of international accounting firm Grant Thornton, are still performing their roles. “The principal creditor is very concerned,” Peake said, as she noted that the issue dealt with accountability.

Senior Counsel Fyard Hosein, who led CLF’s legal team, agreed that the procedural appeal should be dealt with urgently but said the parties had to wait until High Court Judge Kevin Ramcharan issued a written version of his decision which was delivered orally almost two months ago.” We want to get it right,” Hosein said. Justice Smith, who led the panel, agreed with Hosein’s concern about the need for Ramcharan’s written ruling to prepare submissions in the appeal. “I understand the need for expedition but if we try to rush this it could be one step forward two steps back,” Justice Smith said.

Justice Smith gave the parties deadlines for filing their submissions, which were contingent on Justice Ramcharan’s written ruling and promised that the Appeal Court would set a urgent hearing which is convenient for the attorneys involved in the case.

In July 2017, the Government successfully petitioned Justice Ramcharan to put the conglomerate into liquidation to clear its remaining debt from when it received a multi-billion dollar bail-out in 2009. In their seventh report to Justice Ramcharan dated December 18 last year, the liquidators noted that their company had claimed a little over $60 million in fees and expenses for their work between 2017 and last October. A discount was also reportedly applied to the fees claimed. Since the liquidation, there has been litigation challenging the proposed sales of different assets by the liquidators. The AG’s Office is also being represented by Ravi Heffes-Doon and Romney Thomas, while Sasha Bridgemohansingh appeared alongside Hosein for CLF.

Source: https://www.cnc3.co.tt/state-challenges ... tors-fees/

Ben_spanna
punchin NOS
Posts: 3055
Joined: October 28th, 2016, 9:25 am

Re: OFFICIAL CLICO THREAD

Postby Ben_spanna » September 28th, 2021, 7:39 am

Enjoy our era of suffering Trinidad and remember those who put us there before you wet your finger next time

16 cycles
3ne2nr Toppa Toppa
Posts: 5526
Joined: May 10th, 2003, 9:25 am

Re: OFFICIAL CLICO THREAD

Postby 16 cycles » September 30th, 2021, 9:42 am

HCU escape unscathed in all this?

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » November 17th, 2021, 11:04 am

CL Financial land, shares, companies for sale

Image

ASSET by asset, the liquidators of the CL Financial group are selling off the company that it took Cyril Duprey and his nephew, Lawrence, 73 years to build up.

The liquidators are plodding through the sale of thousands of acres of land, millions of dollars worth of shares in a local conglomerate, a major local insurance firm, a manufacturer of resins and a security company.

When the liquidators’ task is finished, all of the assets that were acquired by CLICO, starting in 1936 when it was established, from premiums paid in by policyholders, would have been sold off or acquired by the Government to defray the cost of the 2009 bailout of the group, which had become CL Financial in 1993.

For the first six months of 2021, the liquidators of CL Financial, oversaw the sale of $177.7 million of the assets of the group, once the largest indigenous company in T&T, they say in their eighth report, which was for the period December 16, 2020 to June 18, 2021.

In that report, the liquidators, represented by Grant Thornton’s David Holukoff, provided updates on the liquidation process.

HCL’s land divestment

The liquidators placed in excess of 3,000 acres of land for sale on the open market in a process that ultimately resulted in substantial public interest, with 73 bids being received.

“At the time of the last report the sale process had resulted in three sale and purchase agreements being executed. At the date of this report a further three sale and purchase agreements have been executed, making for six total sales, of which four have successfully completed within the period for a total of $43.1 million. The remaining two sales are scheduled to complete by 1 August 2021, however this will depend on the continued impact the pandemic has on the ability for banks & service providers to close deals,” the report said.

The report noted that the liquidators, Home Construction Ltd and HCL’s secured creditor First Citizens (a direct creditor in the liquidation) are working to ensure that the proceeds of these sales are used in a manner which both provides the majority State-owned bank with the security it needs, with respect to the money it is owned, and to ensure that HCL continues to have liquidity to continue its operations during the pandemic.

The report said that the HCL management has arranged for updated survey plans for the remaining properties to be marketed in tranche two of the Land Bank as the JLs identified that certain plans held by HCL were inaccurate.

“At the date of this report eight properties have been re-surveyed; however , this project has been placed on hold due to the renewed measures in Trinidad & Tobago restricting the surveyor’s activity. The delay of the re-surveying project combined with the difficulty potential purchases will encounter in performing due diligence on the properties has led to the JLs delaying the launch of tranche 2, likely until the current set of lockdown measures has been lifted,” the report said.

It noted that since being granted approval by the court, 11 formal notices of ‘Land Likely to be Acquired for a Public Purpose’, which amount to 1,455 acres, have been filed in the Trinidad and Tobago Gazette by the Government against land owned by the HCL sub-group.

“All eleven lots will be excluded from any further marketing process and will be subject to a compulsory acquisition process which remains ongoing at the date of this report,” it said.

“On 8 February 2021, HCL submitted to GORTT its understanding of the value of the lands to be compulsorily acquired complete with renewed valuations.

The liquidators are awaiting GORTT’s response to commence the negotiation process. Completing this process in a timely manner will be critical for the settling of HCL’s secured debt and remitting further funds from HCL to CLF for the benefit of its stakeholders,” it said.

Agostini’s Share Sale

The report noted that the liquidators were authorised by Court Order to oversee the sale of HCL’s Agostini’s shares.

The liquidators have overseen the sale of 1,564, 734 shares in publicly listed Agostini’s Ltd, approximately 50 percent of HCL’s shareholding in Agostini’s Limited.

That sale was for $39 million in mid- March 2020.

“The independent brokers have continued to monitor the market in the Prior with a view to identifying a suitable opportunity to bring the shares bank to market as a bloc. There have been a further 26 sales of an aggregated 635,644 shares completed within the period at a market value of approximately $15.4 million. HCL still holds approximately 1.2 million shares in Agostini Limited. The liquidators and the management of HCL remain open to offers for the shares which reflect current market value and will ensure that any suitable opportunity to release value from the remaining shareholding is progressed in 2021,” it said.

Colfire

The report said that the liquidators engaged Broadspan Capital for the sale of CLF’s 94.2 per cent shareholding in Colfire (Colonial Fire & General Insurance Company).

“In the first phase, targeted parties within both the local Caribbean region and broader global insurance markets, who had expressed interest and who were deemed to be targets, were provided with a teaser document to ascertain their interest in purchasing the shareholding.

“In conjunction with the broker, the liquidators also arranged for the creation of a public website and the marketing of the accessibility of this website and overall commencement of the sale process in seven local and regional Caribbean newspapers in addition to the Wall Street Journal and the Financial Times, to ensure that international, regional and domestic interest in the sale would be captured. Some 38 parties registered to the sale website and 36 non-disclosure agreements were executed,” it said.

It noted that the bidding deadline was moved to July 2021.

“The sale of Colfire has to be a careful and structured process due to the regulatory environment in which it sits, and the JLs, brokers and their legal counsel are navigating the process carefully as we work with regulators to ensure a smooth transition of ownership,” the report said.

Caribbean Petrochemical Manufacturing Ltd (CPML)

The report noted that the sale of CPML was approached in the same manner as Colfire in terms of advertising, a sale teaser to 80 parties, non-disclosure agreements and a sale website. According to its website. CPML is a manufacturer of urea formaldehyde Cconcentrate (UFC85), amino resins (urea formaldehyde resins - liquid and powder) and adhesives.

“A double-digit number of bids were received by the deadline. From those bids, the most competitive bidders were chosen to proceed to the second phase of the sale process. The second phase of the sale process permits the selected bidders to perform more detailed due diligence to formulate a final, binding offer for the purchase of the shareholding,” it said. The deadline was postponed to July 26, 2021.

Safeguard Services

The report said that four firms were invited to bid for the security firm by way of an Request For Proposals and after evaluation of the proposals received, Ernst & Young (EY) was appointed as the sell-side financial adviser to facilitate the sale.

“In the course of reviewing the business of SSL it became apparent that there were some strategic questions to be addressed that might enhance the outcome of any sale process. In consultation with the JLs and EY as advisor, work was done by management to make SSL a more attractive proposition for potential buyers by negotiating new contracts with existing customers, extend the term of existing contracts and regularise break closest allow purchasers some flexibility in managing the business after acquiring it from Plaza Development Limited (PDL). EY is currently preparing an updated valuation paper and while shortly be in a position to finalise the drafts to market documentation,” it said.

Source: https://trinidadexpress.com/business/lo ... 5eff7.html

Mmoney607
30 pounds of Boost
Posts: 2546
Joined: April 1st, 2021, 9:21 am

Re: OFFICIAL CLICO THREAD

Postby Mmoney607 » November 17th, 2021, 2:41 pm

The_Honourable wrote:CL Financial land, shares, companies for sale

Image

ASSET by asset, the liquidators of the CL Financial group are selling off the company that it took Cyril Duprey and his nephew, Lawrence, 73 years to build up.

The liquidators are plodding through the sale of thousands of acres of land, millions of dollars worth of shares in a local conglomerate, a major local insurance firm, a manufacturer of resins and a security company.

When the liquidators’ task is finished, all of the assets that were acquired by CLICO, starting in 1936 when it was established, from premiums paid in by policyholders, would have been sold off or acquired by the Government to defray the cost of the 2009 bailout of the group, which had become CL Financial in 1993.

For the first six months of 2021, the liquidators of CL Financial, oversaw the sale of $177.7 million of the assets of the group, once the largest indigenous company in T&T, they say in their eighth report, which was for the period December 16, 2020 to June 18, 2021.

In that report, the liquidators, represented by Grant Thornton’s David Holukoff, provided updates on the liquidation process.

HCL’s land divestment

The liquidators placed in excess of 3,000 acres of land for sale on the open market in a process that ultimately resulted in substantial public interest, with 73 bids being received.

“At the time of the last report the sale process had resulted in three sale and purchase agreements being executed. At the date of this report a further three sale and purchase agreements have been executed, making for six total sales, of which four have successfully completed within the period for a total of $43.1 million. The remaining two sales are scheduled to complete by 1 August 2021, however this will depend on the continued impact the pandemic has on the ability for banks & service providers to close deals,” the report said.

The report noted that the liquidators, Home Construction Ltd and HCL’s secured creditor First Citizens (a direct creditor in the liquidation) are working to ensure that the proceeds of these sales are used in a manner which both provides the majority State-owned bank with the security it needs, with respect to the money it is owned, and to ensure that HCL continues to have liquidity to continue its operations during the pandemic.

The report said that the HCL management has arranged for updated survey plans for the remaining properties to be marketed in tranche two of the Land Bank as the JLs identified that certain plans held by HCL were inaccurate.

“At the date of this report eight properties have been re-surveyed; however , this project has been placed on hold due to the renewed measures in Trinidad & Tobago restricting the surveyor’s activity. The delay of the re-surveying project combined with the difficulty potential purchases will encounter in performing due diligence on the properties has led to the JLs delaying the launch of tranche 2, likely until the current set of lockdown measures has been lifted,” the report said.

It noted that since being granted approval by the court, 11 formal notices of ‘Land Likely to be Acquired for a Public Purpose’, which amount to 1,455 acres, have been filed in the Trinidad and Tobago Gazette by the Government against land owned by the HCL sub-group.

“All eleven lots will be excluded from any further marketing process and will be subject to a compulsory acquisition process which remains ongoing at the date of this report,” it said.

“On 8 February 2021, HCL submitted to GORTT its understanding of the value of the lands to be compulsorily acquired complete with renewed valuations.

The liquidators are awaiting GORTT’s response to commence the negotiation process. Completing this process in a timely manner will be critical for the settling of HCL’s secured debt and remitting further funds from HCL to CLF for the benefit of its stakeholders,” it said.

Agostini’s Share Sale

The report noted that the liquidators were authorised by Court Order to oversee the sale of HCL’s Agostini’s shares.

The liquidators have overseen the sale of 1,564, 734 shares in publicly listed Agostini’s Ltd, approximately 50 percent of HCL’s shareholding in Agostini’s Limited.

That sale was for $39 million in mid- March 2020.

“The independent brokers have continued to monitor the market in the Prior with a view to identifying a suitable opportunity to bring the shares bank to market as a bloc. There have been a further 26 sales of an aggregated 635,644 shares completed within the period at a market value of approximately $15.4 million. HCL still holds approximately 1.2 million shares in Agostini Limited. The liquidators and the management of HCL remain open to offers for the shares which reflect current market value and will ensure that any suitable opportunity to release value from the remaining shareholding is progressed in 2021,” it said.

Colfire

The report said that the liquidators engaged Broadspan Capital for the sale of CLF’s 94.2 per cent shareholding in Colfire (Colonial Fire & General Insurance Company).

“In the first phase, targeted parties within both the local Caribbean region and broader global insurance markets, who had expressed interest and who were deemed to be targets, were provided with a teaser document to ascertain their interest in purchasing the shareholding.

“In conjunction with the broker, the liquidators also arranged for the creation of a public website and the marketing of the accessibility of this website and overall commencement of the sale process in seven local and regional Caribbean newspapers in addition to the Wall Street Journal and the Financial Times, to ensure that international, regional and domestic interest in the sale would be captured. Some 38 parties registered to the sale website and 36 non-disclosure agreements were executed,” it said.

It noted that the bidding deadline was moved to July 2021.

“The sale of Colfire has to be a careful and structured process due to the regulatory environment in which it sits, and the JLs, brokers and their legal counsel are navigating the process carefully as we work with regulators to ensure a smooth transition of ownership,” the report said.

Caribbean Petrochemical Manufacturing Ltd (CPML)

The report noted that the sale of CPML was approached in the same manner as Colfire in terms of advertising, a sale teaser to 80 parties, non-disclosure agreements and a sale website. According to its website. CPML is a manufacturer of urea formaldehyde Cconcentrate (UFC85), amino resins (urea formaldehyde resins - liquid and powder) and adhesives.

“A double-digit number of bids were received by the deadline. From those bids, the most competitive bidders were chosen to proceed to the second phase of the sale process. The second phase of the sale process permits the selected bidders to perform more detailed due diligence to formulate a final, binding offer for the purchase of the shareholding,” it said. The deadline was postponed to July 26, 2021.

Safeguard Services

The report said that four firms were invited to bid for the security firm by way of an Request For Proposals and after evaluation of the proposals received, Ernst & Young (EY) was appointed as the sell-side financial adviser to facilitate the sale.

“In the course of reviewing the business of SSL it became apparent that there were some strategic questions to be addressed that might enhance the outcome of any sale process. In consultation with the JLs and EY as advisor, work was done by management to make SSL a more attractive proposition for potential buyers by negotiating new contracts with existing customers, extend the term of existing contracts and regularise break closest allow purchasers some flexibility in managing the business after acquiring it from Plaza Development Limited (PDL). EY is currently preparing an updated valuation paper and while shortly be in a position to finalise the drafts to market documentation,” it said.

Source: https://trinidadexpress.com/business/lo ... 5eff7.html


Now dss supporters could put and buy these assets!

Redman
TriniTuner 24-7
Posts: 10430
Joined: August 19th, 2004, 2:48 pm

Re: OFFICIAL CLICO THREAD

Postby Redman » November 17th, 2021, 4:34 pm

This is what happens when lazy people are brought in to cover lazy regulators arses, and they send bankers in to wind up what was their biggest competitor.

TnT lacks investible instruments.
We lack depth in the financial services sector.
We swimming in excess liquidity


Why not IPO both Colfire and clico into the market and add 2 solid companies with financing via corporate bonds backed by the businesses.

Bonds
Preferred stock
Common stock


Create wealth for the people via OWNERSHIP instead of letting the banks keep the cash at 1% without competition.

User avatar
zoom rader
TunerGod
Posts: 27300
Joined: April 22nd, 2003, 12:39 pm
Location: Grand Cayman

Re: OFFICIAL CLICO THREAD

Postby zoom rader » November 17th, 2021, 4:41 pm

Redman wrote:This is what happens when lazy people are brought in to cover lazy regulators arses, and they send bankers in to wind up what was their biggest competitor.

TnT lacks investible instruments.
We lack depth in the financial services sector.
We swimming in excess liquidity


Why not IPO both Colfire and clico into the market and add 2 solid companies with financing via corporate bonds backed by the businesses.

Bonds
Preferred stock
Common stock


Create wealth for the people via OWNERSHIP instead of letting the banks keep the cash at 1% without competition.
Certain people don't want the masses owning and growing wealth, especially black people.

Mmoney607
30 pounds of Boost
Posts: 2546
Joined: April 1st, 2021, 9:21 am

Re: OFFICIAL CLICO THREAD

Postby Mmoney607 » December 4th, 2021, 10:48 pm

https://trinidadexpress.com/newsextra/tatil-moves-to-acquire-colfire/article_1dac4a8e-51dc-11ec-bc54-cfed800f0243.html

TATIL moves to acquire Colfire


They geying whey we ting to the 1%!!!! :lol:

Redman
TriniTuner 24-7
Posts: 10430
Joined: August 19th, 2004, 2:48 pm

Re: OFFICIAL CLICO THREAD

Postby Redman » December 5th, 2021, 7:51 am

Actually TATIL out bid others by 10%+

User avatar
Dizzy28
TriniTuner 24-7
Posts: 16676
Joined: February 8th, 2010, 8:54 am
Location: People's Republic of Bananas

Re: OFFICIAL CLICO THREAD

Postby Dizzy28 » December 5th, 2021, 9:46 am

Left Tatil after 8 years a few years ago and went to Colfire.

IMG_20211205_094630.jpg

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » October 2nd, 2022, 9:14 am

Liquidators start process to sell Trincity, Long Circular Malls

Image
Some of the shops that have been shuttered by their owners at Long Circular Mall, St James, on Monday.

JOINT liquidators of CL Financial, David Holukoff, and Hugh Dickson, have started a process to sell Trincity Mall and Long Circular Mall, two of the last retail spaces owned by CL Financial subsidiary Home Construction Ltd, multiple sources told the Express Business.

The joint liquidators have procured a valuation for the properties, hired a manager for the process and issued a Request for Proposals to some of the country’s top commercial property landowners.

Together, the two malls comprise about 650,000 square feet of retail space and house about 400 stores, inclusive of kiosks.

Before the onset of the Covid-19 pandemic lockdown in March, the occupancy rate at Long Circular Mall was between 75 and 85 per cent, while Trincity Mall was between 80 and 90 per cent.

But the occupancy levels at both malls have declined substantially as a result of the lockdown in April and May and the current health restrictions aimed at stopping gatherings of more than five people

One Trincity Mall tenant told Express Business that there are a handful of businesses there that are surviving, including Tru-Value, Pennywise, and the pharmacies in the mall.

But the traffic of potential shoppers through Trincity Mall has slowed to a trickle since March.

Another tenant, who insisted on anonymity, outlined three reasons why the number of people coming to the Trincity Mall has declined.

“The cinemas have been closed down; the restaurants at the two food courts are now only allowed to sell food on a grab-and-go basis and Royal Bank has closed its branch at the mall as has Island Finance,” said the tenant.

“We are on borrowed time, unless we can get the mall management to throw out a survival line for the tenants to hold on to, or until we can see a change in the economy,” said Valentino Singh, the owner of Trincity Malls Fan Club, a store that sells football memorabilia for all of the top teams in the world.

The Trincity mall management, one of the tenants said, has so far refused to budge in responding to the tenants’ pleas for a reduction in the monthly Common Area Management (CAM) charges, which covers, among other things, the cost of promoting the mall, security, utilities and the cleaning of the common areas.

Those charges, which are as high as $17.50 per square foot, were reduced by 50 per cent during the April and May lockdown period, but when the malls in the country were reopened in June, the tenants were asked to pay the full CAM charges.

Speaking hypothetically, one tenant who is considering vacating his store, asked: “What is the logic of Trincity Mall charging me $17,500 a month in CAM fees, when since March I would get two paying customers from Monday through Thursday and a few more on Fridays and Saturdays.”

Speaking more broadly, a real estate agent told Express Business that Covid-19 has resulted in a reduction in the value of retail shopping centres in the last six months.

The much higher level of uncertainty about the future of the T&T economy and of the incomes of potential shoppers—as well as the health restrictions on congregating in groups of more than five in public spaces—has led to many people holding their hands with regard to shopping decisions.

In coming up with a price for the two malls, the liquidators would have to use an investment approach to the valuation, said one property valuation expert, which would involve looking at the current income flows from Trincity Mall and Long Circular Mall (including occupancy rates and the common area charges) and forming judgments about their future income flows.

What the liquidators said

In its sixth report to the High Court, dated June 15, 2020, CL Financial joint liquidators David Holukoff and Hugh Dickson, wrote that the Covid-19 pandemic has had a material impact on the subsidiaries of the group.

“The pandemic has substantially impacted the financial and operational position of a number of trading subsidiaries across the group, including but not limited to: Closure of all non-essential tenants of Trincity and Long Circular shopping malls in line with the Government’s stay-at-home order for all non-essential workers.

“As two of the largest income-generating assets within the Home Construction Ltd sub-group, the immediate closure of tenants significantly impacted the sub-group’s ability to recover rent from its tenants…

“Whilst identified as non-essential for the purpose of the stay-at-home order, these are key trading businesses within the group, which materially contribute to profit and cash generation; their closure has had a significant impact on the cash position of the group and posed a tangible threat to HCL’s overall solvency.”

The joint liquidators have been busy disposing HCL’s assets in order to release value to repay the CL Financial group’s creditors, which are in the main the State and state-owned enterprises:

• In March, following receipt of an order from the High Court, instructions were issued by the liquidators to HCL to sell 3,490,030 shares in Agostini’s Ltd. According to the liquidators’ sixth report: “The pandemic limited market demand for the shares during the marketing process. A sale of 50 per cent of the shares was successfully completed in mid-March to release a value of $39 million to HCL;

• In July, HCL advertised the sale of land along the East -West Corridor. In the sixth liquidators’ report to the High Court, they commented that they “intend to market and sell…about 1,700 acres in line with the sale and marketing strategy sanctioned by the Court.”

• Last Thursday, the Minister of Finance, Colm Imbert, announced in a news release that the Government “pursued the acquisition of CL Marine Ltd and its subsidiaries with the liquidators, and created the National Marine and Maintenance Services Company Ltd, a new wholly owned State enterprise for this purpose. The minister’s news release did not disclose the cost of the acquisition or the procurement process used by the liquidators.

Questions for Holukoff, Dickson

On Monday, Express Business sent questions to the joint liquidators through a T&T-based Grant Thornton employee:

1) What is the logic of the joint liquidators initiating a process to sell Long Circular Mall and Trincity Mall at this time of depressed valuations for retail commercial property?

2) Is this sale process based on credible and recent valuations?

3) If the bids are below the valuations of the mall, do the liquidators have the option of scrapping the sale or will the sale process be completed without regard to the bids?

4) Does this process have the blessing of T&T’s High Court?

5) Are the joint liquidators being pressured by the Ministry of Finance to sell HCL properties because of the length of time and the cost of the liquidation?

User avatar
nervewrecker
3NE 2NR Power Seller
Posts: 23563
Joined: July 31st, 2007, 2:27 pm
Location: The world is fl4t

Re: OFFICIAL CLICO THREAD

Postby nervewrecker » October 2nd, 2022, 10:17 am

When I say crime is a business and a tool I mean it.

Trinicity used to be prime space. All of a sudden it's overrun by criminal elements deterring tom, dick, harry, Barry, Jane, Janet and Janice from even wasting a thought on it.

As soon as it's sold off cheap the deterrents will be nudged into another direction to work.

User avatar
nervewrecker
3NE 2NR Power Seller
Posts: 23563
Joined: July 31st, 2007, 2:27 pm
Location: The world is fl4t

Re: OFFICIAL CLICO THREAD

Postby nervewrecker » October 2nd, 2022, 10:22 am

Sorry to snicker a bit about the closure of the cinemas. This chick from on that end wanted to go out and always wanted me to come up on that end to their state of the art cinemas in Trinicity.

I invited her to the south lands on multiple occasions only to be shot down because south is the badlands.

This went back and forth for awhile where she won't budge and it's a privilege I getting to take her out to the movies. I should be glad to even set foot in trincity and the cinemas and better yet be seen with her.

Meanwhile the only 4d cinema is in south, our malls have ample parking and gulf city just open a new cinema. I wonder if she ok?

randolphinshan
Riding on 17's
Posts: 1361
Joined: November 20th, 2013, 12:08 pm

Re: OFFICIAL CLICO THREAD

Postby randolphinshan » October 2nd, 2022, 10:26 am

nervewrecker wrote:Sorry to snicker a bit about the closure of the cinemas. This chick from on that end wanted to go out and always wanted me to come up on that end to their state of the art cinemas in Trinicity.

I invited her to the south lands on multiple occasions only to be shot down because south is the badlands.

This went back and forth for awhile where she won't budge and it's a privilege I getting to take her out to the movies. I should be glad to even set foot in trincity and the cinemas and better yet be seen with her.

Meanwhile the only 4d cinema is in south, our malls have ample parking and gulf city just open a new cinema. I wonder if she ok?


Any pics of this said female Nerve ? I’d be in a better position to answer you then

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » October 2nd, 2022, 11:21 am

CLICO can repay Govt by year end

Image

Executive chair of CLICO, Claire Gomez-Miller, says the insurance company can clear its $1.1 billion debt to the Government of by the end of 2022. And she said the sale of CLICO’s shares in Methanol Holdings International Ltd (MHIL) is imminent.

Gomez-Miller says the company is in a financial position to complete its repayment to the Government after it intervened in the insurance company in 2009 because of the systemic risk it posed to T&T.

The Government has spent $18 billion on the bailout of the company, a sum that excludes monies paid to lawyers and advisors over the period.

In May, the company released its financial statement for its year ended December 31, 2021, in which it reported that its total assets exceeded its total liabilities by $3.71 billion. The company declared after-tax profits of $367.6 million, which was more than double the $119.2 million it declared in 2020. The company’s profitability is attributed to its investments since it stopped writing new business in 2014. Those statements were qualified by auditor KPMG as it did not have up-to-date valuations for Methanol Holdings International Limited (MHIL) and CL World Brands (CLWB).

CLICO is 51 per cent owned by CL Financial (CLF), which is in liquidation, and 49 per cent by the Government.

In an interview with the Sunday Express in January 2022, Gomez-Miller had said that in 2018, the insurance company submitted a $11 billion claim to its parent company, CLF. Gomez-Miller observed that none of the claims submitted have been rejected but some claims, in the form of trust deeds, have been subject to court proceedings. The trust deeds have been a thorny issue for the liquidators.

In the Liquidators tenth report, it noted that in 2020, CLICO was victorious with one trust deed with regard to its shareholding in Methanol Holdings—On August 20, it was ordered that the declaration of trust was validly executed and MHIL shares belonged to CLICO.

On the issue of MHIL, Gomez-Miller said: “The valuation of MHIL shares is still ongoing, regretfully, so we have to wait before we dispose of the final debt reduction.” She said the sale “should take place before year end”.

In its 2021 financial statement, MHIL was valued at $2.58 billion. Auditor KPMG’s qualified opinion said: “The company’s investments in a subsidiary (Methanol Holdings International Limited) is stated at fair values categorised within Level 3 of the fair value hierarchy. The total carrying value of these assets is $2.58 billion (2020: $2.58 billion) representing 19.57 per cent (2020:19.05 per cent) of total assets.

“The valuation of the investment in MHIL is based on outdated information as updated information is not available to management for further analysis. We were unable to obtain sufficient appropriate audit evidence about the carrying amount of the company’s investment in Methanol Holdings International Limited as at December 31, 2021 because updated financial information about Methanol Holdings International Limited was not provided to us. Consequently, we were unable to determine whether there are any adjustments to the amounts shown in the separate financial statements for investments in subsidiaries and the separate statements of profit or loss and other comprehensive income as at and for the year ended December 31, 2021 were necessary.”

Battle over CL World Brands

CLICO is now in court with the CL Financial liquidators over CL World Brands, a CL Financial company that owns over 44 per cent of Angostura Holdings Ltd.

Gomez-Miller said in January that there are three trust deeds with claims of ownership of 42 per cent of CLWB.

The latest Liquidator report, which provided an update on the matter, noted that there have been numerous rounds of correspondence exchanged by the parties on the matters.

“On 30 November 2021, CLICO filed their affidavit in response to the JLs affidavit which numbers 500 pages with exhibits. The JLs reviewed this material and submitted a responding affidavit on 3 March 2022, which exceeded 100 pages in exhibits. The JLs are required to submit legal submissions on 30 August 2022 and will further reply to CLICO’s submissions on 25 October 2022. The matter is fixed for hearing on 10 November 2022,” it said.

In the 2021 financial statement, auditor KPMG said: The company’s investment in one of its associates (CL World Brands Limited) is stated fair value categorised in Level 3 of the fair value hierarchy. The total carrying value of the investment in CL World Brands Limited is $723 million (2020: $654 million) representing 5.47 per cent (2020: 4.8 per cent) of total assets. The valuation of the investment in CL World Brands is based on draft management accounts as at December 31. 2021. We were unable to obtain sufficient appropriate audit evidence about the carrying amount of the Company’s investment in CL World Brands Limited as at December 31,2021, because relevant audited financial information as at and for the period ended December 31, 2021 was not provided to us. We were unable to satisfy ourselves through alternative means. Consequently, we were unable to determine whether any adjustments to this amount as at December 31, 2021 and to the related elements making up the separate statement of other comprehensive income as it and for the year ended December 31, 2021 were necessary.”

The sale of the CLICO traditional portfolio to Sagicor remains stalled following an injunction granted to Maritime Life (Caribbean) Ltd in July 2020. The matter is now before the Privy Council.

“If the Central Bank wins, it means the sale can proceed. If Maritime wins, it means the matter now goes to court for hearing. And then we start another lengthy process. We really don’t know when that matter will be settled. So what has been happening here is that we have been operating and managing the organisation as though it will be around for the next five-20 years. So regardless of whatever is happening the organisation is being run as though it is not to be broken up—it’s a going concern in the best interest of the policyholders,”

She had said even if the insurance portfolio goes—CLICO will still be a $3 billion dollar company.

No word in budget

While Finance Minister Colm Imbert mentioned sums paid to the country’s coffers by CLICO, which helped offset revenues during the Spotlight on the Economy forum, he did not mention CLICO during his 2023 budget presentation. But once the sum is repaid, it paves the way for the Central Bank of Trinidad and Tobago (CBTT) to exit its day-to-day management of the insurance company.

The Central Bank, acting under section 44D of the Central Bank Act, exercised its special emergency powers and assumed control of CLICO Investment Bank (CIB), CLICO and British American Insurance Company (BAT) in January 2009. Since then, CLICO has been under Central Bank management even as the company has become profitable and able to pay off the Government debt.

In its quarterly reports to the Parliament, the CBTT has noted over time that CLICO became solvent, its Statutory Fund had sufficient and appropriate assets to back the traditional portfolio and other Statutory Fund liabilities and that it, once again, became profitable.

Source: https://trinidadexpress.com/business/lo ... d521a.html

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » November 13th, 2022, 3:48 pm

Govt gets four more CLICO properties

Image
Clico assets: This is the property at 25 Western Main Road in St James that the insurance company, CLICO, was directed by the Central Bank on March 28, 2022, to transfer to the Government or a designated Government entity. The Central Bank received directions from Finance Minister Colm Imbert in accordance with Section 44 F(5), which states that the Central Bank shall comply with general or special directions from the Minister of Finance in matters involving the Central Banks 44 (D) control of financial institutions.

GOVERNMENT has acquired three additional properties belonging to Colonial Life Insurance Company (Trinidad) Ltd (CLICO) in the last year, with the payments going to reduce of the company’s debt to the State.

In addition, CLICO was directed to transfer lands at Mausica Estate, Arima, to the Government for “an appropriate reduction in liabilities”.

The insurance company’s debt to the Government now stands at $1.24 billion.

This was revealed in the 43rd quarterly report of the Central Bank, which was filed in the High Court pursuant to Section 44 E(7) of the act, for the quarter which ended June 30, 2022. The report is also supposed to be laid in Parliament.

CLICO has been under the Central Bank’s management since February 13, 2009. The report provides an update on proposals to restructure CLICO, Bristish American Trinidad (BAT) and Clico Investment Bank (CIB).

The Sunday Express reported previously that Government acquired two properties, previously owned by CLICO, in 2020. Those properties include a building in Chaguanas and CLICO’s head office, which is located at 29 St Vincent St Port of Spain.

The Central Bank’s June 30, 2022 report reveals that further to directions from the Minister of Finance:

1. On May 11, 2021, CLICO was directed to transfer the property at No.3 Rushworth Street, San Fernando to the Government or a designated Government entity and to cover the cost of refurbishment of the said property as agreed. A purchase agreement dated June 1, 2022 was executed.

2. On March 28, 2022, CLICO was directed to transfer the property in No. 25 Western Main Road, St James to the Government or a designated entity. A purchase agreement was executed on June 1, 2022 with the deed of conveyance being prepared.

3. CLICO was directed to transfer the property on 76-78 St Vincent Street, subject to a valuation and at a price to cover the cost of refurbishment of the property. It noted that a purchase agreement was executed on November 26, 2021 and the deed of conveyance registered on April 22, 2022.

4. It noted that the transfer of land at Mausica Estate was based on an independent valuation. The Purchase Agreement was signed on July 14, 2021 and the Deed of Conveyance was registered on October 11, 2021.

The Central Bank Act at 44 F(5) requires the Bank to comply “with any general or special directions of the Minister and shall act only after due consultation with the Minister.”

All the properties have been acquired, according to the report, through an independent valuation and for “an appropriate reduction in liabilities” which CLICO owes the State.

The Central Bank report does not outline what is the valuation of the four properties, who is the valuator or the amount by which CLICO’s debt has been reduced.

CL Financial (CLF), CLICO’s parent company, which is in liquidation (CLICO is 51 per cent owned by CLF and 49 per cent by the Government), has been trying to sell the company’s land in tranches. According to the Liquidator’s latest report, it has not attracted much interest or money for the company.

In fact, according to the tenth report to the Court for the period December 22, 2021 to July 29, 2022, and signed by David Holukoff, even the Government has offered below-value sums to CLF for land which it intends to compulsory acquire for development.

Since being granted approval by the court in 2020 to sell its lands, 11 formal notices of ‘Land Likely to be Acquired for a Public Purpose,’ which amount to 1,455 acres, have been filed in the Trinidad and Tobago Gazette against land owned by the HCL sub-group.

As a result, the 11 lots will be subject to a compulsory acquisition process by the Government.

According to the tenth liquidators’ report, on February 8, 2021, HCL submitted to the Government “its understanding of the value of the lands to be compulsorily acquired complete with recent valuations.

“During the period, the Government made an offer for five of the 11 properties subject to the compulsory acquisition process, albeit at a price significantly less that the valuations obtained by HCL. HCL is attempting to understand the Governments’ valuations and commence negotiations to reach a mutually acceptable price for the lands. Further, HCL is awaiting the offer from the Government of the Republic of Trinidad and Tobago with respect to the other properties. Notably, the process remains incomplete in relation to four of the properties where no Section 4 notice has yet been issued by the Government,” the report said.

It noted that a further parcel of land has recently been notified to HCL as being subject to compulsory acquisition.

“The land in question is required by the Department of Works to build a roundabout to improve traffic flow at a site near Trincity Mall and to increase capacity for an upcoming development. Attempts were made to agree a sale to the developer to expedite matters, but the title would still have had to pass to the local authority in any event. The JLs will work with HCL to agree appropriate compensation for the land,” that report said.

$1.24 billion owed

Despite its solvency, CLICO still has a billion dollar debt to repay to GORTT.

“CLICO has reported, as at December 31, 2021, that its regulatory capital ratio is in excess of the minimum requirement under the Insurance Act 2018 (which came into force on January 1, 2021)” the report said.

The report noted that payments for interest on the preference shares due to the Government have commenced.

As at the date of the report, the remaining interest due to the Government on the preference shares was $28.8 million.

“In summary, of the approximately $18.34 billion (inclusive of preference interest due) provided by the Government in respect of CLICO, approximately $17.10 billion has been repaid by CLICO, leaving a balance of approximately $1.24 billion as at June 30, 2022,” the report stated.

In its 40th quarterly report of the Central Bank, which was filed in the High Court for the quarter which ended September 30, 2021, that debt was lower.

“Payments for interest on the preference shares due to the Government have commenced. As at August 31, 2021, the remaining interest due to the Government on these preference shoes amounted to approximately $27.9 million. In summary, of the approximately $18 billion (inclusive of preference interest due) provided by the Government in respect of CLICO, approximately $16.78 billion has been repaid by CLICO, leaving a balance of approximately $1.21 billion, as at September 30,2021,” that report had stated.

The report revealed that further to directions from the Minister of Finance, CLICO was directed to pay US$16 million in cash on June 30, 2022, in consideration for an appropriate reduction in liabilities

In an interview last month, CLICO’s executive chair, Claire Gomez-Miller said that the insurer was in a position to clear its debt to the Government.

In May, the company released its financial statement for its year ended December 31, 2021, in which it reported that its total assets exceeded its total liabilities by $3.71 billion. The company declared after-tax profits of $367.6 million, which was more than double the $119.2 million it declared in 2020.

The company’s profitability is attributed to its investments since it stopped writing new business in 2014.

Those statements were qualified by auditor KPMG as it did not have up-to-date valuations for Methanol Holdings International Limited (MHIL) and CL World Brands (CLWB).

But once the sum is repaid, it paves the way for the Central Bank to exit its management of the insurance company.

CLICO has been under Central Bank management even as the company has increasingly become profitable and apart from the debt owed to the State, does not necessarily qualify for the stipulations of 44D.

BAT

With regard to British American Trinidad (BAT), the report noted that the Government had advanced funds to BAT on July 10, 2015 to meet key operations expenditures and the “transitional insurance” policyholder liabilities in the Statutory Fund and to pay the principal balance only (without interest) of the non-assenting STIP holders.

The Ministerial directions given were for cash:

1. BAT was directed on September 21, 2021 to pay GORTT approximately $50 million in cash for a reduction in debt. The payment was made on September 28, 2021.

2. BAT was directed on May 31, 2022 to pay GORTT approximately $30 million in cash for a reduction in debt. The payment was made on June 6, 2022.

The report noted that of the $1.72 billion (inclusive of interest due) provided by the Government in respect of BAT, approximately $80.1 million has been repaid by BAT, leaving a balance of $1.64 billion as at June 30, 2022.

https://trinidadexpress.com/business/lo ... bf6c8.html

User avatar
hover11
TriniTuner 24-7
Posts: 8543
Joined: July 10th, 2016, 4:15 pm

Re: OFFICIAL CLICO THREAD

Postby hover11 » November 13th, 2022, 4:57 pm

Just remember: somehow, somewhere in the pnm, there is a guy (or a woman) who suggested doing this and gets paid way more than (most) of you... And they thought it was a good idea to bailout Clico

K74T
TunerGod
Posts: 21234
Joined: June 7th, 2010, 11:01 pm

Re: OFFICIAL CLICO THREAD

Postby K74T » December 1st, 2022, 8:00 pm

FB_IMG_1669939147098.jpg

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » December 6th, 2022, 10:26 am

Press Conference - Central Bank Exit from Emergency Control of CLICO


User avatar
snatman
I LUV THIS PLACE
Posts: 953
Joined: November 10th, 2004, 2:57 pm

Re: OFFICIAL CLICO THREAD

Postby snatman » February 9th, 2023, 2:55 pm

Untitled-1.jpg

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 5th, 2023, 4:18 pm

Privy Council to decide on 'fraudulent' sale of Clico Energy

The Court of Appeal on Monday dismissed an appeal of a High Court judge's decision to invalidate the sale of CL Financial (CLF) and Clico's lucrative energy assets to Proman Holdings (Barbados) Ltd more than a decade after the transaction was completed.

Delivering the judgment, Court of Appeal judges Alice Yorke-Soo Hon, Gregory Smith, and Vasheist Kokaram dismissed the appeal brought by Proman over Justice Devindra Rampersad's handling of the contentious lawsuit in 2021.

The legal dispute between CLF, Clico, and Proman stemmed from a sale of shares in Clico Energy, which was undertaken by former CLF executive chairman and Clico director Lawrence Duprey three days after the Government bailed out the companies, in February 2009.

At the time of the deal, CLF controlled 34 per cent of Clico Energy, with an additional 17 per cent on trust for Clico. The 49 per cent balance of the shares in Clico Energy were owned by Proman, which has its headquarters in Switzerland.

After Proman acquired Clico Energy, it was renamed Process Energy (Trinidad) Ltd (PETL),

While the appeal panel stated that Justice Rampersad correctly ruled that the sale was not properly ratified and was grossly undervalued, it suggested that he should have also found that the deal was tainted by the fraudulent assistance of Proman's agents, as suggested by CLF and Clico's legal team led by Fyard Hosein, SC.

If Proman does not eventually succeed in a final appeal before the United Kingdom-based Privy Council, the outcome of the case would be significant for CLF and Clico, who would be entitled to over US$263 million (TT$1.78 billion).

The compensation represents 51 per cent of the approximately US$517 million in dividends that PETL paid since the deal was struck.

CLF and Clico, which will also receive the 51 per cent stake currently valued at US$140 million, would be required to reimburse Proman the US$46.5 million it paid for the shares in 2009.

In 2017, the Government, which owns 49 per cent of Clico, applied to have CLF wound up to repay its creditors, of which it (the Government) is the largest.

CLF's shareholding and profits from PETL, if upheld, are likely to be used by CLF's liquidators in that process.

During the hearing, the appeal panel granted an interim stay of its judgment under the condition that Proman places approximately US$70 million in escrow pending the outcome of the final appeal.

This was in addition to the US$83 million Proman was required to place in escrow when it was granted a stay of Justice Rampersad's decision pending the appeal before the Court of Appeal.

CLF and Clico were also permitted to select four directors for PETL's board, restoring the controlling interest in PETL they had before the deal.

In the appeal judgment, Justice Smith noted that since Proman did not challenge Justice Rampersad's finding that Duprey did not have ostensible authority to enter into the sale, it (the sale) should have been approved by the CLF and Clico shareholders for it to be ratified.

He also noted that the input of the Government was required for ratification as the Memorandum of Understanding (MoU) for the bailout precluded the disposition of CLF and Clico's assets.

"Alternatively, because of the activation of the creditor interest principle on the facts of this case, the sale agreement could only have been ratified by input from the Government, the major creditor at the time, and not by the directors or even shareholders of CLF/Clico," Justice Smith said.

Justice Smith also noted that based on the evidence in the case, Proman had to have been aware that the sale was grossly undervalued.

"It was not a case of mere carelessness but as the trial judge observed, a case where business-savvy persons set about to steal a march on Government to obtain the shares at a price they wanted and not at a fair price," Justice Smith said.

"They were willing to take the gamble that this could turn out to be a sale of trust property at a gross undervalue," he added.

Justice Smith noted that Justice Rampersad's ruling that Proman's complicity in the impropriety of the deal "did not cross the boundaries of fraud" was not consistent with his findings over Proman's knowledge of the issues with the legitimacy of the deal.

"These findings and statements of the Trial Judge indicate that Proman, on an objective standard, knew or at the very least was reckless to or turned a blind eye in respect of the fact that the purchase and sale of the CLF/Clico shares in PETL was not in the best interest of CLF/Clico at the time," he said.

"I am of the view that the findings of the trial judge, on an objective standard, are consistent only with dishonesty amounting to fraudulent assistance on the part of Proman," he added.

In June, Justice Rampersad delivered an outstanding aspect of his judgment in which he held Duprey, PETL and Proman jointly liable for the dividends .

The development in the case did not mean that all three defendants each have to pay the outstanding dividends or an equal portion of it but rather that CLF and Clico could seek to enforce the judgment against one or all of them.

In a press release, Proman stated that it was disappointed with the outcome of the appeal, especially the portion which dealt with its role in the transaction.

"We have a strong case on appeal, which we will pursue before the Privy Council and are confident in our prospects of success," it said.

"Proman has been committed to Trinidad and Tobago for over thirty-five years, and we are proud of our track record as the largest investor and employer in the Point Lisas Industrial Estate," it added.

CLF/Clico were also represented by Deborah Peake, SC, Kerwyn Garcia, SC, Sasha Bridgemohansingh, and Luanne Boyack.

Proman was represented by Simon Salzedo, KC, Christopher Hamel-Smith, SC, Jonathan Walker, and Catherine Ramnarine.

https://www.guardian.co.tt/business/pri ... b2b4b10a1d

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8476
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: OFFICIAL CLICO THREAD

Postby The_Honourable » October 24th, 2023, 4:11 pm

Sale of CL Financial malls progressing, joint liquidators tell court

Image

THE sale of Trincity Mall and its commercial centre, Trincity Commercial Centre Ltd, (TTCL), is progressing.

And when that process is completed, joint liquidators are expected to approach the court for permission to begin a similar process for the sale of Long Circular Mall.

The properties are the jewels of Home Construction Ltd (HCL), a subsidiary of CL Financial (CLF), which is under liquidation which is being managed by joint liquidators David Holukoff and Hugh Dickson of the firm Grant Thorton.

In 2020, the liquidators indicated their intention to prepare the properties for divestment. In its twelfth to the court, for the period March 30, 2023 to October 20, 2023, Holukoff provided an update on their progress of CLF’s key assets under their purview as well as provide an update on the various legal matters arising from the Government’s bail out of the conglomerate in early 2009 which led to it being placed into liquidation and under the control of the Central Bank.

Justice Kevin Ramcharan is presiding over the winding up of CLF.

In the report, Holukoff said during the reporting period, the joint liquidators continued to oversee the execution and/or completion of sale agreements for assets directly and indirectly owned by CLF with a total combined value of approximately $314.6 million.

The report said in addition to that, approximately $313.2 million in cash has been recovered into the CLF liquidation estate during the period.

On the sale of Trincity Mall, the report said the liquidators received four offers for the sale in TCCL; two for the shares and two for the mall’s property assets.

The CLF Group had earlier sold HCL’s Valpark and Atlantic Plaza malls to generate cash flow for the conglomerate.

The report said none of the offers received were equal or higher than the approved minimum sale value set by the court in November 2011, which gave the liquidators the permission to sell TCCL shares or the mall.

The report said the liquidators analysed the binding offers and “ultimately selected a preferred bidder which HCL’s board approved on May 12, 2023.”

“Further negotiations with this selected bidder regarding sale term particulars are currently underway and are due to be agreed shortly

“Due to the offers received being lower than the minimum sale value approved by the court, it is anticipated that the joint liquidators will need to apply to the court for approval to complete the sale. “Preliminary preparations for this have been completed and a formal application will be made once a sale agreement has been finalised. “

It also said the liquidators continue to monitor and progress the sale process.

The report noted that when the sale process for Trincity Mall concludes, the liquidators’ intention is to “seek sanction for and progress” the sale of Long Circular Mall or its commercial centre, Plaza Development Ltd, also in 2023.

Preparatory work has started, the report said. These included the commissioning of an independent third-party valuation for Long Circular Mall, and issuing requests for proposals in respect of that valuation, the agency for the sale of the mall and transaction attorneys to advise on the sale.

Holukoff also said advanced preparations continue for an anticipated application to divest Eastern Commercial Lands Ltd, which trades the Tru Valu supermarket chain.

“ In the period, management, in conjunction with the joint liquidators, has been reviewing the operations of the company with a view to preparing it for sale.

“...A request for proposals was issued to potential brokers for the sale of the Tru Valu operation,

and management has made a recommendation after assessing the responses received. The board of HCL will consider this at its next scheduled meeting.”

On One Woodbrook Place, the high-rise apartment and commercial complex in Woodbrook, the report reminded of previous disputes with residents over increased charges and said parties came to agreement on the collection of increased charges so a court-imposed injunction could be lifted.

The report said a new sales plan for the sale of residential units has been finalised. As it relates to two three-bedroom apartments and two penthouses, three have been sold and these sale prices are being used to update the asking prices for the remaining 39 apartments.

The liquidators are also looking at strategies for the sale of vacant and occupied units either “en bloc, individually or as a completed development.”

“This work remains ongoing.”

Although the Central Bank terminated control of CLF’s insurance arm, Clico, in December 2022, ad with the company reverting back to the shareholders, the liquidators have been working with the new board and chairman and the process to sell the company’s majority interest in Clico will begin.

The report further noted that the liquidators continued to work with subsidiaries across the CLF Group to identify recoveries of cash available and all surplus funds have been distributed to CLF.

The report also said the sale of Colfire was “a careful and structured process.”

“At the time of closing the liquidation estate received $286.6 million from the sale with a further $15million held in escrow whilst awaiting various representations to conclude.

“During the period, the representations provided by CLF concluded satisfactorily and the $15 million, less agent’s costs, was released to the joint liquidators in May 2023. The formal processes of the sale have now concluded.”

Under the sub-heading Dividends, the report spoke of the issue with CL World Brands (CLWB), the beverage arm of CLF.

In June, Ramcharan settled the issue relating to the trust deeds held by CLF for Clico. He ruled that Clico was entitled to a portion of CLWB that held a 44.97 per cent stake in Angostura Holdings Ltd, worth $2.13 billion.

The report said with the court’s ruling that the trust deeds were valid, and CLF holds 42,779,350 shares in CLWB on trust for Clico, the liquidators have not appealed the court’s decision and were making arrangements to have Clico listed on CLWB’s register of members and arrange for payments of various dividends that were safeguarded since their appointment.

On the remaining trust deeds, the report said the liquidators continued to work with parties and its legal advisers to approach the court for similar directions. “These investigations remain challenging, lengthy and extensive due to the significant complexity of the underlying transactions and the vast, historic and widely dispersed nature of supporting documents.”

There is only one trust to be reviewed by them.

The report provided an update on the Clico Energy litigation. In July, the Appeal Court upheld a judge's ruling invalidating the sale of insurance giant Clico’s energy assets to Proman Holdings (Barbados), and also made a finding of fraud in relation to the transaction.

Proman Holdings (Barbados) Ltd and Process Energy (Trinidad) Ltd (PETL), formerly Clico Energy, have since appealed to the Privy Council. In June, CLF’s jefe Lawrence Duprey was ordered to pay US$139,416,295 in damages.

Other legal proceedings involving the conglomerate were also discussed in the report, including appeals relating to the liquidation of Clico Investment Bank (CIB) on its Belverdere shares and one in relation to a jazz festival. Also discussed was an acceptance of an offer of US$110,826,664 by Clico (Bahamas) Ltd.

Of CLF’s land bank, the liquidators have been permitted to divest in excess of 3,000 acres of land under an open-market sale process. In January, the liquidators received 18 bids across 18 plots of land, but a number of them were below the valuation amount. Two bids were accepted for two properties and two were acquired by the Government.

Another key asset of the conglomerate, a four-story commercial building, is expected to be sold in the last quarter of this year.

In terms of cash in hand, the liquidators say the balance on the company’s three bank accounts was $772.6 million at June.

Under “liabilities,” the report said the liquidators have made substantial progress in reviewing numerous creditor claims. So far, they have rejected claims totalling $5.8 billion and admitted some $4 billion in claims.

They have sought legal advice on claims totalling in excess of $9 billion in addition to seeking further information from the creditors.

“It is anticipated that the adjudication of those claims will be completed by December 2023, subject to any appeals of the adjudications,” or into 2024, the report said.

Under operational oversight, the report said while the direct effects of the pandemic have subsided, the Trinidadian economy remained vulnerable to current global economic patterns, leading to high inflation and increased costs.

“As a result, subsidiary companies are experiencing rising costs and revenue challenges. Consequently, there is a continued focus on monitoring cashflows and managing expenses.”

The report said despite cost increases and pandemic-related revenue challenges, HCL has successfully avoided implementing structured layoffs.

“Other operational matters that continue to be addressed include monitoring of stock management and purchasing within the Tru Valu supermarkets, developing, and growing a customer loyalty program to boost sales, dealing with trade union negotiations and staffing needs.”

It also said the liquidators are working with HCL’s tenants on payment plans and rent arrears leading to the “ average accounts receivable balance across the malls” being reduced.

:Importantly, given the intention to sell the malls and preserving and maximising value, the implemented strategy resulted in tenancy rates not materially dropping despite the difficult conditions experienced by the retail tenants.”

There are in excess of 140 subsidiaries in the CLF Group.

The report also provided an account of the liquidators’ fees. It said from January 1, 2023 to June 30, 2023, the they incurred time costs of US$1,391,288.54 (after a discount of US$902,920.84) and disbursements of US$59,180.43

“From date of appointment to June 30, 2023, the joint liquidators incurred time costs of US$15,999,507.06 (after a discount of US$7,536,747.44) and disbursements of US$718,789.07.” the report said.

The report also gave an overview of the matters the liquidators will focus on for the next six months.

https://newsday.co.tt/2023/10/23/sale-o ... ell-court/

Advertisement

Return to “Ole talk and more Ole talk”

Who is online

Users browsing this forum: No registered users and 79 guests