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OFFICIAL CLICO THREAD

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

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toyolink
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Re: OFFICIAL CLICO THREAD

Postby toyolink » July 25th, 2017, 12:16 pm

The lack of proper information (audited accounts,valuation of assets and assessment of liabilities) is absolutely unacceptable.
I find it difficult for the courts to adjudicate on solvency of clico and believe that an order for an independent audit may be on the cards which will then inform the courts judgement.
The court may well direct the independent auditor to provided specific opinions on valuations and apparent solvency conditions.

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Re: OFFICIAL CLICO THREAD

Postby hydroep » July 26th, 2017, 6:02 am

Govt gets go-ahead to liquidate CLF

JADA LOUTOO Wednesday, July 26 2017

GOVERNMENT has been given the go-ahead to appoint provisional liquidators to preserve the assets of CL Financial as it seeks to recover a $15 billion debt left from the 2009 bailout of the conglomerate’s insurance subsidiaries Colonial Life Insurance Company (Clico) and British American Insurance Company (BAICO).

In a late evening ruling yesterday, appellate court judges Peter Rajkumar, Andre des Vignes and Charmaine Pemberton overturned a ruling by Justice Kevin Ramcharan and granted Government’s application for the appointment of two provisional liquidators. The court also varied the orders sought by the Government as relative to the powers of the provisional liquidators.

In delivering their reasons, Justice Rajkumar said the reversal of Justice Ramcharan’s ruling given last Wednesday, was justified and weighed heavily in favour of the application to preserve and protect the further dissipation of CLF assets, in the public’s interest, as taxpayers are the conglomerate’s major creditors.

As a result of yesterday’s ruling, Hugh Dickson and Marcus Wide of international accounting firm Grant Thornton, will be appointed joint provisional liquidators in accordance with provisions set out in the appellate judges’ order. Hearing of the winding-up petition, which came up before Justice Ramcharan yesterday, was adjourned to today.

Senior Counsel Deborah Peake who represented Government at the hearing, insisted the State did not rush to have the company wound-up. “We came to court when it became clear the company does not have the assets to pay its debt,” she said. “An insolvent company is not supposed to be trading.

This company is not temporarily insolvent, this company is chronically insolvent.

“Since 2009, government has been in rescue mode to see what can be done to recover the debt without liquidation. But there comes a time when enough is enough. This application is to stop the haemorrhaging of the company,” Peake said.

Yesterday’s hearing was deemed urgent by government as there was the possibility that a meeting of CLF shareholders also carded for yesterday, would have seen them appointing Kirk Carpenter and Carlton Reis to the board which would have given majority shareholders control of the board and thus, control of the company. As it stands, government controls the CLF Board by a four to three margin.

Attorneys representing the United Shareholders Group (USG) led by Carpenter and DALCO, represented by Reis, both of which together holds 60 percent of the shareholding in CLF, contended that Justice Ramcharan asked the right questions in law and correctly applied the test in determining whether provisional liquidators are to be appointed for CLF. As the principal creditor - by virtue of the $23 billion bailouts of CLF and its subsidiaries in 2009 - the Government has the majority of the directors on the board. (See Page 11A)


http://www.newsday.co.tt/news/0,246856.html

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Re: OFFICIAL CLICO THREAD

Postby toyolink » July 26th, 2017, 9:24 am

The court order which allows for appointment of provisional liquidators and the variation of the order sought by Gov't with the intent being preservation of assets could be a middle of the road result.
Proper valuations of both assets and liabilities would become mandatory and the Gov't would properly have to support their claim on the company.

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Re: OFFICIAL CLICO THREAD

Postby Redman » July 26th, 2017, 11:54 am

neilsingh100 wrote:There is no doubt that the CL/Clico assets were being mis-managed under the government which was running it like a state enterprise to the detriment of shareholders and policyholders. The government robbed policyholders of their interest and on top of that want get back the face value of the zero coupon bonds they issued to policyholders so they robbing policyholders of another 3 billion. Sad to say but I have more faith in Duprey than the government at this point.


Im confused as to why its either or.

How is it the shareholders are even relevant at this juncture?

Unless of course its undeniable that there is actually a residual balance after you net off the Assets and Liabs.

But the GORTT says no....so what claim does an EQUITY holder have in a company that has a negative net worth???

If they so sure of their plan-they should be willing to sign personal guaranteed loans to the tune of whatever billions they promising to 'repay' and let them buy the companies from the GORTT

Separate purchase agreements -that will have conditions if the NEW owners default.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 26th, 2017, 1:28 pm

Vasant made very good points. The thing is, the PP govt which he was part off did not release audited accounts during their time in office for CL financial.

CL Financial & Clico are solvent, Govt not be truthful

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 26th, 2017, 1:40 pm

CL Financial shareholders unhappy

The ruling of the Appeal Court to appoint provisional liquidators for CL Financial can have unintended ramifications for this country’s economy, chairman of the CLICO Policyholders Group Peter Permell said last evening.

Contacted after the ruling, Permell said while the court’s decision was respected, it meant “bad news for the taxpayers, shareholders and the economy.”

“While we respect the ruling of the court we do not agree with it and we believe there is going to be some fall out in terms of untended consequences. Perception is also going to play a part in the whole scheme of things, but we will only know the impact of the ruling when the public digests it, especially the investment community,” Permell added, noting filing an appeal was also always an option.

The ruling, which came last night, left many shareholders who were present in the court disappointed and surprised.

“I don’t expect a large conglomerate like CL Financial simply taking the ruling just like that. The best thing to do would be to appeal the court’s decision,” one shareholder said.

Earlier yesterday, the much anticipated special general meeting of CL Financial, at which shareholders wanted to table proposals to have two additional members added to the board, was put off to October at the court’s request earlier in the day. Several shareholders met at the Queen’s Park Oval in Port-of-Spain for just under an hour before taking the decision.

Permell, who spoke to the media about the ramifications of appointing a provisional liquidator, said, “The question of appointing a provisional liquidator would almost be like an indelible stain on the company and once you appoint a provisional liquidator that sends all sorts of signals to the financial community and the economy of T&T.

“This is not a parlour or a grocery around the corner. This is a multi-billion dollar company that you are seeking to appoint a provisional liquidator in the first instance and then a winding up order to appoint a full fledged liquidator to have the company wound up, so these are matters you have to take very seriously.”

Source: http://www.guardian.co.tt/news/2017-07- ... rs-unhappy

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Re: OFFICIAL CLICO THREAD

Postby redmanjp » July 26th, 2017, 7:37 pm

so i better cash een a term policy i had there a long time then

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Re: OFFICIAL CLICO THREAD

Postby sMASH » July 27th, 2017, 7:33 pm

I cash that in as soon as I had the chance!!


Plain talk:

Chico needed money cause methanol and ammonia prices were low, and they definitely couldn't prop up the charade any longer.
They borrowed it from the government who used taxpayers monies.
Condition that duprey could get back his company if he repays the monies borrowed.
I as a tax payer want back meh blasted money.


If they can liquidate and recover the monies owed, then go ahead. If they cant, then keep it going and repay with the profits.





Clico should not have been bailed out in the first place. But now that they owing the government, let it up run until the payback all the money

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Re: OFFICIAL CLICO THREAD

Postby teems1 » July 27th, 2017, 10:26 pm

redmanjp wrote:so i better cash een a term policy i had there a long time then


Term policies do not have any fund growth and usually only have a payout if the insured dies (Death benefit).

Term is often the cheapest form of insurance. You may be thinking of unit linked policies which are more expensive but have a fund growth.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 28th, 2017, 12:05 am

Prime Minister full speech on CL Financial



Cliffs:

- Clarified that he was a back-bencher when the Manning Government bailout CL Financial/Clico.

- Was against the bailout initially because no figure was given which caused uproar within the PNM party as he was at odds with Mr Manning. Manning attempted to get the bailout pass thru with opposition support but realized it would have failed.

- He eventually agreed to the bailout once a figure was given (5 Billion) and that Republic Bank shares will not go to NIB which was run by Calder Hart at the time. His vote allowed the bailout to proceed.

- Not about "Black People" but about the taxpayers money.

- 7 billion that was received back in 2015 from CL financial to the government was "by accident". The methanol plants was attempted to be sold outside of bylaws and the minority shareholder Proman, sued. Proman won and the arbitrator ordered for one of the plants to be sold. This settled debt to Proman and the remaining, which is 7 Billion, coming to the government.

- Criticizes one specific Radio host for spreading misinformation who was not named.

- Clarified that the debt was approximately 23 Billion TT with 7 billion being re-payed leaving approx 15 Billion outstanding. A recent payment of $500 Million was received from Angostura.

- Confirmed that CL Financial have no audited statements.

- Angostura profits was going abroad to CL World Brands in Scotland. Legal action initiated.

- Shareholder agreement was initially for 3 years with the initial 5 billion bailout. Extended 17 times where shareholders began refusing on August 2016.

- Under the PP, then finance minister Dookeran approved Short Term Flexible Policies to be re-payed. Many said that policy was a ponzi scheme and that whoever participated should stand their losses. 11 Billion was injected.

- Shareholders attempt to put 2 more directors on the board so that the government has a minority is a "hostile takeover". Government will not allow 15 Billion to be unsecured.

- Potential loss of 15 Billion can cause further downgrading by rating agencies.

- Initial 5 billion had interest attached to it. Subsequent injections was at 0% interest with no inflation adjustment.

- No secret plan to sell these companies to the 1% and financiers of the PNM.

- No firesale of assets but to safeguard instead. CL Financial is now under the court via the provisional liquidator.

- The "black man dis and black man dat" excuse needs to stop.

- More issues on CL Financial to come out soon.

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Re: OFFICIAL CLICO THREAD

Postby pugboy » July 28th, 2017, 3:50 am

So who is the owner of cl world brands that angostura keep sending money to ?
Should not be hard to guess I gather.

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Re: OFFICIAL CLICO THREAD

Postby Dizzy28 » July 28th, 2017, 9:21 am

Rowley's points above seem satisfactory IMO.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 28th, 2017, 12:00 pm

CLF shareholders willing to go to Privy Council


PM take on CL Financial


Peter Permell on PM'S statement regarding CL Financial


CL Financial Shareholders reply to PM


PM clears air on State acquisition of land in Buccoo

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 28th, 2017, 12:05 pm

Buccoo Estate acquired for $174 million

Government has purchased the controversial Buccoo Estate in Tobago, popularly known as No Man’s Land, for $174, 806,775 million.

The 398.42 acre property, which is listed as one of the CL Financial’s (CLF) assets, was sold earlier this year. Each acre was valued at US$65,000, bringing the total value of the secluded property to US$25,897,300.

In 2016, Clico carried on its balance sheet the value of the land at roughly $187 million. The transfer agreement was completed on March 2017.

However, at a press conference last week, Carlton Reis, who represents CL Financial shareholders under the group United Shareholders Ltd, had estimated the land at $500 million.

Clico Policyholders Group chairman Peter Permell, in a July 16 Sunday Guardian article, said a Project Rebirth report prepared by PricewaterhouseCoppers estimated the fair market value of the property at approximately $867 million.

The land will be offered to Sandals chairman Gordon “Butch” Stewart for the construction of two hotel resorts comprising 750 rooms.

Yesterday, Prime Minister Dr Keith Rowley confirmed Government purchased the property at market value. He said an issue was raised recently about Government’s taking possession of the CLF assets, noting it was argued that what was on the books was not the real value and Government should have sought a valuation.

“But it was said that the lands we took in Tobago in lieu of the debt and set off against the debt might have been improperly done and the value might not have been established properly. Let me today put that to rest,” he said.

“The Government, quite properly, through the relevant authority in all of this, the board set off the monies owed for the value of those land. And the value was established by reputable independent valuators in Trinidad and Tobago. And that is the value at which the Government’s debt was reduced by virtue of the value of this land.”

The PM warned all those who have been saying the Government took possession of the land and paid “half X for it... nothing is further from the truth. The law requires that any disposal of assets under the Central Bank, as it is now holding assets for Clico…any disposal requires fair market value. And that is exactly what we got in that.

He said the valuation was based on an analysis of 100 per cent of the common stock of Occidental Investments Ltd and Oceanic Properties Ltd, owned by Clico.

Rowley said a lot of misinformation was being put out in the public domain by people who were unaware “but who are fuelling conspiracies and ascribing misconduct to the Government” was misleading.

“Those lands would have been acquired by the Government at full market value established by reputable valuators.”

Rowley left a copy of the valuation for the media’s perusal, but did not field questions about the land.

Source: http://www.guardian.co.tt/news/2017-07- ... 74-million

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Re: OFFICIAL CLICO THREAD

Postby hydroep » July 29th, 2017, 5:42 am

$1.1bn transferred
Shaliza Hassanali
Published:
Saturday, July 29, 2017

Finance Minister Colm Imbert says approximately $1.108 billion of Angostura’s profits was siphoned off to Scottish firm CL World Brands (CLWB) over a period of several years.

But Imbert assured that this CLWB matter will be tackled vigorously, and the exact amount of money lent, what it was used for and the beneficiaries in the transactions will be unearthed.

He made the disclosure one day after Prime Minister Dr Keith Rowley said Government had discovered that “substantial profits” from one of CL Financial (CLF) subsidiaries—Angostura Ltd—had been transferred to CLWB, creating a pool of funds outside of T&T.

“We found out in recent weeks that the Angostura profit was going to a company in Scotland called CL World Brands, purportedly owned 100 per cent by shareholders who were bailed out by the Government,” Rowley said during a statement to the nation on Thursday.

Having examined the facts, Rowley said they realised that the shareholders did not in fact own 100 per cent of the company. Rather, he said 60 per cent of Angostura belonged to CIB and Clico, while the remaining 40 per cent was owned by the Scottish company. Rowley also indicated that Government was alarmed by this development, but discovered that one person was responsible for facilitating this activity and took action.

The PM’s statement came two days after the Government was given the green light by the High Court to appoint provisional liquidators to preserve the assets of CLF, as it seeks to recover a $15 billion debt following its bailout of the conglomerate in 2009. Government has bailed out CLICO and CLF related companies to the tune of $23 billion, but to date only $7.5 billion had been repaid.

When asked in an email yesterday exactly how much of Angostura’s profits CLWB had received, Imbert wrote, “In Mr (Vishnu) Dhanpaul’s affidavit (Permanent Secretary in the Finance Ministry) in the application to the court to appoint provisional liquidators, its is stated that $1.108 billion was taken from CL World Brands and “lent” to CL Financial.”

The transfer, Imbert said, was done over a period of several years.

Asked how the Government eventually discovered the profits were being transferred to CLWB, since there was no audited financial statement provided to Government through its board members, Imbert said the figure of $1.108 billion “lent” by CLWB to CLF was recorded in CLF’s April 30, 2017 management accounts.

Asked if the Government can now retrieve the substantial sum, Imbert said they had applied for the appointment of provisional liquidators to preserve and protect the assets of CLF.

“This CLWB matter will be addressed when the provisional liquidators determine the exact amount of money “lent” by CLWB to CLF and what it was used for, and by whom, and who the beneficiaries of this money were,” Imbert wrote.

Imbert, however, refused to identify who was the person identified as the facilitator of the siphoning of the funds.

In the winding up petition filed in the High Court by Dhanpaul on July 11, it was suggested that former managing director and group CEO of CLF Marlon Holder may have had a role in the matter.

In his affidavit, Dhanpaul sated that Holder was terminated on the grounds that he caused the sum of $403,750 to be paid to the United Shareholders Ltd (USL) for professional and business consultancy fees without invoices for those services. The petition document also stated that Holder, who began working at CLF on February 25, 2016 and was fired on June 28, caused or facilitated the write off of inter-company debt without board approval, caused dividend from Angostura Ltd to be transferred to CLWB and or CLF without prior notification to the board, engaged in Pricewaterhouse Coopers purportedly on behalf of CLF for the preparation of Project Rebirth without authorisation and failed to report to the board any details of the project.

Under the headline CLWB in the petition, it stated that CLF had taken a number of unsecured loans from Scottish subsidiary CLWB.

“According to a report submitted by the chairman of CLF dated June 20, 2017, over the past three years CLF has borrowed a total of US$138.6 million to pay inter alia debts of subsidiaries and other creditors, but not the Government of T&T,” Dhanpaul wrote.

The petition stated that these were long term loans with five-year moratorium for payment.

“CLF’s shareholding in CLWB is one of its assets that it had proposed to be applied to settle its indebtedness to the Government,” the petition stated.

Issue picked up in 2016

Fired managing director and group CEO of CLF Marlon Holder, who is challenging his dismissal in court in a filed affidavit dated July 24, says it was Angostua chairman, Dr Rolph Balgobin, who first brought to his attention CLWB board approval for two loans made from CLWB to CLF.

“The corporate secretary confirmed that there had been approval for one loan and that she was unsure at the moment about board approval for the second loan. All monies borrowed from CLWB were used to pay taxes and other loans due to Government related entities,” Holder stated in his affidavit.

Holder explained that Ingrid Lashley, nominee of the Government of T&T, then raised the issue of not ever seeing the accounts of CLWB since their appointment to the board in 2016.

“She indicated that the Government nominees knew nothing about CLWB. I responded that CLWB was on the list of companies that were assigned board members including Balgobin,” Holder stated in his affidavit.

Holder said Lashley enquired about the signing off by him of the 2015 accounts of CLWB without board approval.

“I told them that I was asked by KPMG that same day, then Jennifer Frederick (CLF’s corporate secretary) said that if I did not sign off the CLWB accounts they would miss the filing deadline and CLWB would be subject to being absorbed by the UK Treasury,” Holder said in his affidavit

Holder said he did not have time to call an audit committee or board meeting in the circumstances.

“My main concern was that CLWB, which had about US$13 million or thereabouts in cash, would be lost to CLF and that I wanted to act immediately as the filing deadline was that day and KPMG had just finalised the accounts,” Holder wrote in the affidavit

Holder said that then enquired about the impairment of the loan to CLF on CLWB books.

“I said it was the auditors KPMG who impaired the CLF loan on the basis that CLF could not repay the loan. The impairment figure was £71 million. I said that CLWB is a 100 per cent owned subsidiary of CLF. To correct the impairment is for CLWB to receive payment from CLF and simultaneously CLWB pay CLF a dividend (a net off transaction),” Holder said in his affidavit.

After being interrogated by the Government nominees whilst they ate pizza, Holder said he was asked by Balgobin to leave the room.

Calls to Holder’s cellphone went unanswered and he did not respond to a text message yesterday.

Also a female who answered former CLF chairman Lawrence Duprey’s phone said he was not available for comment.


http://www.guardian.co.tt/news/2017-07-28/11bn-transferred

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Re: OFFICIAL CLICO THREAD

Postby Redman » July 29th, 2017, 7:31 am

Good thing this isn't a publicly trade company,cuz they would have had to submit and publish audited accounts.

For this to escape the board for so long is the real question here.

Seems like the lack of audited accounts is not the cause for GORTT to be out of the loop.

Gang rape of the policy holders 2.0

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Re: OFFICIAL CLICO THREAD

Postby sMASH » July 29th, 2017, 8:57 am

In the press briefing, scarfy was pressed about that shortcoming. His response was to the effect that they are pursuing that matter, but not enough has been decided to actually talk about. I look forward to see if they take action to have a bit more accountability

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Re: OFFICIAL CLICO THREAD

Postby Redman » July 29th, 2017, 9:36 am

All well and good Smash-
but like the WASA workers that ignore the leaks on the road,the MOWT that ignore the holes IN the road... they can provide IMMEDIATE solutions if they conscientious.
AHL would have published 5 or 6 sets of financials every year....declared dividends and had AGMs....none of the GORTT board appointees noticed that about 150M was missing every year

AHL declares profits-GORTT should know what the disposition of the dividends are.......and the people on the board MUST have known that money was leaving....

You lend a piper money.....you know he gets paid on the 15th-you at his door on the 14th....

Who ever left the space for this sheeit to happen is part of the scheme...

I call BS on not knowing

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 31st, 2017, 11:26 am

Ex-finance minister to Govt: Why no CLF statements?

Where were CL Financial’s audited financial statements? That was the call from former People’s National Movement (PNM) minister of finance Mariano Browne, as he spoke on the CLF issue yesterday.

Browne raised the query among others he said need to be answered on the CLF matter—especially following statements by Prime Minister Dr Keith Rowley on the issue last Thursday.

Rowley spoke after Government won its appeal against CLF majority shareholders, obtaining the right to have provisional liquidators at CLF. Shareholders’ attorneys will be filing an appeal on this at Privy Council level today, United Shareholders Ltd’s Carlton Reis said yesterday.

Browne, on another aspect, responded to last Friday’s criticism by the Finance Ministry on some of the statements he made on the CLF matter on radio last week.

Browne said, “I’ve noted the ministry’s media release indicating the time line I provided wasn’t accurate. The release states that the last extension to the shareholders’ agreement expired on August 31, 2016 and the so-called ‘plan’, Project Rebirth, was only submitted by the shareholders on January 6, 2017, over four months later.

“Therefore, the shareholders didn’t refuse to extend the agreement because the Government refused to respond to a plan from the shareholders for repayment of money owed by CL Financial.”

He added: “I thank the ministry for their prompt response and correction. For the benefit taxpayers and for informed public discussion on the CLF matter, I’d be grateful if the ministry would, with the same promptness, inform the national public of several other aspects which require answers.”

Some aspects arise from the Prime Minister’s complaint last week that there had been “great difficulty” in getting information about CLF’s financial position and there were “no audited statements” of companies.

But Browne said the Memorandum of Understanding agreement between shareholders and Government—on the 2009 bailout following the collapse of CLF’s CLICO subsidiary—had required CLF’s board to submit audited financial statements .

“And the board under the bailout agreement was —after the agreement—controlled by Government,” he added.

“So the Government needs to tell taxpayers why CLF’s board, which it controlled, didn’t provide audited financial statements for eight years as it was required to provide under the MOU with shareholders.”

Currently, Government’s four directors on CLF’s board are Dr Rolph Balgobin (chairman), Kirby Anthony Hosam, Terrence Bharath and Ingrid Lashley. Shareholders’ interests are represented by Albert Tom Yew, Fredrick Gilkes and Trevor Marshall.

Browne added, “Government also needs to explain whether shareholders gave the Government and any of its appointees on the CLF board, reasons for refusing to extend the shareholder’s agreement. If so—what were those reasons?

“Taxpayers need to know as well, whether the CLF debt has been agreed or disputed by the shareholders and how long did the Government take to respond to the Project Rebirth Plan submitted by shareholders?”

He said the Finance Ministry also needed confirm whether it has spent $3.46 billion on professional advisory fees on the CLICO matter, as has been claimed,and how this expenditure is made up.

“For accountability, taxpayers must be told who the fees were paid to, whether any adviser to Central Bank or otherwise was paid any fees, how much recipients were paid, for how long—and what was the benefit of these fees to taxpayers,” Browne said.

“I trust the ministry would promptly provide the relevant information in the public domain to ensure taxpayers are informed and that facts on this matter aren’t misrepresented by any Government minister, present or past.”

Source: http://www.guardian.co.tt/news/2017-07- ... statements

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 1st, 2017, 12:30 pm

Advocacy groups slam lack of transparency in CLF bailout

Several groups questioned what they said is a lack of transparency regarding the CL Financial (CLF) bailout.

Rishi Maharaj, CEO of Disclosure Today, David Walker, President of the CLICO Stakeholder Alliance and civil society advocate Afra Raymond said Prime Minister Dr Keith Rowley's recent statement on the CLF legal actions also raises some interesting questions.

"Over the past eight and a half years each of us in our own capacity have made several requests for financial information regarding the bailout. Afra Raymond has gone so far as to petition the court for access to that information. Having won, he is still facing an expensive and drawn out appeal by successive administrations seeking to withhold the information from the public. David Walker and Disclosure Today also have made a series of requests that have been either ignored or denied. What this clearly demonstrates is that across the political divide, there is a clear policy of denial of information to the public," the group said.


Related Article : PM denies CLF fire sale, slams race talk
"The Prime Minister’s recent statement on the CLF legal actions also raises some interesting questions. Was the Government also denied access to these critical pieces of information, or, is it that they inexplicably did not request it. What reporting did the Cabinet and the Ministry of Finance demand in support of these huge advances?"

"We heard from the Prime Minister that they have only “just discovered” a number of things that would have been obvious had they ever bothered to seek the information that we sought."

"After eight years and a half of expensive governmental control the population is now being told that the government did not know what was being done or how tax payers monies was spent while government appointees were “in the saddle”. What other surprises remain hidden?"

The group said that government should 'lift the veil' erected around their appointees' actions and respond to the group's requests.

The group also condemned the lack of accountability surrounding the situation.

"Additionally under the bailout arrangement, not only did we give the appointees over twenty billion dollars of taxpayer dollars, we also made them immune from any legal action without requiring prior court approval. The only reporting demanded was an unspecified quarterly report that in practice said nothing. Even then, it was only supplied to Parliament on four occasions when there should have been more than a dozen. Asleep in the saddle, nobody in Parliament noticed," the group said.

The group also questioned whether the company's insolvency was prior to or during the bailout.

"These are important matters and should be the minimum of information demanded by Cabinet and Parliament. It also begs the questions - 1. Has the government been running an insolvent company in defiance of our laws, and 2. Did we advance money to CLICO/BAT based on assets in an insolvent CLF?"

The group said that there seems to be more questions than answers after Dr Rowley's statement on the issue, and added that over the next few days they will be resubmitting their requests for information.

"The government would do itself and the country a favour if it responded positively," the group said.

Source: http://www.looptt.com/content/advocacy- ... lf-bailout

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 1st, 2017, 8:58 pm

Statements by Browne were true... according to Reis


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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 3rd, 2017, 5:30 pm

Colm Imbert discusses CL Financial. Starts at 01:03


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Re: OFFICIAL CLICO THREAD

Postby Redman » August 4th, 2017, 11:49 am

This is where we see the political directorate try to justify dotishness.
Imbert flailing.

The lack of transparency is astounding

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 5th, 2017, 12:18 am

Redman wrote:This is where we see the political directorate try to justify dotishness.
Imbert flailing.

The lack of transparency is astounding


Agreed!

Mariano rebutting Imbert. CL World Brands money is in an escrow account controlled by government directors... that hasn't gone anywhere :lol: :lol: :lol: :lol: :lol:


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Re: OFFICIAL CLICO THREAD

Postby pugboy » August 5th, 2017, 4:08 am

The dalco reis connection with Duprey is very sinister indeed
Shows that the rumors of duprey coming to take back company and not paying back money borrowed to be very likely, note duprey was quoted by the U.K. Commission judge as almost criminal in use of other ppl money.

Mariano Browne is also another duprey boy, he used to run a Barbados bank called ccb, owned by clico.
So they all have cocoa in the sun

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Re: OFFICIAL CLICO THREAD

Postby SR » August 5th, 2017, 8:09 am

Imbert does not have the background to deal with this mess and is quickly digging his own grave as finance minister. Pnm is not telling all on the original bailout and rowley already take front and pulled himself out of any responsability for the current situation. On the flipside clico boys much smarter than you think and there are a lot of finacial loop holes they have been using over the years. In rhe end the shareholders and taxpayers are now bearing the burden of this entire bailout.

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Re: OFFICIAL CLICO THREAD

Postby pugboy » August 5th, 2017, 9:49 am

for real, he only embarassring himself with his arrogance
these folks are international grade smartmen accustomed to dealing with billions of dollars all over the world

the man who knows everything apart from duprey is monteil and maybe tesheira who keeping her ass quiet
and well patrick who 6 ft under

SR wrote:Imbert does not have the background to deal with this mess and is quickly digging his own grave as finance minister. Pnm is not telling all on the original bailout and rowley already take front and pulled himself out of any responsability for the current situation. On the flipside clico boys much smarter than you think and there are a lot of finacial loop holes they have been using over the years. In rhe end the shareholders and taxpayers are now bearing the burden of this entire bailout.

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Re: OFFICIAL CLICO THREAD

Postby SR » August 5th, 2017, 10:04 am

Yup she stayin reeeeeel quiet cuz she doesnt want anyone looking at her portfolio period

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Re: OFFICIAL CLICO THREAD

Postby Redman » August 5th, 2017, 11:23 am

Monteil as former treasurer for PNM in a real position to bare all.

And duprey still have people handling his stuff...same faking response he gave to queries on the original collapse.

This should have been IPO d out 5 years ago.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 5th, 2017, 11:41 am

A $78 million Commission of Enquiry basically said that Duprey and co do mess to cause the company to collapse where the possibility of criminal charges are high. Central bank spent $105 million on the Bob Linquist Forensic Audit. DPP hands tied because the office not getting enough funding from the Government to pay auditing firm Deloitte who is doing a criminal financial audit by the request of the DPP into CL Financial. A forensic audit may have to be called again into CL financial but this time to see what BS the government has been doing since they took over in 2009. Meanwhile, the Government running CL financial like a typical state company. Imbert saying is not he and blaming the previous administration where the fact is, the Rowley administration in government close to 2 years now so they have some responsibility just like the Kamla and Manning administrations.

So the question is, who worse running CL financial? Duprey or the Government?

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