The Clico Policyholders Group (CPG) wants Government and the Central Bank to update the public on the Clico/CL Financial matter as soon as possible.
CPG head, Peter Permell. made the call yesterday, following moves by former chairman of Clico and CLF, Lawrence Duprey, to try to regain control of his former companies by repaying the debt to Government, which had taken control of the situation via bail out in 2009 when CLF collapsed.
Duprey had sent a proposal to the Central Bank governor on March 22 and a copy to Finance Minister Colm Imbert on March 23, reportedly exclusive in yesterday’s T&T Guardian, offering an outline proposal to settle the Clico/CL Financial debt to Government.
Yesterday, Permell said, since Duprey’s spokesman, Claudius Dacon, had said nothing was heard from Government regarding Duprey’s proposal, “the scenario seems to suggest that his proposal is either not being taken seriously or being studiously ignored by the Government.
“When viewed against the backdrop of the secrecy, lack of transparency and accountability by successive administrations relative to the financial affairs of the management-controlled CL Financial Group to date, the CPG believes this is indeed cause for concern,” Permell said.
Also contacted yesterday on Duprey’s criticisms of the People’s Partnership’s handling of the companies, former finance minister Larry Howai said:
“The arrangement that was in place was that CLF was managed by a board which comprised representatives of the Government (four members) and three appointed by the shareholders of CLF, so Mr Duprey's interests would have been adequately represented in decisions that were made.
“In addition, Clico being under the control of the Central Bank also fell under the governance arrangements that the CBTT would have insisted on to ensure that all actions in relation to Clico were proper.
“In addition, the ministry employed the services of Ernst & Young to review and assist the ministry with various aspects of this process, so I am doubtful that the companies’ business was badly handled as far as the ministry’s involvement is concerned.”