Tag Archive for 'Clico'

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PM’s statement on Clico

Prime Minister Kamla Persad-BissessarPRIME MINISTER Kamla Persad-Bisssessar announced that Government will establish a commission of inquiry to find who and what were responsible for the fiasco at CL Financial subsidiaries Clico, British American and Clico Investment Bank. Below is the Prime Minister’s full statement in the House of Representatives on Friday:
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Financial advice from ‘Layman Brother’

By Raffique Shah
October 03, 2010

TrinidadiansI HAVE never seen a million dollars in my life. The only time I gaped at big money—was it US$20 million?—was when the then high-flying “Sir” Allen Stanford stormed the hallowed Lord’s cricket ground in London, bearing 20-20 prize money in what appeared to be a huge casket. Most appropriate, in hindsight, since shortly thereafter “Sir Allen” ended up in leg-irons in some US jail that may yet prove to be his final resting place.
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NOT A PENNY MORE!

By Michael Harris
September 27, 2010

CLICO BailoutOne of the things which I tried to do as a parent was to inculcate in my son the knowledge that to be an adult meant being prepared to accept responsibility for the consequences of one’s actions. This, after all, is one key thing which separates adulthood from childhood. When you are a child it is assumed that you cannot be held entirely responsible for your actions and your parents or guardians are assumed to accept that responsibility in your stead. When you become an adult the responsibility is all yours.
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First Citizens Exploiting CIB Depositors

By Stephen Kangal
April 05, 2009

First Citizens BankI wish to bring to the attention of civic society that First Citizens Bank (FCB) is exploiting former CIB depositors, most of whom are senior citizens. FCB is holding us to ransom although the State has made tax-payers money available to finance the bail-out or the buy-out and made public guarantees to assuage and allay the fears of CIB customers.
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Karen’s dilemma

By Raffique Shah
Sunday, March 15th 2009
Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Karen Nunez-TesheiraWhen she entered the political arena and accepted the Cabinet position of Minister of Finance, Karen Nunez-Tesheira must have been familiar with the adage, “In politics, perception is reality.” She would also have been aware that politics exposes office holders to intense scrutiny, and more than that, all politicians are presumed to be corrupt and liars unless or until they prove otherwise. In other words, politics is downright dirty business.
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A matter of integrity and law

Express Editorial
March 14th 2009
Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Karen Nunez-TesheiraWith the charges and countercharges and demands for resignation, we remind readers that the core of the matter is law and the rule of law. It is quite irrelevant that Ms Nunez-Tesheira may not see a conflict of interest in participating in a decision-making of the Government bailout of CLICO and CL Financial. Nor are the views of Prime Minister Manning and of Mr Duprey that there is no conflict of interest. Nor can we accept Minister Enill’s advice to consider the bigger picture.

With the obvious conflict, Minister Mariano Browne should properly have been point man, and the finance minister should have stood down from the relevant Cabinet discussions. Whatever individual parties may consider of their preferred definition of a conflict of interest, we remind all that there is the Integrity in Public Life Act 2000 which is the law of the land. And there is no ambiguity in the wording of the law and the normal processes to be followed.
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Central Bank Governor Williams Must Resign

By Stephen Kangal
February 10, 2009

Central Bank Governor Ewart WilliamsIt is patently clear to me that had not CL Financial magnate Lawrence Duprey made his pre-emptive approach to Government in mid-January to mobilize State injection of liquidity into his cash-strapped investment bank, CIB, CMMB and insurance giants CLICO and British American it would have been business as usual to date.

But within the passage of a short time these major financial institutions would have eventually collapsed with catastrophic consequences for the savings of policy holders and depositors as well as for the rest of the economy of Trinidad and Tobago and the Caribbean. The Central Bank has been failing us the people of T&T for a long while. That is why Mr. Duprey the avant garde, visionary indigenous industrialist has retained our admiration. But the Government wants to hoff his crown jewels.
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Beyond Duprey

By Raffique Shah
February 08, 2009
Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Lawrence DupreyUP TO ten days ago, Lawrence Duprey was one of most admired businessmen in Trinidad and Tobago. He was not self-made, as some of his peers and predecessors were. He inherited the biggest and strongest insurance company in the country founded by his uncle Cyril. But having taken over the reins of CLICO, he quickly moved to diversify the insurance giant’s vast resources, to venture where no other local entrepreneur had, into the downstream energy sector.
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