Home

CL Financial Bailout – The Real Case

Sen. Larry Howai, Min of Finance

Sen. Larry Howai, Min of Finance & the Economy

In 2013 I sued the Minister of Finance & the Economy for his continuing failure or refusal to provide the details relating to the huge $25 Billion bailout of the failed CL Financial group.

On Wednesday 22 July 2015, the High court ruled in my favour by ordering the release of all the requested information.

The basic principle behind the Freedom of Information Act is that the information held by Public Authorities belongs to the public, unless one of the valid exemptions is applicable.

The Court also granted the State a 28-day stay of execution which seems intended to allow them the time to decide whether to appeal before they have to provide the requested information. Given the ongoing Information War and the high stakes to maintain the ‘Code of Silence’ in relation to this bailout, I would not be at all surprised if the State were to appeal against this ruling.

The unexplained gap

On 1 October 2010, the Prime Minister addressed Parliament to explain that $7.3 Billion had been spent on the bailout and that a further estimated $7.0 Billion was required to settle all debts. That is a 2010 estimate of $14.3 Billion to settle the CL Financial bailout, but the current estimated cost of the bailout is in excess of $25 Billion. That means that over $10.5 Billion more than the 2010 estimate has been spent, so where did all that extra money go? That information and the defined official policy of secrecy are at the heart of this scandal.



CL Financial Bailout – Steal of a Deal

The CL Financial bailout was a steal of a deal for the owners of that troubled company. After all, the wealthiest man in the Caribbean was able to obtain an interest-free loan exceeding $25 Billion in Public Money at a time when no one else would lend him. Our Treasury was effectively the ‘lender of last resort’, so those terms were hugely in favour of CL Financial and its controlling shareholder, Lawrence Duprey. What is more, the shareholders kept all their shares.

In the previous column, I stated my view that Mariano Browne had taken what seemed to be a position supportive of Lawrence Duprey’s attempt to regain control of CLICO. I also pointed out that Browne was a member of the Cabinet when that fateful and detrimental deal was made to bail out CL Financial in 2009 and called on the significant members of that Cabinet to explain their rationale. I went further to say that Browne was one of the five significant persons who had been requested to testify and refused to do so.

browne-karen-dupreyI am pleased that Mariano Browne has replied on the record, so this column will deal with those valuable points. For starters, it is even clearer than before that former Minister of Finance, Karen Nunez-Tesheira, has serious questions to answer in relation to her central role in this bailout. Given that financial training and experience formed a weak part of her profile, one can only wonder at what prompted Manning to appoint Nunez-Tesheira to that position. We will see. In addition, the terms which were negotiated between the State and CLF are essential to understand today’s dilemma with respect to Duprey’s ambitions. A related issue which needs clarity is the role of the powerful, unelected ‘bigger heads’ who are seemingly in control of our country.



AUDIO: Election Hardtalk interview on Power 102FM – 16 Jul 2015

Power 102 FMAfra Raymond and Peter Permell are interviewed on the ‘Election Hardtalk‘ show on Power 102FMFM by Tony Fraser about the continuing impact of the CL Financial bailout on the economy and the request to get back the company by Lawrence Duprey. 16 July 2015. Audio courtesy Power 102FM

  • Programme Date: Thurday, 16 July 2015
  • Programme Length: 1:19:47



CL Financial Bailout – Impunity Insanity?

© 2015 Dion Jennings

© 2015 Dion Jennings. Used with permission.

The headline ‘Duprey wants back CLICO‘ in the Sunday Express of June 28th 2015, did not surprise me at all. That is exactly the threat against which I have been warning throughout my campaign against this appalling and unprecedented bailout.

To allow Lawrence Duprey to regain control of CLICO would do serious violence to the fundamental notions of the law not allowing persons to benefit from their wrongdoing.

Already, we can see various positions being taken – the Movement for Social Justice and Peter Permell of the CLICO Policyholders’ Group stating their objections, while Mariano Browne (former PNM Treasurer and Minister in the Ministry of Finance) and Mary King (economist and former Minister of Planning) setting out what seem to be supportive positions.



CL Financial Bailout – False Firing?

Prime Minister Kamla Persad-Bissessar greets former Clico chairman Gerard Yetming, second left, and former Senate president Timothy Hamel-Smith, second right, after they showed up at a UNC “foot soldiers” mobilisation meeting in Debe on Tuesday. Also in photo are Oropouche East MP Dr Roodal Moonilal and UNC campaign manager Rodney Charles, left. PHOTO: RISHI RAGOONATH

Prime Minister Kamla Persad-Bissessar greets former Clico chairman Gerard Yetming, second left, and former Senate president Timothy Hamel-Smith, second right, after they showed up at a UNC “foot soldiers” mobilisation meeting in Debe on Tuesday. Also in photo are Oropouche East MP Dr Roodal Moonilal and UNC campaign manager Rodney Charles, left. PHOTO: RISHI RAGOONATH

I smiled at the page three photo of the Prime Minister holding hands with recently-dismissed CLICO Chairman, Gerald Yetming, at a UNC meeting in Debe on Tuesday 23 June 2015. As serious as the situation is, I just couldn’t help myself.

Yetming was a UNC Minister of Finance during the Panday administration and had been appointed on 28 September 2010 as Chairman of CL Financial Ltd, the parent company of the ‘CLICO group’ being bailed-out by the State.

I declined many requests for comment on this controversial episode, since something about it did not seem quite right. The actual CLICO dismissals were incredible to my mind, not only because there did not seem to be any conflict between the stipulations in the CBTT’s 3 June Press Release and the reported beneficiaries – that is explained in the sidebar. It is even more bizarre when one considers that Yetming, in whom all confidence was apparently lost after allegedly-unauthorised payments to former CLICO Directors, still serves as Chairman of the parent company, CL Financial Ltd.

There is a widely-held view that the CL Financial chiefs should not be recovering any of their money from this huge collapse before the completion of the Colman Commission and the publication of its Report. I share the public concern that no money should be paid to the persons who were in charge of that sinking ship. Not one cent. Nothing should be paid to the CLF chiefs until we have had the proper opportunity to consider the findings of the Colman Commission. Even with its severe limitations, that Colman Report would be our closest opportunity to understand this epic financial crime. To pay out money to those Directors and Officers who were responsible before the Report is published would be reckless in the extreme and jeopardises the public interest.



Our Land – Land for Everybody? Part 2

SIDEBAR: The Minister responds

This is a short video (courtesy of TV6) in which the Minister of Land & Marine Resources, Jairam Seemungal, responds to questions on the occupation of State lands in Couva by SIS Ltd, one of the main financiers of the Peoples Partnership.

The ‘Land for the Landless’ program, which is being implemented by the Land Settlement Agency (LSA), has now been redefined in such stark terms that I have decided to call it by a more appropriate title ‘Land for Everybody’.

The previous article set out the main points of the revised program. That detrimental law was approved by the House of Representatives on Wednesday 3rd June. Although we have now heard that the new law to amend the State Lands 1998 Act was withdrawn just before the close of our Parliament on Friday 12th June 2015, we are also being told that it will be approved if the Peoples Partnership is returned to office after the national elections in September.

This change to our country squatter regularisation law is therefore now being held out as an expansive election promise to regularise the status of some 60,000 landless people. That proposed program is a severely detrimental one which will likely lead to greater problems in the important question of our country’s human settlement policy. It is therefore necessary to highlight the dangers this new ‘Land for Everybody’ program poses to our collective interests.

The Minister of Land and Marine Resources, Jairam Seemungal, gave several interviews which attempted to rebut my criticisms, so it is important that that these fundamental issues be properly understood. The public interest demands nothing less.



“Couch Discussion” on Making Legislation Work at Trinidad & Tobago Transparency Institute’s Anti-Corruption Conference Friday 20th March 2015 – Ian Chinapoo, Catherine Kumar, Afra Raymond – moderated by Winston Rudder

Afra Raymond’s main remarks are between 19:26 and 32:15


Our Land – Land for Everybody?

A detrimental ‘land grab’ is almost upon our country and we all need to be alert to prevent the destruction of our patrimony and prospects.

Hon. Jairam Seemungal, MP. Minister of Land and Marine Resources

Hon. Jairam Seemungal, MP. Minister of Land and Marine Resources

The State owns most of the land in the country – recent estimates by Minister of Land & Marine Resources, Jairam Seemungal, place the proportion of State-owned land in the 63% range – and as such those lands are critical national assets with which a progressive government could seek to address issues of poverty in a sustainable fashion. Those policies would have to be redistributive in nature if they are to effectively address the serious poverty faced by some of our citizens. That means the State using our resources to provide affordable land and housing to those who are unable to do so in the open market. It is critical to ensure that these redistributive programs operate properly so that the benefits will go to the needy persons for whom they are intended. Those are objectives which I fully support.

I quipped that the ‘Land for the Landless’ program should be re-named ‘Land for Everybody’, but recent developments have turned that quip into a growing reality.



Integrity Inquiry

ic-logo

“…The question really is integrity, and if he or she does not have it he or she should not be a Commissioner in the first place. The simple fact is that try as we might, we cannot legislate for integrity…”

From Press Release of 21 June 2013 by then Integrity Commission Chairman, Ken Gordon, in response to strong criticisms of his meeting privately and alone with opposition Leader, Dr Keith Rowley.

Once again we are beset by what appears to be yet another fiasco at the Integrity Commission, so Ken Gordon’s fateful words echo in my mind.

Given the current political season, there is every temptation to discuss this crisis as being caused by the impending election, together with either the improper behaviour of the present Peoples Partnership government or the ‘PNM operatives’ who infest the public service. You can take your pick from those prevailing theories, but I think these recent and alarming events were preceded by earlier ones. So much so that when the entire situation is placed in context, we are facing a troubling scenario in terms of the extent to which we can trust high public officials.

The current crisis is serious enough grounds to require a full Commission of Enquiry into the conduct of the Integrity Commission since the 2000 revisions to the Integrity in Public Life Act (IPLA).



Land for Everybody?

My letter to the Editor was published in the Trinidad Express on 3 June  2015 as “Protecting our patrimony.”

The Editor,

The government laid the State Land (Regularisation of Tenure) (Miscellaneous Amendments) Bill, 2015 in Parliament on Friday 29 May and I am reliably informed that it is due to be approved at today’s sitting (Wednesday 3 June 2015).

Given the continuing absence of the Opposition PNM from our Parliament and the sporadic coverage in the media, it is important that the main points of these new proposals be exposed –

  • Application date – formerly, persons who had illegally occupied State Lands up to January 1998 were entitled to be regularised – the new law would move that date to June 2014. That means that more persons will be regularised;
  • The numbers – There are serious questions arising about the numbers to be regularised in this process – the PM said recently that 30,000 were to be given Certificates of Comfort, Minister Seemungal is now saying that it is really 60,000, while the LSA website gives estimates of 250,000 persons. So, just what are we counting? Do these numbers represent inhabitants or is it the number of lots? We have no real clarity on just how much additional land is to to be allocated in this new process.
  • Where is the land? – The Schedule of the new law is an A to Z list of designated areas in every district of our country, so these are really expansive proposals. All areas will be affected.
  • The rationale – Minister Seemungal stated that there are extensive aerial surveys and other information being used to guide this process, but I think significant caution is necessary. The lack of an open process of policy review and formation in this important matter is proving very expensive for our collective interests. Have other State agencies and stakeholders been consulted?
  • Who benefits? – We do not have any open database on the allocation of public housing, state land or even all property. Which means that the real beneficiaries could remain unknown. Of course that is a recipe for the misallocation of State lands on an epic scale, so it is important to establish some transparent mechanism to examine what is happening.

Just remember that Minister Seemungal was the one who refused to provide details on the terms under which SIS occupied certain State lands at Couva, claiming that those details were private. The PM told the Parliament the next day that the Minister had denied making those televised statements. As I wrote recently in the ‘Our Land’ series, the new rules for the ‘Land for the Landless’ program, make it seem that the real name should be ‘Land for Everybody’.

We need to be alert to protect our patrimony, particularly in relation to property.

Afra Raymond
JCC President


Our Land – The Caroni Case, part 2

The previous article outlined the size of the Caroni lands and some of the intended uses to which that land would be put. I contrasted the positions taken by UWI in 2003 and my own from 2004, with the current situation.

UWI’s July 2003 Position Paper – ‘A Framework for National Development: Caroni Transformation Process‘ – was developed by diverse contributions, mostly made at a special seminar on 27 April 2003. At that time there were strong rumours that the then PNM government, headed by Patrick Manning, intended to close Caroni (1975) Ltd. The expressed fears at the time were that PNM supporters, friends, family and financiers would all benefit from a ‘land grab’. Caroni was a State Enterprise which had made heavy losses in the virtually 30 years since it had been purchased from its British owners, sugar giant Tate & Lyle.

The UWI Seminar was most timely since their Position Paper was issued in July 2003 and presented to the then Minister of Agriculture, Land & Marine Resources, John Rahael, in September 2003. Caroni (1975) Ltd was closed on Emancipation Day 2003.

The UWI study took a long-range view of the Caroni issues and as such it is an important document which set a framework for these Caroni lands. The land area was determined, at Appendix 1, to be 74,780 acres. At page 30, ‘Consultation’ is specified as the first requirement for the development of these lands.



Our Land – The Caroni Case

Caroni (1975) Ltd, the loss-making sugar conglomerate which was also a State Enterprise, was closed on 1 August 2003. The Caroni estate has to be located within the wider context of our national Land Policy, if we are to make sense of what is happening.

“The now-defunct Caroni (1975) Limited includes lands the size of Tobago whose value has been under-stated and which now could fall prey to a land grab……The current Caroni Transformation Process is about converting national assets into private assets. In the main it is serving the interest of those who wish to generate private capital from public wealth stocks; for this reason the current process is exploitative and fraught with inequity.

“The historical model is being excruciatingly exacted on Caroni lands. The current transformation clones the historical model.” The Report criticised areas of the current restructuring process which echoed those of the exploitative historical model. It said: “The enterprise is conceived to control land space. To control land space especially prime property near the port is to control the socio-economic agenda. Land is leased on gratuitous terms, 99 years for example, without publication of the terms of the lease or tenure. This leaves the process open to political and economic opportunism and speculation…”

These extracts are from UWI’s Position Paper – ‘A Framework for National Development: Caroni Transformation Process’ dated July 2003 as reported in the Trinidad and Tobago Newsday.



Our Land – The meaning of the 1992 Land Policy

The Trinidad & Tobago Land Policy of 1992 has not been reviewed, withdrawn or superceded. Those are the facts. The responses of various public officials when queried, and the routine conduct of public bodies in relation to public land, are both in conflict with the existing policy. This article will explore the gap between the official policy and official conduct.

The 1992 Policy contains elements which are substantially beneficial to our nation.

Land is very important, especially because the quantity is very limited, so we need future-looking and properly-enforced Land Policy if we are to have a sustainable future in our country. I am specifically using ‘we’, since the important role of land requires us all to have a stake in these progressive outcomes. I am also specifically using ‘in our country‘, to emphasise the fact that most of us will have to live here.

This week’s column will set out some of the key elements in the 1992 Land Policy, so that we can begin to understand just why it has been effectively dismissed from official consideration.

State ownership

Hon. Jairam Seemungal, MP. Minister of Land and Marine Resources

Hon. Jairam Seemungal, MP. Minister of Land and Marine Resources

An important consideration is the high proportion of public land in our country, at para 1.2 on page 2 of the Land Policy we learn that an estimated 52% of the whole is State land. We also recently heard Land & Marine Resources Minister, Jairam Seemungal, state that the proportion of land belonging to the State is of the order of 58% of the whole. Because so much of the country’s land belongs to the State, it is therefore critical to ensure we have a robust policy in respect of State land.

An estimated 47% of State land is forested and therefore subject to certain controls. The non-forested State lands are about 133,000 hectares, which is about 329,000 acres.

The estimated land area designated as suitable for cultivation is about 35% of the whole, comprising about 179,000 hectares or 442,000 acres.



Our Land

landpolicy

10 CONCLUSION

10.1   A small State such as Trinidad & Tobago must accord a very high priority to the judicious management and utilization of its land resources or perish. All elements of land policy must be designed to ensure that these finite resources are efficiently utilized and husbanded in such a manner as to serve the long term interests of the national community.

—Conclusion of “A New Administration and Policy for Land” (19 November, 1992)

Click here to download the 1992 Land Policy

Long-standing public concerns over land allocation have been increased by a number of recent events. Most notably there have been reports of leases of waterfront land at ‘Chagville’ for a waterpark and the Chaguaramas Convention Centre for a hotel project. The other episode to have attracted interest is the alleged occupation of 35 acres of Caroni land by SIS in Couva in contested circumstances.

hdc-logoWhen one considers the recently-announced projections for distribution of 100 new homes per week by the Housing Development Corporation (HDC) and the huge ‘Land for the Landless‘ proposals, it is clear that land is a hot topic. It is tempting to dismiss these proposals as being mere electioneering, but that would be a grave error, in view of the importance of land in our society. Justifiably so.




You might also be interested in…

OLDER POSTS
Explore the site using the menu or search bar to reach archived posts on AfraRaymond.com

KEEP UP WITH US
RSS Feed
Email
AfraRaymond.com on Facebook
STORE
E-book

  1. #1 by Winston Padmore on August 9, 2009 - 6:12 pm

    Afra, Once more, well done.

  2. #2 by shakey hadeed on August 9, 2009 - 8:18 pm

    Afra
    Congratulations………do you know that you have written some winners!
    Love your by-line:”A Thinking Man’s weblog.”

    Good Job.
    Blessings.
    Shakey.

  3. #3 by Gerard G. Darlington on August 9, 2009 - 10:34 pm

    Hello Afra ,
    Good to see you have taken the conviction to the next level .
    Best wishes
    Gerard

  4. #4 by Jacquie on August 10, 2009 - 2:21 am

    Congrats Afra, had a quick glance, will return when I’m more alert. Best, J

  5. #5 by Rubadiri Victor on August 10, 2009 - 7:15 am

    Great stuff Afra. Web presence is a must. Should also light a fire under me to get mine and my book done…

  6. #6 by Bliss Seepersad on August 10, 2009 - 8:10 am

    Well done Afra – (timely too) – will be checking for further updates.

  7. #7 by Wayne Kublalsingh on August 10, 2009 - 9:42 am

    At this juncture in our history, there is very little more important than a critical mind attentive to our national finances and economy; a nun to get up like clockwork at four every morning, to scrub and scrub and clean out the Saturday night rumshop. Best wishes.

  8. #8 by Russell King on August 10, 2009 - 2:41 pm

    Excellent idea Afra,
    Great stuff. Getting a broader scope on the thinking of the reading public.

    Will be visiting very often.
    Thanks for this.

    Russell

  9. #9 by Sammy on August 10, 2009 - 4:17 pm

    Wow you do inspire me….

    Thanks for doing this and putting it all online.

    Sammy

  10. #10 by Sherly on August 11, 2009 - 9:26 am

    WOW, I like the picture how it blends in with the colours. Thanks for giving freely. You are a miracle, a genius !!!

  11. #11 by Lara QT on August 11, 2009 - 9:56 am

    Great job Afra !! Thank goodness for the internet – free speech is alive and well..

  12. #12 by Jameela on August 11, 2009 - 1:43 pm

    Now I can finally read your articles whenever I please! Brilliant. If I ever want to know what you think about things – I now know where to look.

    Love from your darling daughter

    P.S… Why am I not surprised that the website’s colour scheme is blue? Ha.

    • #13 by Afra Raymond on August 14, 2009 - 12:11 am

      Hi Jameela,

      Your comments are welcome and of course this is just to say that my Business Guardian series ‘Property Matters’ is available at our firm’s website http://www.raymondandpierre.com/articles. That series covers real estate, land use planning and property investment/financing issues.

      Take care, Love

      Afra

  13. #14 by LBIWI Sem for Professionals on August 12, 2009 - 8:58 am

    On behalf of LBIWI Seminar for Professionals, thank you and congratulations on this step. Look forward to collaborating and sharing the messages.

  14. #15 by Stacy Christopher on August 12, 2009 - 9:45 am

    As per usual you have risen to the occasion. Keep fighting the good fight.

  15. #16 by Norman Girvan on August 12, 2009 - 9:47 am

    Dear Afra,

    thanks for the notification. I did catch one of your articles in the Business Guardian and was much informed by it and by liked your willingness to ask the tough questions and tackle the issues that might “mash the corns” of powerful and influential people. I had no idea that you had done so many articles and stayed with this issue over an extended period of time.

    Congratulations! Its all the more important given the media’s propensity to trivialise and sensationalise these matters. In the case of the CL Financial affair, after the initial burst of publicity, what became a media event was the Finance Minister’s role in the matter and whether she should/will resign or not. Though this is not unimportant, the almost exclusive focus on this aspect of the affair diverted attention from the more basic issues, which in my view have to do with regulation, governance, campaign financing and the influence of powerful groups on policy making; issues which I am sure you have tackled, judging by the article headings.

    The same issues have surfaced in a trillion dollar context in the U.S. — I am sure you have read Simon Johnson’s article in the Atlantic Monthly on the take over of countries all over the world, including the U.S itself– of financial oligarchies.

    Continue to analyse and speak out fearlessly, Afra, it is our only hope. I will certainly read this series with interest, and link it to my blog and draw readers attention to it.

    Norman

  16. #17 by Roxanne Forde on August 12, 2009 - 4:14 pm

    congrats fra, dey cyah keep a good man down!

  17. #18 by Naadia Porter on August 13, 2009 - 1:50 am

    Afra, I loved Jameela’s comments and yes it’ll also give me the opportunity to read what you’ve written.

    So is blue your colour after all?

  18. #19 by Thecla on August 16, 2009 - 10:03 pm

    Afra,

    Great look, Excellent content!

    Thecla

  19. #20 by Christopher McMaster on August 17, 2009 - 11:01 pm

    Afra,

    Literature resonates with the illegitimacy of social finance. Thomas More heads the list and he fits this bill, Gandhi preached against it in vain, colonialism propagated it so that silence was golden as King Midas should have heard.
    The solutions exist but the guns of wealth oppose all intelligent movements to the social freedom the world needs to fallow the fields for tomorrow. Cubism resounds as commerce. Castro’s “The Rich Do Not Know Hunger,” like the silenced voice of Lloyd Best, sought sane responses to the myriad sad fleecings of our economic gains. The condonation is intelligent. Unless we concoct a region-wide political miracle we must wait. Nothing happens before its time.

  20. #21 by Kwasi Mutema on August 18, 2009 - 12:29 pm

    Hi Afra,
    Congratulations. Your information and thoughts can now reach a wider population of readers. This is a good strategic and intelligent decision. You are now further onto the world stage.

    Stay focussed,
    Kwasi

    • #22 by Afra Raymond on August 18, 2009 - 6:21 pm

      Hi Kwasi,

      I would be very interested in your reaction to the ‘Emancipation’ piece.

      Thanks for the support

      Afra

  21. #23 by Lisa James on August 19, 2009 - 6:10 pm

    Raymond,

    Indeed…! What can I say!

    As a regular recipient of your ‘thinking’, I’m delighted to know that this ‘Thinking Man’s Weblog’ will now provide a platform for you to share your thoughts with thinking people across the globe.

    As I’ve often said, what seems to be missing in today’s world is ‘cerebration’, in favour of action (or inaction, as the case may be). But you, my dear friend are one of the few, who can be counted on for subjecting the issues of the day to your scrupulously thinking mind, and…for having the courage of your convictions to not let up, in spite of popular sentiment or opinion.

    Through this website, you have positioned yourself for even further greatness, and I pray that you will continue to be blessed by your effort and hard work, as you continue to bless us all with your pure, unadulterated thinking.

    Yuh sistren,

    Lisa

  22. #24 by Christopher McMaster on August 20, 2009 - 8:25 am

    “CLICO opens new agency to take up slack” by
    Curtis Rampersad Business Editor.

    http://www.trinidadexpress.com/index.pl/article_news?id=161520223

    Express, Thursday, August 20th 2009

    This is just another delaying tactic.

  23. #25 by Ingenium on August 21, 2009 - 9:48 pm

    Sir, you are on the button in so many aspects of this matter, I must applaud your work and add there is one more (known) conglomerate fitting the CL Financial ‘profile’ and it is important that something is done before it reaches the current state as CL. That Company is the GHL Group, with an almost identical model to CL re its political strings i.e. Duprey/Panday- Naz (now Lok Jack)/Manning etc. and CBTT equally directly under its influence currently attempting to cover-up more than four investigations into this group on Pension fraud, Insurance fraud and cooking books literally to the value of TT$Billions!

    • #26 by Afra Raymond on August 23, 2009 - 7:26 pm

      Ingenium,

      I am always wary when replying to these nicknames – it seems that that is a part of our culture which has moved into the virtual world along with much else…The question of other regulatory shortfalls and the ongoing issues of ‘different strokes for different folks’ continue to bedevil us here.

      I have a personal interest in the health of the Guardian Holdings group since most of our retirement investments were moved there a few years ago when we withdrew from CLICO, so I will certainly be looking closely at that situation.

  24. #27 by Rae on August 23, 2009 - 12:16 pm

    Keep up the good work Afra. Too many of us keep silent on matters that we should have an opinion. I will be reading all the back items and have shared this blog with others. hope you can get some good discourse going!
    all the best.

    • #28 by Afra Raymond on August 23, 2009 - 7:27 pm

      Many thanks for your support and passing on the word, Rae.

      I would be interested in your take on the events as reported in this blog, or any Bajan perspectives you might be able to share.

      All best wishes

  25. #29 by Ashvin Akal on August 24, 2009 - 6:50 pm

    Dear Afra,

    Both the Financial Institutions Act and the Company’s Act have been breached.
    The Regulatory authorities have failed to prosecute anyone….a travesty of Justice.

    Who turned a blind eye to CL Financial’s wrongdoings? How did Audited Financial Statements fail to significantly sound loud Alarm bells?
    Trinidad sadly remains an old boys club. For the love of Money the Country continues its rampant decline. Money is more important than human life, Money over integrity, Money over the issues so fundamental to a well run country.
    I feel lost as a Trinidadian not knowing where to turn…unable to support any Political Party. The bicameral method of Governance a dismal and resounding failure.
    I applaud you for your patriotism and bravery.
    But I fear Afra…it is far too late….as a people, as a Society and as a Nation…we reward ourselves for being clever, for not getting caught as we continue to sell “Snake Oil solutions” to a very gullible public.

    When 85 plus employees of CIB lost their jobs in January, no one asked any of the numerous multi-millionaires to pay these peoples salaries for 6 months…so that they could live with dignity, have time to find new jobs, pay their mortgages and look after their children.
    The day before, $160 Million in bonuses were paid out to senior Executives.
    What a caring, compassionate and responsible people we have become.

    Publicus Defutatus Est.

  26. #30 by Stephanie on August 24, 2009 - 7:16 pm

    Afra
    Very interesting.
    Continue the good work

  27. #31 by Orson Noel on August 26, 2009 - 9:48 am

    Afra,
    Keep the fires blazing, on the CL. issue, great write up.Thank for the blog. Keep up the good works.
    Orson.

  28. #32 by Deryck on August 30, 2009 - 5:39 pm

    Very nice job, Afra. Hope that all is well…from one of the other Raymonds.

  29. #33 by Christopher McMaster on October 17, 2009 - 10:22 pm

    Afra

    On Fri, Oct 16, 2009 at 8:29 PM, Christopher Mc Master wrote:

    Afra, (With ref. to the data on the link below)

    This is serious. Where does truth lie? How can we teach morals when the leaders of finance in a capitalistic world practice immorally. It is unconscionable, impractical and almost wasteful because they will be slaughtered. Who rights these wrongs? You remember that Building 7 that was demolished on Sep. 11, 2001 housed the US Securities and Exchange Commission. Many documents must have conveniently disappeared as a consequence. We need a Third World Order, separate and apart from all first world intervention. They may only interact on our terms. We have the money, skill, resources and time. We need the will.

    Christopher McMaster
    48 Erthig Road
    Belmont
    Port of Spain
    Trinidad
    West Indies
    Home, 868-624-5451
    Cell, 868-682-0678
    e-mail: cmcmaster@tstt.net.tt
    e-mail: mc.masterchris@hotmail.com
    Alternate: c.a.l.mcmaster@gmail.com

    Date: Thu, 15 Oct 2009 20:45:41 -0800
    Subject: Re: CLICO
    From: afra@tstt.net.tt
    To: cmcmaster@tstt.net.tt

    Chris,

    I had read those reports before…will be resuming coverage of this issue soon

    Check this one out…http://www.kycbs.net/PriceWaterhouse.htm

  30. #34 by REGINALD FRANK on October 19, 2009 - 12:24 pm

    Informatively and immensely interesting. Please keep up that torch that enlightens and educates.
    Kind regards,
    Reginald.

    • #35 by AfraRaymond on October 19, 2009 - 12:28 pm

      Reginald,

      Thanks for your support on this. I am shortly going to be posting some new material on the CL Financial bailout and the first 2 parts of my ‘Property Matters’ series on the government’s property tax proposals.

      Please spread the word.

      Afra

  31. #36 by ingenium on October 26, 2009 - 3:14 pm

    AFRA/ ALL
    I need some help with this one, it is personal but I hope ‘instructive’.
    Is there such a scenario in (Trinidad) law where in my case a very Powerful Corporate entity (former Employer) upon realizing the strength of my case against theirs’ filed a ‘tangential’ action against my lawsuit of “Wrongful Dismissal and Blackballing” for over Eight (8) years, on the (frivolous) grounds that as a consequence of the pre-action dialogue between being ‘slow’ i.e. the parties’ lawyers in some instances taking months to get back to each other for reasons beyond my control that it (the pace of the lawyers’ dialogue) in itself shows the Plaintiff (me) is not interested in the matter and ‘petition’ the judge to throw the case out on this ground, and that such ‘secondary’ action when brought by the Billion Dollar conglomerate (Defense) whether successful or not could result in the Plaintiff (unemployed with family) having to pay the cost of all counsels?!!!! Think carefully before answering as this could mean that any corporate giant can file such action against the “little man” and pile expensive counsels in the matter as he would have to pay their cost anyway thus negating the value of any settlement he would have gotten if he wins the substantive case frustrating him to death, is this a fair and just law according to natural justice?!!!! Do Unions know of this law in our law books most grievously against the average citizen???
    Any feedback would be appreciated as the judge rules on Friday 30th October 2009 and note this is (according to advice given) ‘Trinidad law’ so it could happen to you or your family in future as long as it remains!!!
    (NB: The Statutory period is not a factor, the case has been successfully filed and its pro bono hence I felt further ‘limited’ in my ability to impact the process, this is happening after the filing.)

  32. #37 by allan on November 13, 2009 - 5:01 pm

    afra/all
    I “ve read your piece on12/11/09 and I”m as disgusted as you are by the whole CFH bailout. What really gets me is madam minesters happy and cheerful attitude,asif the gov.was the one getting the bailout. Also Mr central banker saying he could”ve stomp the feet of the centipede that is clico but stomping the feet could n”t turn the head. Now in the absence of proof opperant conditioning is befall us all, we cant demand that proof.Sad ,for all we know gov and CFH may be splitting invesrers profits as CFH was paying 10% and fcb ?3% a spred of 7%. It”s strange that oil & gas at that time was $40. & $4 and gov would do bailout, then trintoc forced? to float a bond six month thereafter. good luck in finding truth. allan/

  33. #38 by sean ifill on December 10, 2009 - 9:33 pm

    the biggest conspiracy is that of silence. keep pressing for more information. there should be a legal obligation for information concerning the public use of funds to be made available.

    Another issue which seems to be seditious and often overlooked is the fact that companies particularly private ones are not sufficiently regulated because the accounting rules are at best feeble. Public companies themselves should be obligated to disclose more information on their balance sheets and that should be given foremost concern; even more than the income statement.
    As well strengthening of the rules governing auditors and the roles they play in a small society needs to be examined. Who guarding de guards, eh?

    keep on trucking, ‘fra.

    • #39 by Afra Raymond on December 12, 2009 - 12:13 am

      Hi Sean,

      Many thanks for your supportive comments, it is good to know that some people at least are not dumbstruck by this cascade of events. Many of the good people we formerly held in esteem have now joined the conspiracy of silence and the open looting of our treasury continues at an increasing pace. I have to say that these days have acquired a strange and unsavoury flavour, much like the whining just before the last crash here.

      I am very interested in your points on the relative value of the Balance Sheet as against the Cash Flow Statement…can you please let us have some more of your thoughts in this forum?

      In my reply to that, I am also going to share some of my views on the CL Financial 2007 accounts. Next Friday is 18th December and that is the legal deadline for the Ministry of Finance to reply to my application (under the Freedom of Information Act) for the second MoU. I await that reply with interest.

      Yuh done know that it go be a next fight to get a hold of the 2008 audit for CL Financial, since that is likely to be as revealing as the Jouvert Sunrise, eh? But I will keep you posted. This piece by Norman Girvan is a good review of the ECCU restructuring of the insolvent British-American Insurance – http://www.normangirvan.info/wp-content/uploads/2009/11/clico-again.htm. You should check his website and Barbados Free Press.

      Til later, my brother

      Afra

    • #40 by sean ifill on June 13, 2010 - 7:17 am

      u must comment on the Marlon Holder issue since this is another case of slight of hand.

      • #41 by AfraRaymond on June 13, 2010 - 9:27 am

        Sean,

        I wrote about the Home Construction Ltd. borrowings from First Citizens’ bank on Thursday 10th – ‘Testing the Terms’.

        As I said then, that facility appears to have been an over-concentration of risk, at a preferred interest rate, to a troubled company. All capped by the fact that its essence is that of an ‘excessive related-party transaction’, to cite Ewart Williams’ prime cause for the collapse of the group.

        As to the allegations over Directors’ Fees and the special price on the apartment, I do not have any ‘inside info’, beyond what is in the Express, and have commented as far as it seemed necessary. Let me explain that the Directors’ fees seem reasonable for an exercise of this nature – and I see that today’s Express has once again focussed on that aspect – if anything, they are on the low side. As to the apartment sale, the group is in distress and is well-known to be offering significant discounts to un-connected purchasers on their units, so there seems little merit in the idea that Holder’s deal is something decisive in all this.

        Is there another aspect to the story you are seeing?

        Many thanks for re-appearing.

        Afra

      • #42 by Simpleton on September 14, 2010 - 8:23 am

        I hear yah bro…do some investigation into Holder – lies and cover u fuh so – yet another duprey or worse??? check it out…never see someone with little or no scrupls in every area of life. truth will come out bro..keep diggin…

  34. #43 by C. McMaster on January 23, 2010 - 12:48 pm

    Two quick points, one local and one regional

    On Thursday 21st January 2010, Afra Raymond made a most interesting observation about our political and economic consciousness on CTV. With reference to the mismanagement of taxpayers money by Colonial Life (CLICO) or CL Financing that it has matured into, he ably demonstrated how Trinbagonians who know finance have generally remained silent on this issue. In particular he cited the PNM, UNC and the COP that all have certified economists at their disposal, who collectively have the moral, social and ethical responsibility to guide public opinion have been very silent on the disappearance of 76 billion dollars of invested dollars in just over two months, Dec and Jan of 2008/9. The media can only report what is offered and we are fortunate to have access to this level of public debate on state issues but our lack of specific data-balance sheets and audit reports- can only lead to rumour spreading and speculation.
    Nigerian playwright, Wole Soyinka says in his 1972 prison notes: “The man dies in all who remain silent in the face of tyranny” and we are doomed to persistent domination (poverty) until we face ourselves in a Caribbean Court of Justice and have the perpetrators repay these monies. Our integrity is at stake and we are taught that these issues are too big to be challenged by us. Is that so? See this link: http://www.afraraymond.com

    If the world is as determined to “restore Haiti” as so many tear-filled reports claim, can we not design a “Venus Project” type of city there as a prototype of our collective will to advance the world since a chain is as strong as its weakest link and Haiti has been branded “weakest” by every text published on it?
    See: http://www.thevenusproject.com

    Please comment freely.

    Christopher McMaster

  35. #44 by Orson Noel on February 2, 2010 - 4:16 pm

    Orson Noel :Afra,Keep the fires blazing, on the CL. issue, great write up.Thank for the blog. Keep up the good works.Orson.

  36. #45 by Orson Noel on February 2, 2010 - 4:18 pm

    Hey Afra, let’s hook up, long time nuh see. Give I a call man. 398-5647.
    I am back home, bro.
    Orson.

  37. #46 by MICHEAL ESPINET on February 19, 2010 - 9:58 am

    ALL OF THIS IS JUST WOOL OVER THE PEOPLE EYES, PRATICK WILL JUST COVER UP FOR DUPREY, WHO IS FLYING HIGH, WITH THE MONEY HE THIEF, FROM CLICO. SOME OF IT WAS DONATED TO THE pmn.

  38. #47 by L. E. Edwards on March 16, 2010 - 11:44 am

    This company must have been in trouble before January 5, 2009. All their prospectuses looked good. So, as a good citizen, and wanting to diversify, I move Money from my US go nowhere accounts, and THE UNIT TRUST Corporation, to put a six figure sum into CLICO Investments. Six day later, they go bankrupt. Did they use my Unit Trust Check for one final fling for somebody? They will pay! Now, I want to shoot somebody, but since I am non-violent, and have publicly professed this over and over, I will send a plague of disease on all those who deprived and continue to deprive my child of his inheritance. May cancer eat them all up.

  39. #48 by ASHVIN AKAL on March 18, 2010 - 9:39 am

    March 18th 2010 at 9:25AM

    Hey Afra,
    Great to see the comments that keep rolling in. You have been speaking with a great deal of clarity on another Financial Disaster…the almighty UDeCOTT…
    How could CH Development, incorporated 10 days before a Tender upon which they bid ever have been a valid entrant?…and then when they won the bid, change their name to Sunway Corporation? Please look into the career profile of the two key members of Sunway..you will be flabbergasted to learn their real occupations in Malayasia prior to winning Trinidad’s newest Lotto! run by the Untouchables…
    our new breed of Super Zeroes!

  40. #49 by Paulie C on March 29, 2010 - 3:04 pm

    From the Tribune (Bahamas) of today’s date – 29 March 2010. Despite her “hold strain” rhetoric, events outside of Trinidad will probably force the sale of CLF assets, if there are in fact any unencumbered ones to sell.

    Mr Gomez, in his Supreme Court report, said he has consulted his attorneys, Callender’s & Co, about “the enforceability” of CL Financial’s guarantee, given his concerns on the issue and the fact it represented a key potential source of recovery for CLICO (Bahamas) creditors.

    “I was advised that a statutory demand had to be first made before a debt recovery action could commence in Trinidad,” Mr Gomez said. “I have instructed the attorneys in Trinidad to proceed with the statutory demand.”

    The guarantee, executed by CL Financial and its chairman Lawrence Duprey, the man many hold most responsible for CLICO (Bahamas) collapse, pledged that the Trinidadian parent would reimburse its Bahamian subsidiary if CLICO Enterprises failed to repay the collective $58 million advanced, plus interest at 12 per cent. CLICO Enterprises, Mr Gomez concluded, was established as the holding company for CLICO (Bahamas) non-insurance investment activities.

  41. #50 by tamana on May 4, 2010 - 10:21 pm

    And another thing.

    http://www.caa.com.bb/2009_Presentations/A_Forensic_Review_of_Pension_Plans_Al_Kiel.pdf

    Slide 17.

    Yes we KNEW.
    And would write CYA.

    But I will also say…
    never did I think… it would come to this.

    But … as I said… who cares.

  42. #51 by David J. Comma on May 18, 2010 - 9:00 am

    Excellent interview (18/5/10). Well done!
    David

  43. #52 by sean ifill on June 30, 2010 - 5:40 pm

    Afra, I don’t know if u spoke to this issue raised last year by Republic Bank:

    Approximately $200 million was set aside by Republic for bad loans, of which $134 million was needed to cover CL Financial, he said in an interview later. In its report for the six months ending March 31, Republic recorded profit after tax of $819.5 million, 31 percent less than recorded one year ago. See the June 2009 issue of the Newsday.

    Have u and what has the government done to increase regulatory compliance on related party txs?

    What has Republic Bank done to remove the effects of Clico?

  44. #53 by sean ifill on June 30, 2010 - 5:49 pm

    ‘Fra, the underlying issue that I was raising with the Holder issue was the need for holder (no pun intended) of government positions or even positions in institutions where government has majority interests/influence to disclose any transaction to which they have beneficial interest. The optics make this perhaps genuine transaction seem fishy given the situation. Was there equal knowledge apparent to all and available to all? Therein lies the seat of my own frustration ethics are about information being readily available and accessible for there not to be an arbitrage opportunity. Information that is not free is not fair.

    nuff said

  45. #54 by dennis ramdeen on July 4, 2010 - 5:27 pm

    Afra, you should add a “share” option to your blog (unless you have it and I could not find it)…i would share your stuff with the world; it’s exceptional, dr

    • #55 by AfraRaymond on July 5, 2010 - 8:34 am

      Hello Dennis,

      Yes, there is an option to share the site – just go to the right-side panel, the fourth item down contains the sharing options.

      Please spread the word and thanks for your support.

      Afra Raymond

  46. #56 by sean ifill on July 8, 2010 - 4:23 pm

    I hope EY wasn’t the auditors for Clico because Soo Pin Chow would have to recuse himself from that committee (Bideshi, Mottley, & Soo Pin Chow) because if the audit had be compromised initially. The role of the auditor is not to detect fraud but to make sure that if it exists that it be detected. The role of the auditor is not to detect misstatements but to detect material misstatements. It seems that Clico needs a forensic audit to be conducted by an independent body/person before any money can be entrusted to the body coporate.

  47. #57 by AfraRaymond on July 9, 2010 - 8:38 pm

    Sean,

    The CLF auditors for the past decade or so have been PWC and yes, they do have serious questions to answer.

    As I wrote in the published version of ‘Finding the Assets’ (BG of 19th November 2009) – see http://guardian.co.tt/business/business-guardian/2009/11/19/finding-assets – the issue is the production of the $23.9Bn Asset Value for the 13th January 2009 CLF letter – who calculated that, hm?

    Talk soon.

    Afra

  48. #58 by sean ifill on July 10, 2010 - 8:41 pm

    The thing is PwC had made a qualified opinion then indicating that something was amiss although to my mind the reason for the qualification seemed to indicate a significant departure from GAAP to warrant a Denial of opinion. In fact there seems to be a failure by PwC to use more rigorous stds in the FS evaluation.

    There seems to be a need for application of Sabanes-Oxley regulations where the directors are held responsible for the contents of the FS; they must sign a commitment that the company employed good internal controls; and that no deliberate error or fraud was commited in the compilation of the information.

  49. #59 by sean ifill on July 15, 2010 - 11:04 pm

    I can’t believe that Dennis is dead. Wow! This is cataclysmic to say the least. He was a friend and some kinda family thru my sister and Raoul.
    I wish his family all the condolences in this moment of grief. He taught me at one point and then we shared some thoughts on a pragmatic evolution of the West Indies to a Caribbean embrace. That was then; this is now.
    He, like some others before, Best, Thomas, Girvan, Polyani, Demas advocated a unifying theme: Political and economic convergence for the Caribbean English, Dutch, French and Spanish. Now we have lost another voice………

  50. #60 by Simpleton on September 14, 2010 - 8:19 am

    Afra – take a hard look closer you will find more than you know…there are people around the company who will be willing to speak to you…u not gettin the 2008 budget bro too much incompetence and friends in wrong places covering up that cl report – it not comin….take a look at not just what is going on with former directors like monteil, carballo, duprey, patel, etc who should be jailed for looting the company of mucha dinero – and operating ponzi schemes – when the irs catch them it will be serious jail for all – and the united states is on their trails – but why not take a look at what is happenng today at the company – there are schemes and friends taking advantage and deals being cut at side – these pnm ppl doh play nice – company filled with only pnm ppl doh let them fool yuh….what they doing at clico and cl put tings in place to make it difficult for ppp people to get any proper job done. do ur homework.

    • #61 by AfraRaymond on September 14, 2010 - 8:40 am

      Simpleton, whoever you really are…

      The limited amount of time available to me does not allow me to investigate that kind of allegation.

      I have limited myself to the published record and even that is vast – in parts imponderable, to an amazing degree – with no end in sight to the work.

      Thank you for blogging

      Afra

  51. #62 by BAICO Depositor on September 22, 2010 - 9:47 pm

    Dear Sir,

    Please, all this economic jargon is absolutely confusing to me. What I really need help with to find out is exactly where does BAICO stand in all of this confusion. They have not been mentioned a lot in the articles or news. I have a 5 year deposit with Baico and it should mature in two years time. Its my retirement money from the sale of my house in Trinidad before I went abroad to reside.

    Kind Regards.

  52. #63 by lester on September 26, 2010 - 9:07 am

    My concern is for the persons who have life insurance policies and pensions with clico and B.A. that are registered with Inland Revenue and should be covered by the statutory fund. Mr. Raymond is there a clear way forward for this group?

  53. #64 by ASHVIN on September 27, 2010 - 8:36 am

    With all the talk about CLICO, suing the Central Bank is really not the issue. The Central Bank where an Insurer becomes bankrupt is only obligated to Protect the Capital deposited and NOT the interest earned. This is All that the Statutory fund deposit provides. I think the more appropriate Strategy is to file a “Class action Lawsuit” against the owners, family shareholders and members of the BoD All Liable under the Company’s Act of 1995 among others…How come no talk of action against the very Wealthy Owners of this Private Company??? Interesting….should there not be both civil and criminal lawsuits?

  54. #65 by Brian Stone on September 30, 2010 - 10:29 pm

    Afra, is the MOU signed between Duprey/CLF and the government in the public domain? Does the media/public know the details of the MOU? I understand Duprey is still the major shareholder, and consequentially has a legal claim to assets.

    • #66 by AfraRaymond on September 30, 2010 - 10:34 pm

      Hello Brian,

      The MoU is available from the Ministry of Finance website at http://www.finance.gov.tt/content/mr03183E.pdf or on this blog at the Quick Guide on the page for CL Financial.

      The 12th June 2009 Shareholders’ Agreement is also available on this blog.

      Yes, Lawrence Duprey is still the major shareholder, with his rights intact and that is the most outrageous part of this entire situation.

      Thank you for joining-in.

      Afra

  55. #67 by Jameela Raymond on October 22, 2010 - 2:45 pm

    Just having a browse via my blackberry! Oh wait.

  56. #68 by Delphin on October 29, 2010 - 10:40 am

    I saw you on TV this morning and I think this was one of the few times you missed the mark on the Clico plan. I have read the Ramesh Maharaj comments on the 100% plan and with years spent on Wall Street I know that this is a Principal Defeased Debt Offering, similiar to what the US Federal Government does, so it does not earn 300% in months but is pledged for debt issuance at 3 times value

    • #69 by AfraRaymond on October 29, 2010 - 11:15 am

      Hello to you, Delphin, whoever you really are…

      I was merely reacting to the reported details of the proposed Ryan ALM plan announced by Prem Beharry of the CPG at their Woodford Square meeting on Sunday 23rd October – that incredible proposal is, as I outlined this morning on CNMG, for the State to invest $600M USD with that firm and within 3 months have $1.8Bn USD to repay so-called ‘policyholders’ – although we all know that the entire discussion has been captured by depositors. The link for that article is at http://www.trinidadexpress.com/news/40__NOW-105651543.html.

      Quite frankly, that seems to be a continuation of the same unrealistic and ruinous high-interest strategies which wrecked both CL Financial and HCU. If it were that feasible a proposal, maybe the CPG should just accept the proposal which has now been approved by both Houses of Parliament – i.e. the budget – and invest their reduced sums with Ryan ALM. That would be a real win-win.

      No, I have not read Ramesh Lawrence Maharaj’s comments on this aspect of the fiasco, but if you have a link that should be interesting.

      Afra

  57. #70 by trutrini on December 19, 2010 - 3:43 pm

    thank you very much afra for continuning to bring this information to the public. even some people who worked in the cl financial group did not have all the pieces that you are putting together. some were forced out when they tried to act in the public interest, perhaps they will never even be recognised. thank you and please continue to do this, to challenge a system which tells you that you must conform or be eliminated. evil prevails and continues to prevail when good men do nothing and continue to do nothing.

  58. #71 by sean ifill on December 21, 2010 - 12:20 am

    I cannot but wince at the fact that the Gov. of the CB has anointed ‘public confidence’ as the key potential cataclysm for the continued demise of the T&T economy. He did not see fit to clearly identify that the erosion of public expectation has been a systemic failure by legitimate institutions to function. There continues to be a denial that Clico would not have happened had key people/institutions been performing their duty.

    The failure of the CB, the SEC, Supervisor of Insurance, The Minister of Finance and the PS in the Ministry of Finance continues to avoid taking responsibility. These are the institutions that are obligated by taxpayers to function on their behalf. If the Minister fails to perform then society/taxpayers can vote them out. If the Gov.CB acts ultra vires or alternatively intra vires there is no ‘visible’ recourse. The same goes for the conduct of the CEOs of the other semi-Ministerial institutions.

    The Taxpayer was held hostage by the former regime. The situation showed that taxpayers have no real leverage other than the power of the vote; they cannot translate that power into a legal recourse in which past malfeasance can be punished. The hostage can only plead that should they be released no further action would be taken to rectify or remedy the situation. The hostage taker having that power can play the game where the hostage is provided with consensual relief but not…never remedy.

    Why is it 2 years later that there has been no one held responsible. Is this ‘Code of Silence’ or ‘Conspiracy of Conduct’ more insidious; more clandestine; more a carefully matriculated Madoffian scheme. Some have drawn a similarity between Bernie Madoff and Lawrence Duprey. But was it really? To me that would be construing too much intelligence to Duprey which I doubt he has. This was pure incompetence at every level. It was incompetence at the CB, the SEC and PSs. It was incompetence drawn through each successive political regime and their manifestation. Indeed this was no simple mismanagement but instead it shows that even those astute ‘learned’ professors of UWI could not discern through their ‘theoretical’ glasses the complete morass of stupidity which was the foundation upon which CL was built.

    What in my mind is the reward for incompetence? Immediate Termination aka fire those who were incompetent. Then the investigation should be directed, no longer attributing responsibility and restitution. This should not be left to the AG. The highest authority in the land is Parliament. A body of competent parliamentarians should be directed to hold live testimony of all the parties to this calumny. From former PMs, Manning, Panday et al, to CB governors Dookeran and Williams and all others.

    This ‘Code of Silence’ to which you so correctly speak is an identification that a ‘group’ has co-opted a body of information which inures them by a common fallacy. They are immune because the hostage has no insurance against moral hazard. The public/hostage does not know his or her rights. There is the mistaken belief that the role of the Government is to act as surrogate ‘Parents’. Daddy and Mommy always know best. From such a perspective, although chosen by the people become mistakenly ‘protectors’ of the people. This confusion leads both the people and the Government to implicitly conspire to act in such a way as to take responsibility.

    The ‘Code of Silence’ is parents not believing that their children need be bothered with unnecessary information much of which they are too stupid to understand. The public on the other hand believe unwittingly that ‘their’ government would only do what is in their [the publics] best interest. So it goes on the Yellow Brick Road. Had the public understood the actions of legitimate institutions; they would have demanded that Clico be allowed to fail and all who had their hands in the machinations be made to account with jail and loss of personal assets.

    Some say that would have been to the demise of the T&T economy. That is utter foolishness. It would have led to the demise of the vacuous political and intellectual class which have together foisted this upon us. Should GHL fail in the future should the taxpayer be made to bail them out without a public referendum. How can any money be paid to any party without a plan being put forth to say:
    1) Why did this leech occur?
    2) How can it be prevented from happening again?
    3) Who will pay both in terms of money and in terms of jail time?
    4) When will it end? (memories of SWAIT, ITL and others come to mind. Note no one then was punished).

    Clico was indeed a ‘black’ Caribbean Company in the most malevolent misinterpretation of that word.

  59. #72 by Andrew Abraham on January 23, 2011 - 8:26 pm

    Hello Afra,

    You have long been calling for the CLFinancial 2008 financial statements. I think it does not exist as they have not been prepared as yet for the board to review them. It actually has not been done for the auditors to look at. They hired a accounting company to prepare them to give to the board and to give the auditors. You would think that that the people that running the company would have said this all along. I think they shame that in 2011 they have not prepared the books for 2008 yet. Maybe they should all get fired and new people put there to run it.

  60. #73 by Bishop Dr Victor Phillip on February 15, 2011 - 8:31 am

    How good and pleasant to view your site.

    TTCA need to take a page and make the change just for their membership.

    What is the position with contractors payment? open dialogue on line.

    The small business sector is suffering. This sector that will kick start the economy. We done in the US and other countries.

    Thank you for my brother.
    Rev. Member of TTCA

    • #74 by AfraRaymond on February 16, 2011 - 12:36 am

      Brother Victor,

      Very good to hear from you and I hope you can share this blog with any friends you think might be interested.

      The monies owed by the State to the JCC members is an issue, but one I am dealing with elsewhere, so will contact you separately on that.

      Best wishes

      Afra

  61. #75 by brian krebs on June 12, 2011 - 5:11 pm

    Good website! I truly love how it is easy on my eyes and the data is well written. I’m wondering how I could be notified whenever a new post has been made. I have subscribed to your RSS feed which must do the trick! Have a great day!

  62. #76 by Dean Gouveia on November 25, 2011 - 1:03 pm

    Afra

    My wife and I have a substantial amount of money in Clico that we cannot get access to do you have any idea when policy holders will be paid out …I am not up to date with what is going on as I am based in the UK.

  63. #78 by Theodora Ulerie on February 16, 2012 - 4:35 pm

    Well thought out and a considered approach to national consciousness-raising. Thank you Afra Raymond! Keep us informed!

    Theodora Ulerie
    Director
    Culture House
    Government Quarters
    3 Zoo Road

    • #79 by AfraRaymond on February 17, 2012 - 9:51 am

      Thanks, Theodora!

      Please spread the word and share the links…

  64. #80 by enoch john on February 26, 2012 - 11:24 am

    Mr Afra Raymond. It is heartening to see and read of your interest in these public matterts.I like your methodical approach.

  65. #81 by vshe01 on February 21, 2013 - 6:59 pm

    My Dear Mr. Afra Raymond.
    Your speech on Corruption was outstanding! I think you gave many people around the world something to be outraged about! Your definition of corruption speaks billions no trillions in American tax dollars. This energy gets so like water it grows anywhere and leaves a wet trace. Thank you for the insight
    Sheree Victorian, Chicago, IL

  66. #82 by G King on February 23, 2013 - 9:02 pm

    Afra,
    Good Stuff. Also, re: The S Fdo-Point Highway, which is by far the largest capital project ever undertaken, why was this not financed through the standard channels ie lending agencies? Is the financing coming from thru current expenditures? Hmm., is it because the lending agencies would have much stricter controls, requirements, procedures etc in place?

  67. #83 by Jeff on March 2, 2013 - 3:36 am

    Hello sir,

    I was watching Ted’s tv and found your expose. I am from Gabon/ Africa, and I can relate in understanding the deep sorrow and incredible events that you have been talking about. I just wish one day, we will be able to face the reality.

    Good luck!

    With all my respect!

    • #84 by Christopher McMaster on March 2, 2013 - 1:10 pm

      Jeff,
      It is so refreshing to know that Gabon shares our vision. In the diaspora we assume that we are isolated and that ours is the only ‘problem’ and indeed your support encourages those like Afra to continue his gargantuan task since so many like him have paid with their lives for much less than he has already done. R. K. Narayan teaches, “The truth is like the sun. Few can stare at it for more than a few seconds.” Please keep letting us have your views too.

  68. #85 by John Thompson on August 28, 2013 - 3:47 pm

    Good piece on the TSTT /integrity commission issue in the Business Express at pg 13 on 28th Aug 2013. This kind of inept rationale is what we still fear from our judges and why the Privy Council keeps looking “good to stay” instead of “good to go”. The judgment is so ostentatious that I believe it’s just a ruse to give these guys time to exit their directorships and accountability, before the appeal is overturned by the Privy Council, (That’s if it reaches there at all). It’s a short-term escape plan, the future directors will now have to beware / be aware. What about government’s acquisition of CLICO? Government is not a natural owner for any of these conglomerate businesses what makes them feel they will be better off? Are you going to have a say on this move, looking forward to it, if you do

  69. #86 by The Observer on March 21, 2015 - 11:50 am

    Some excellent postings. I am wondering why they do not draw a large number of TT comments. However, that does not detract from the quality of the work. Keep the faith and keep pressing forward.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 777 other followers

%d bloggers like this: