Dismantling the Code of Silence

This letter was published in Sunday Express on 27th September 2015.

From: Afra Raymond <afraraymond@gmail.com>
Date: Thu, Sep 24, 2015 at 10:00 AM
Subject: Dismantling the Code of Silence

The Editor,

lasalturas-signNoel Garcia served as General Manager of the Housing Development Corporation during the period in which critical decisions were made on the Las Alturas housing project. That project, in which two apartment buildings failed, is now the subject of a Commission of Enquiry. There have been several reports in the press (see below) that Mr Garcia was unwilling to testify to that Enquiry. We have been unable to locate any published responses from Mr Garcia to those reports.

Noel Garcia has now been appointed as Chairman of the UDECOTT Board. The JCC’s position is that the penalties for the failure or refusal to appear as a witness to a Commission of Enquiry must be increased sharply so as to discourage this deplorable behaviour. The present fine for non-attendance is only $2,000, which is why so many persons can show open disdain for a request to testify at a Commission of Enquiry.

The prospect of the Chairman of a State Enterprise declining to testify at a Commission of Enquiry is unacceptable and of course any continuing ambiguity can only feed suspicion.

The Las Alturas Enquiry resumes its evidence hearings on Monday 28th September 2015 and it would be a refreshing change from the ‘bad old days’ if Mr Garcia, or his attorneys, were to promptly confirm his willingness to appear as a witness.

Afra Raymond

Noel Garcia responded via a media release, which was copied on social media on Sunday 27 September 2015 as follows:

Getting the Facts Right

I refer to a letter to the editor from Afra Raymond entitled “Dismantling the code of Silence” published in the September 27, 2015 edition of the Express Newspaper.
In his letter, Mr. Raymond, in reference to me and the Commission of Enquiry into the Las Alturas Project, speaks disparagingly of “the prospect of the Chairman of a State Enterprise declining to testify at a Commission of Enquiry”.

I wish to categorically state that I have never refused to give evidence before the Commission of Enquiry into the Las Alturas Project. Despite what Mr. Raymond claims to have read (and what he erroneously plainly believes), the Commission has never at any time contacted or subpoenaed me on the matter of the Las Alturas Project. This, although my postal address, email address and telephone number have remained unchanged for years.

For the record, I have never shirked my duty or my responsibility to give evidence before any court or any tribunal with respect to matters within my knowledge as a former employee of the HDC. I have previously given evidence in the High Court on behalf of the HDC and I have only recently filed an affidavit in support of the HDC’s position in another High Court matter. I am no stranger to and have given evidence repeatedly at Commissions of Enquiry including in the Piarco Airport Enquiry, the Landate Enquiry and the UFF Commission.

I wish to make my position abundantly clear that, were I to be subpoenaed or contacted to give evidence at the Commission of Enquiry into the Las Alturas Project, I would have absolutely no difficulty in assisting the Commission.

In his self-appointed role as guardian of the public conscience, Mr. Raymond ought to be more careful about permitting his officious zeal to lead him into making what can be considered to be defamatory imputations about others. Mr. Raymond’s self-confessed inability to locate any published responses from me to press reports he has read is no licence for him to do so.

Noel Garcia.

This clarification was all we were seeking, so I responded later that night, on social media, as follows

“…Noel Garcia’s post ‘Getting the Facts Right’ is very helpful, it is the first public response I have seen to the several articles earlier on this issue – I thank him for it…as I said elsewhere on FB yesterday, one of the Officials in the Las Alturas Enquiry told me that they had been ‘unable to locate’ Mr Garcia, to which I responded that as he was the new UDECOTT Chairman, it was now impossible to sustain that claim…”

For ease of reference – these are the previous press reports

  1. Trinidad Guardian of 7th April 2015 – ‘Las Alturas Hearing resumes today
    …Singh also assured Ibrahim that efforts were being made to locate former executive chairman of the Urban Development Corporation of T&T Calder Hart, and former HDC general manager Noel Garcia, to have them appear before the Commission…” then “…Garcia is said to be living and working in Ghana. HDC’s attorney Vincent Nelson, QC, had previously indicated that Garcia had declined to provide a witness statement when asked, following which they lost contact with him. Seemingly dissatisfied with Mohammed’s answer that every effort was being made to have Hart present himself before the Commission, Ibrahim suggested that there were legal means which could be employed to compel him to appear.”Ibrahim has promised that accommodations would be made not to keep Hart unduly when he does appear, while there was also the recommendation that an offer be made to pay Garcia’s travel expenses back to T&T, in order for him to testify. Both Hart and Garcia have been deemed “important witnesses” in the enquiry. During the 13-day enquiry four witnesses have so far testified before the Commission…
  2. Trinidad Express – 20th March 2015 – ‘HDC lawyers ‘lost all contact with Garcia’‘ –
    …Attorneys representing the Housing Development Corporation (HDC) have lost all contact with former HDC managing director Noel Garcia. This was revealed yesterday during the sitting of the commission of enquiry into the Las Alturas housing project at the Caribbean Court of Justice in Port of Spain.Garcia, who was expected to be called as a witness in the enquiry, is said to be currently residing in Ghana.Junior counsel for the commission Jagdeo Singh told the commission all attempts by HDC’s legal team to locate Garcia had been unsuccessful. “Every effort has been made thus far to locate Mr Garcia and at some point in time Mr Garcia was in communication with the legal team for the HDC, but he has since ceased all communication with them,” Singh said.Nelson had said at a previous hearing that Garcia did not appear to be willing to testify in the proceedings.

    Chairman of the commission Mustapha Ibrahim noted Garcia’s participation in the enquiry was necessary, as he was a “very important witness”…

  3. CTNT News – 5th March 2015 – ‘QC: Garcia’s presence crucial to Las Alturas Enquiry‘ –
    …The absence of former HDC Managing Director Noel Garcia at the Commission of Enquiry into the Las Alturas Housing Project was raised by the company’s Attorney on Day Four of the proceedings. Mr. Garcia is one of the key persons who would be best able to add the pieces to the already puzzling situation which led to the partial demolition of two towers at the million dollar housing complex due to shifting soil.”At Thursday’s session, the Attorney representing the Housing Development Corporation, Queen’s Counsel Vincent Nelson, mentioned that Mr. Garcia currently works and lives outside T&T.”The position there is that Mr. Noel Garcia, who is a pivotal person in the project at the time, is someone who really, although it is difficult because he is outside the jurisdiction for the Commission to summon him, he is an important and pivotal person in terms of what occurred at the time.”Mr. Nelson was then asked by the Commission Chairman Mustapha Ibrahim if any efforts were made to bring him back to T&T for the Enquiry, including offering to pay his airfare.

    No. We haven’t done so but obviously that is something that I could take instructions on. I am told we lost communication with him at the moment. So that is the position but we will make further efforts but in the meantime, the position is the Commission may consider whether to call the Board at the time and/or see when Mr. Garcia is available.’…” There is also a TV clip here.

  4. Newsday of 6th March 2015 – ‘Noel Garcia not willing to testify‘ –
    …NOEL Garcia, former managing director of the Housing Development Corporation (HDC), has indicated to lawyers for the HDC, that he is unwilling to testify at the Las Alturas Commission of Inquiry, attorney Vincent Nelson QC said yesterday…

I have not seen any responses from Noel Garcia before his response on Sunday 27th September 2015.


SynergyTVAfra Raymond is interviewed by a group of young people on Synergy TV’s pre-election discussion series, “In The Chair”.

The discussions covered the CL Financial bailout, the role of campaign financiers and corruption in our country’s public affairs.

Our Land – The Review

“…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)

The PNM won national elections on 7 September 2015 by 23-18. Two key themes emerged during the PNM’s successful campaign –

  1. Firstly, there was a strong emphasis on the critical need to restore proper standards of Accountability, Transparency and Good Governance;
  2. Secondly, a commitment was given to ‘keep the various promises made by the PP government’.

When one considers the various promises, policy changes and actions of the PP in relation to land and property, it seems clear to me that those two campaign commitments made by the PNM are entirely incompatible.

Our country has a very high population density and the previous Minister of Land and Marine Resources estimated that some 63% of our country’s land belongs to the State. It is therefore a cardinal State responsibility to properly manage those critical resources so that short and long term interests can be reconciled in a sustainable manner. The present situation is so serious and damaging to our collective interests that I am calling for a halt to any attempt to keep promises with respect to land and property while a fact-finding and policy review is conducted.

landpolicyThe opening quotation is from the National Land Policy 1992, which is now a virtually unknown document since its very existence is denied by all the relevant agencies. This Policy provides critical guidance for how this scarce resource should be best managed in the Public Interest.

The severe crisis now evident in relation to our State Lands resembles a ‘Tragedy of the Commons‘ in which this crucial resource which should offer long-term collective benefits is effectively abused by self-seeking individuals. The pattern of abuse is facilitated by gross mismanagement, in profitable partnership with deliberate obscurity in how the State Land system actually operates.


A five-minute clip on the CL Financial bailout, the State and the ‘Code of Silence’ around how $25 Billion of your taxpayers’ Dollars were spent.

At a time when we hear of falling State revenues and we know there is no soap or toilet paper in our public hospitals, this is the story of how $25 Billion of our money was used to bailout the wealthiest man in the Caribbean.

This is the story of the fight by the Ministry of Finance to conceal the details of that massive payout.

Expenditure of Public Money
Minus    Transparency
Minus     Accountability

CL Financial Bailout – Studied Disdain

Sen the Hon. Larry Howai, Minister of Finance and the Economy

SIDEBAR: How much Public Money has been spent on this CL Financial bailout?

These are the official statements as to the actual cost of the bailout since 2012. It really resembles the ‘carefully cultivated confusion‘ which I deplored recently in relation to the Invader’s Bay fiasco.

  • 3 April 2012Affidavit of then Finance Minister, Winston Dookeran, which specifies the Public Money committed to this colossal bailout as –
    Para 21 (a) $5.0Bn already provided to CLICO;
            (b) $7.0Bn paid to holders of the EFPA and
    Para 22 $12.0Bn estimated as further funding to 
    be advanced.

    Dookeran is saying in April 2012 that $12 Billion had been paid and an estimated $12 Billion remained to be paid, which is a total of $24Bn in public money to be spent to satisfy the creditors of the CLF group.

  • 1 October 2012 – Senator Larry Howai, delivering his first Budget Statement, stated the cost of the CL Financial bailout at page six –
    …The cost to the national community has been substantial—an amount of $19.7 billion or 13.0 per cent of our current GDP; yet this expenditure was necessary and decisive for containing an economic and financial crisis…
    Howai is telling the Senate in October 2012, a mere six months later, that $19.7 Billion has been spent. If we follow this official account, which fixed the total spent in April 2012 at $12 Billion, an additional $7.7 Billion of Public Money was spent in six months. I continue to contest whether this bailout was at all necessary, but it was certainly an incredible rate of expenditure, that cannot be contested.
  • 4 May 2013 – In this newspaper, under the headline ‘$25b and counting – Cost to taxpayers of CLICO bailout and enquiry‘ –
    …However, Government’s intervention into the CLICO fiasco has cost taxpayers more than $25 billion
  • 17 May 2013 – UNCTT’s website contains a formal Press Release from the office of the then Attorney General, Anand Ramlogan SC –
    …It should be noted that efforts to stabilize and resuscitate CLICO have thus far cost taxpayers over $25 billion dollars…
  • 2 April 2014 – At the Senate sitting , Minister Howai stated at page 35 of Hansard
    …Mr. President, as you would perhaps be aware, the cost to the country of the CL Financial bailout—the actual cash that has been put out—is approximately $20.8 billion. This was done in an effort to preserve the stability of the economy of Trinidad and Tobago…
  • 7 August 2015 – I was therefore astonished to hear the Minister of Finance, Larry Howai, stating on CNMG TV, that the cost of this bailout is ‘not quite $20 Billion‘.

The first item, Dookeran’s April 2012 affidavit, is the one for which Howai is now being required by the Court to produce the details.

Some of my views on this, from last week

“…Well, this is the usual practice, in which the public right to know is subordinated to private, undisclosed interests…it seems to me at these moments that the job of the State’s attorneys is to shroud the entire indecent affair in ‘something resembling an important principle’, but ultimately the effort is intended to wear me down and let the issue fade from collective memory…I am continuing to fight this very hard…what we have here is the ultimate collapse of our Republic by Public Officials who are sworn to uphold the Public Interest without fear or favour, but end up exposed as serving the toxic interests of the financial robber barons…I am reminded of Simon Johnson’s ‘The Quiet Coup‘ published in The Atlantic of May 2009…in T&T, we too, had a quiet coup…”

As the Season of Reflection and the impending election flow together, there is a bitter brew now being offered in relation to the CL Financial bailout.

Disdain is an attitude which denotes someone or something as being unworthy of proper consideration. I think that in relation to our collective interests in the CL Financial matter, we are now being subjected to Larry Howai’s ‘studied disdain’ in relation to our collective interests in the CL Financial matter.

On Tuesday 10 August 2015, the State announced its decision to appeal the recent High Court ruling that the details of the CL Financial bailout must be published. That appeal was also filed that day and the State applied to have the stay of execution extended to the end of the appeal process – the latter issue will be heard on 19 October 2015.

The Minister of Finance & the Economy is the main public official with responsibility to account for how Public Money is spent. The Public Money being used to bailout the CL Financial creditors is our money. The Minister of Finance therefore has a fundamental duty to publicly account for how our money has been spent.

Our collective interests in this matter, of exactly how $25 Billion of our dollars were spent, far outweigh the undisclosed interests on whose behalf the Minister is now appealing.

This appeal is against every one of the orders made in the High Court judgment of 22 July 2015 and therefore represents an utter abdication of the fundamental duties of the Minister of Finance and the Economy.

Our collective interests could benefit from the unintended juxtaposition of national elections, the apparent halt of USD sales by the country’s leading bank and the hostility of the Minister of Finance to the truth. These are rare moments in which we might gain insight and regain fundamental rights, but we have to be aware of what is at stake.

The Ministry’s Press Release deserves stern scrutiny, so these are my points.

VIDEO: Good Morning T&T – 7 August 2015

Afra Raymond sits with host, Larry Lumsden on the Good Morning T&T television show to discuss his recent High Court victory over the Minister of Finance to get accounting details on the CL Financial bailout. Video courtesy CNMG

  • Programme Air Date: Friday 7 August 2015
  • Programme Length: 0:17:13

Facing the Facts

Two important laws were partially-proclaimed by the President at the end of July –

  1. The Public Procurement and Disposal of Public Property Act, which is intended to control transactions in Public Money, and the
  2. Planning & Facilitation of Development Act, which is intended to provide for effective control of physical development.

Both those laws would be critical in controlling the worst excesses in terms of waste and theft of Public Money as well as the scourge of unplanned development. There is still substantial work to be done to properly implement those new laws, neither of which will actually come into effect before elections on 7 September, so our stern attention will therefore be essential.

The campaigning and committee-work to achieve those new laws has been demanding, so it Is important to re-state our fundamental concern as to the sheer hostility of high-level public officials to the truth. This is a fundamental point since the new laws create modern, transparent and participative processes. If the key public officials maintain their hostility to the truth, we would be entering a period of serious struggles to implement these new laws.

These examples speak to the official hostility to the truth with which we are beset.

Facing the Facts on Invader’s Bay: INVADER’s BAY Corrective

JCC President Afra Raymond issues a corrective to the lead story in the Sunday Guardian of 9th August 2015. This ‘Letter to the Editor‘ was published in the T&T Guardian on Tuesday 11th August 2015.

The Editor,

guardian-story-invaders-bayThe cover story in Sunday’s Guardian on the Invader’s Bay development requires a response to dispel some of the carefully cultivated confusion around this important set of proposals.

The Public Property known as ‘Invader’s Bay’ comprises 70 acres of reclaimed land at the waterfront in west POS and it is proposed to be the largest development in our capital city in living memory. It is unacceptable that this large-scale development could be proceeding without any public consultation and in the seriously improper manner against which the JCC has protested. It is sobering that the very Ministry of Planning & Sustainable Development (MPSD) has been leading this process for the last four years without seeking to engage in public consultation.

The Request for Proposals (RFP) process used in August 2011 by MPSD was improper and voidable, since, according to Minister Tewarie himself, the Assessment rules were published one month after the closing date. Any reputable organisation running a competition or tender would accept that the rules must be given to all the competitors at the same time and well in advance of the competition itself. That basic and inescapable breach has been pointed-out to MPSD several times by the JCC, but we are yet to see any response on that point.

After JCC specified its concerns that the RFP was in breach of the Central Tenders Board Act, the Minister repeatedly stated that the legal advice was that MPSD was in conformity with the law. Despite our several requests, that advice was never published, so the JCC sued under the Freedom of Information Act. The High Court ruled that the requested information be published and MPSD appealed. One can only wonder at this reluctance by politicians to publish legal advice which supposedly supports their actions. This type of official reticence is a first, so on this count at least, the Invader’s Bay project has a significant element of innovation.

The JCC has enquired as to the cost of the High Court case and the subsequent appeal, but that too has remained undisclosed, for whatever reason.

According to Ms Jearlean John of UDECOTT, a tender has been awarded for design of infrastructure on this 70-acre site, but we also know from MPSD that no planning applications have been made for these developments. That raises the serious question as to how an infrastructure layout can be designed in the absence of either public consultation or relevant approvals.

The carefully cultivated confusion can be seen in three glaring examples – firstly, the question of official responsibility – with Minister Tewarie referring detailed queries to UDECOTT, whose chairman refers those queries back to that Minister. Secondly, according to MPSD, the 10.2 acre parcel allocated to Derek Chin was valued at $204.5M, yet Chin is reported as saying that “…the price is $130M…”. Finally, the entire property is 70 acres and 23.2 acres have been allocated, so it seems that 46.8 acres are to be left undeveloped at this stage. So, how can UDECOTT be responsible for only 51 acres, with Minister Tewarie saying that “…there are about 40 acres of land at Invader’s Bay still open for development…”?

These are a few of the real concerns with this proposed Invaders’ Bay development.

Afra Raymond


AUDIO: The Breakfast Round Table interview on Sky 99.5FM – 10 Aug 2015

sky995fmAfra Raymond is interviewed on the ‘The Breakfast Round Table‘ show on Sky 99.5 FM by Eddisson Carr, Jessie May Ventour, Dr Wayne Haywood about the current flare-up by developer Derek Chin regarding his continuation in the controversial and contested Invaders’ Bay project. 10 August 2015. Audio courtesy Sky 99.5 FM

  • Programme Date: Monday, 10 August 2015
  • Programme Length: 32:42

AUDIO: Cruise Control interview on Isaac 98.1 FM – 30 Jul 2015

isaac981fmAfra Raymond is interviewed on the ‘Cruise Control‘ show on Isaac 98.1 FM by Tessa Sampson about the recent judgement in favour of Mr Raymond ordering the publication of the accounts and other material in the CL Financial bailout. 10 August 2015. Audio courtesy Isaac 98.1 FM

  • Programme Date: Thursday, 30 July 2015
  • Programme Length: 31:13

CL Financial Bailout – The Hidden Truth

We are now in what I call the Season of Reflection, which for me covers the period from Emancipation Day on 1 August to Independence Day on 31 August, right up to Republic Day on 24 September. Those celebrations appear in proper historical sequence in our calendar and every year I find this two-month ‘season’ to be a sobering period for deep reflection. This year, with this CL Financial judgment and the impending election seeming to converge, the reflections are piercing ones.

Sad to say, this CL Financial bailout is resembling a situation in which well-connected persons are getting what they can, anyway they can, but making sure not to get caught. Who were the beneficiaries of this lavish payout? What is this reluctance to release details?

That is the Code of Silence in effect.

Sen. Larry Howai, Min of Finance

Sen. Larry Howai, Min of Finance

I was not at all surprised at the reported statements of the Minister of Finance, Larry Howai, on the 22 July 2015 High Court judgment ordering him to provide the detailed information I had requested on the CL Financial bailout. The High Court granted a 28-day stay of execution and the Ministry is reportedly in consultation with its lawyers, claiming that “A decision will be made within the period of time allowed by the court,”. The article closed with this quote –

“…Finance Minister Larry Howai said in the statement it should be noted, none of the requests refer to “how over $25b was spent in the Clico bailout”…”

Given that the very request was for the detailed financial information which has been deliberately suppressed since 2009, it is of course impossible to say with any certainty just how much Public Money was actually spent on this CL Financial bailout. That is the inescapable fact at the centre of this scandal. The Minister’s tautology is really a powerful explanation of this point.

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

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  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

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

    Good Job.

  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

  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.


  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.


  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


  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.


  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


    Great look, Excellent content!


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


    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,

    • #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


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


    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,


  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.


    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


      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

    Very interesting.
    Continue the good work

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

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

  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


    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
    Port of Spain
    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


    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,

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


      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.


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

    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

    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


    • #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


        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.


      • #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.

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


  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.


    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!

  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


    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.


  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


  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.


  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.


  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


  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


    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
    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

    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

      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.

  70. #87 by krishna seunarinesingh on August 12, 2015 - 10:33 am

    Dear sir,
    Your article in today’s Express ( August 12, 2015) about successive governments’ failure to publish the reports written by official commissions of inquiry on the financial “misdeeds” (to put it mildly) of their predecessors in office is simply confirmation of what we all know: today I fill my pockets, tomorrow it’s your turn. Don’t jail me and I won’t jail you when the time comes.
    “Honest politician” is an oxymoron.
    Keep on writing, sir.

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