What Lies Beneath
The inability of the authorities in Trinidad AND Barbados to fully unravel the CL Financial mess and by extension CLICO in Barbados shines a bright light on an inadequate regional governance system. There is also the insight to be gained by Barbadians from a Trinidad jurisdiction where Transparency Legislation is enacted and operationalized. What have we learned that has forced to improve how pan-Caribbean institutions are regulated.
The public is being told that the CL Financial bailout is being resolved, while at the same time the Minister of Finance & the Economy is withholding the fundamental information which any prudent person would need to make a decision. So, what is the secret?
Apart from the details I have been asking for, there are other questions which occur to me –
- Directors’ Fees – What is the comparative level of Directors’ fees before and after the bailout on 30 January 2009? In particular, what are the fees & expenses payable to CL Financial Directors? Have those increased? If so, to what level and on what rationale?
- Related Party dealings – We were told that one of the main causes of the CL Financial collapse was excessive related-party transactions. Has that pattern of dealings has really changed? What are the contracts between the group and companies in which Directors hold…
View original post 1,549 more words