Open Letter to Central Bank Governor on CL Financial Bailout

Dr. Alvin Hilaire was appointed Governor and Chairman of the Board of the Central Bank of Trinidad and Tobago (CBTT

Dr. Alvin Hilaire was appointed Governor and Chairman of the Board of the Central Bank of Trinidad and Tobago (CBTT

We, the undersigned, have become very concerned about the direction of the “rescue” of CLICO et al after over eight years under the control of the Central Bank and the government. Our principal concern is at the apparent regulatory forbearance being exhibited by the Central Bank in this matter. Our further concerns relate to the legality of the ongoing control and any untoward consequences arising from that; the inordinate delay in the return of billions of dollars to the taxpayer and the impact that must be having on economic decision making; and finally, the nature of some recent ministerial statements which appear to be at odds with the stated goals of the rescue as articulated in the Central Bank Act.

Read the FULL letter.

11 thoughts on “Open Letter to Central Bank Governor on CL Financial Bailout

  1. Who is? and how is? all these people being paid by and for a company that is to be broke? And all seem to be doing anything or nothing for this fraud, laundering ,PONZI land fraud company, Seems like they are waiting for all the customers to dead before they will reopen again and all those who need to be in jail ,But we know that can’t happen until all the lawyers and Minister in this are also dead,
    As we can see Barbados ran in the same manner,

  2. Clinton probably have another nasty scandal brewing and pulling up roots before it really explodes.

    It’s disgraceful the way both governments allow thiefing companies like IONICS and EMERA to operate in Barbados without strict regulations and at taxpayer’s expense.

  3. The Barbados Government was one of the first to rush forward and pawn the bulk of the people’s shares, which would have given the government a say in how EMERA is managed. As it stands, we have as much say in telling EMERA what to do ,as we have with Massy or the Bjerkman empire.
    But eventually , not too far away, the Barbados Government and people of Barbados will be given the opportunity to repurchase the shares,and more in BL&P, which they had previously surrendered to EMERA. This would come about at a time when the ageing engines at Spring Garden and Seawell Powers Station are on the point of clapping out.
    Under the previous local management, provision would have been made to systematically change out these engines.

  4. “The finances of Barbadians will now be made available to other countries around the world.”

    A blurb from barbadostoday….it would be nice to read the whole article so that we can see what we think it means.


    The government ministers jobs are to get it done, no one wants to hear the cost, they find money to steal for Maloney, Bizzy, Bjerkham, Parris and all the other thieves in Barbados and never tell the public how many millions and hundreds of millions over the last 3 decades, taxpayer’s money….so find money to fix the lights and the roads, it’s ya jobs.

    @ACsthepatheticyardfowls….how I wait on you.

  6. The Financial Conduct Authority has ordered insurance companies to pay out claims to firms “as soon as possible” or explain themselves to the watchdog.
    The FCA has told insurers if there are reasonable grounds to pay part of a claim but not the full claim, they must make an interim payment.
    If not, insurers must tell the FCA how they reached the decision and how it is “a fair outcome for customers”.
    The move is aimed at relieving pressure on firms during the Covid-19 lockdown.
    Coronavirus: ‘My business could go bust if insurers don’t pay’
    “A key objective of the FCA is to ensure that financial pressures on policyholders are not exacerbated by slow payment, rather, such claims should be paid as soon as is possible,” the FCA’s interim chief executive, Christopher Woolard, told insurers in a letter.
    “This is consistent with the wider objective of the authorities to support business and consumers during the current crisis.”
    The letter is targeted at insurers in relation to claims from small and medium firms for business interruption cover and does not address individuals’ policies.
    Mr Woolard admitted that following conversations with insurers, it was clear that most business interruption policies held by small and medium-sized businesses only had basic cover which did not include pandemics and therefore insurers had no obligation to pay out in relation to Covid-19.
    “While this may be disappointing for the policyholder, we see no reasonable grounds to intervene in such circumstances,” he said.
    Some firms have warned they are at risk of collapse due to insurers failing to cover losses as a result of the coronavirus lockdown.
    Bsinessman Simon Ager who runs the Pinnacle Climbing Centre in Northampton, is one of a number of business owners who have said they might take legal action against insurers Hiscox, which has said it will not pay business interruption claims resulting from the outbreak.
    Mr Ager’s policy covers the climbing centre for losses of up to £100,000 if it is forced to close in certain circumstances, although he says the lockdown is likely to cost him more than that.
    Hiscox’s policy documents says it will cover financial losses for businesses which are unable to use their premises following “an occurrence of any human infectious or human contagious disease, an outbreak of which must be notified to the local authority”.
    But Hiscox says the insurance industry does not have enough money to cover all the losses that will emerge as a result of the lockdown.
    “Business interruption policies across the industry were never intended to cover pandemic risks,” a spokeswoman said, noting that the insurer’s lawyers do not think the pandemic is covered by its business interruption policies.
    Instead, the insurer argues that the policy was intended to cover incidents that occur only within a mile of a business – not across the whole country – or outbreaks such as Legionnaires’ disease on the premises.
    The FCA said that smaller companies, classed as firms with turnover of less than £6.5m and fewer than 50 employees, could take complaints to the Financial Ombudsman.
    Mr Woolard added that the City watchdog had set up a small business unit, responsible for “gathering intelligence about the treatment of small businesses by financial services firms during the crisis and ensuring a co-ordinated response by the FCA to any issues identified”.(Quote)

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