CL Financial bailout – Nitty Grittyby AfraRaymond |
The CL Financial bailout fiasco is headed towards an epic legal mangle as Lawrence Duprey and his cohort aim to regain control of the Caribbean’s largest-ever commercial/financial group. In swift response, the Minister of Finance is making legal moves to put CLF into liquidation. At the root of this dispute is the actual sum […]
Extracted from TT chatter:-
The crooked magicians and conmen have no money (money here means billions, not a few million), the companies’ liabilities exceed assets, the taxpayers are owed more than $15 billion, but they say they have a plan to pay back the billions owed to the taxpayers, they say they are looking after the taxpayers’ best interests – this is like Trump looking after the best interest of immigrants and minorities, once they lay their grubby corrupt hands on the companies.
Remember that Press Conference in the Central Bank eight years ago when they were all schmoozing, smiling, assuring us this was merely a cash flow problem, CLF and CLICO had more than enough assets, a CB senior executive even said it was over $50 billion, with rumors of plenty Govt and CLICO high people, even the highest people in the land, all withdrawing their funds or most of it on the weeks preceding the CLICO ponzi scheme implosion? Who said this in 2009?
the Group controls over ($100) billion of assets in at least 28 companies located throughout the Region and the world. 2. The Group’s financial interests cover several industry sectors including banking and financial services, energy, real estate and manufacturing and distribution. The four largest financial institutions in the Group manage assets of over $38 billion, over 25 per cent of the country’s GDP.
Today, with the nation in economic recession, even depression, crime soaring, poor & middle-class suffering, unemployment rising, gap between majority and rich & powerful minority widening, property tax hammer to fall on the poor, middle-class and senior citizens (not rich business) to get another $500 million per year, and the crooks not paying us back 20 years equivalent of Property Tax but getting back their companies, they trying a similar thing as in 2008, this time the nation will explode with anger, frustration, and vengeance.
“…Having perused the report myself…I can advise the population that it contains very serious allegations of criminal misconduct on the part of a handful of privileged individuals who were associated with the Clico/CLF group of companies…”
“…a number of adverse findings of criminal misconduct of a kleptocratic nature were found…”
~~~ KEITH ROWLEY, July 2016 statement to Parliament on the Colman Report
Duprey and his
cohorts
can still face criminal charges in TT for their ponzi fraud….if they try to give the government problems…or they can continue playing games until the people explode all over them.Leroy Parris can also face criminal charges in Barbados.
Rowley would have to put his money where his mouth was and have DPP arrest Duprey via extradition.
`Apart from the serious concerns as to the suppression of the Colman Report, there is the role of the Central Bank in this debacle. The existing fit and proper guideline of May 2005 would readily disqualify Lawrence Duprey and his cohort from ever becoming Directors, Officers or Controlling Shareholders of any financial institution in this country, yet those rules have not been implemented, for whatever reason.
At this juncture, we are faced with the bitter reality that if the litigation or negotiations go in favour of Lawrence Duprey and his cohort, we could be faced with the return of persons described by the PM in his 1 July 2016 statement to Parliament on the Colman Report –
“…Having perused the report myself…I can advise the population that it contains very serious allegations of criminal misconduct on the part of a handful of privileged individuals who were associated with the Clico/CLF group of companies…”
“…a number of adverse findings of criminal misconduct of a kleptocratic nature were found…”
The GOTT failed in their bid on a technicality.Correct it and go back to court with plan A…order for liquidation
@Gabriel
You have to admit that the litigious environment in which we live makes the most simple issue a challenge to find resolution. Then factor that the CL Financial CLICO matter is complex and what do you have? You have a problem of time to solution. Perhaps not in our lifetime to exaggerate some.
Has the Prime Minister delivered on his promise to address the CLICO List?
Fruendel was trying to threaten CLICO victims to protect Parris, he should be locked up with Parris.
Politicians claim to be concerned about its citizens but we all know that is just a lot of long talk. Say what we like about the USA; but if Leroy Parris and those within Clico were in the USA they would be in prison. The sad thing is that this Clico fiasco started during the BLP administration and they along with the DLP have nothing to help. This is nothing more than disgraceful. The politicians in Barbados and the wider Caribbean are nothing more than jokers. As Gabby said in one of his songs, all the politicians are doing is mekking mock sport at people.
the Negropean slave leader is nonfunctional outside of their brainwash.
Allan Stanford did as he liked in Antigua compliments of the Bird administrations.Speak to any regional professional and they would always whisper Stanford is a front for money launderers out of South America and runs a ponzi scheme.Like Trump he thought himself a king in Antigua and one day it all came crashing down.His monuments are there in Antigua so are the carcasses for politicians he left there.The point is, left to the Birds he would still be a king of Antigua……Sir Allan Stanford….bah….effing crook.
Now Sandals think they can do as they like in the Caribbean making and ringing every ounce of blood from ignorant conniving politicians like Stuart and Sealy of Barbados.The Brown cum Bird administration of Antigua locked horns with pirate Butch over a meter of Butch holding on to a tax that Brown felt rightly belongs to the govt of Antigua.Brown won that round and Butch got spiteful and gave notice to 700 employees that the hotel was closing for upgrade.Brown says he will not be intimidated by Butch.Let this be a lesson for the asses who currently occupy Bay St and who sold the bajan taxpayer down the drain with a 500 million dollar tax holiday for Butch to do as he likes in Barbados.Black people too brainwashed to know everybody not smart as Barrow or Tom or even Owen.Staurt and his fools will destroy Barbados by giving away a whole range of tax concessions to Butch Stuart and then turning around and tax the middle class out of existence with unfair taxes like the NSRL.Stuart,more than an errant school teacher.A man out of his depth.An embarrassment.
Yes, Archangel. So now you you see that in addition to the pestle there is radish , cayenne pepper and onions in the mortar. It is not the system nor the party nor the institution, it is the competence and the integrity of the persons who man them that are important. It is going to get a lot more messy.
@Anne July 21, 2017 at 6:27 AM #
Politicians claim to be concerned about its citizens but we all know that is just a lot of long talk. Say what we like about the USA; but if Leroy Parris and those within Clico were in the USA they would be in prison.
Care to give us the names of the Wall Street Banksters who were jailed for the 2007 financial collapse?
Any idea why the man we name the St. Joseph judicial center after made the following admission?
U.S. Attorney General Eric H. Holder Jr. told lawmakers that some financial institutions have become “so large” that it makes it “difficult for us to prosecute them.”
Holder’s admission bolsters criticisms that federal prosecutors are deeming some banks “too big to jail,” a charge that lawmakers and consumer advocates have routinely made in the wake of recent bank settlements. Although the government has issued record multimillion-dollar fines in these cases, critics say without criminal charges, the agreements amount to a slap on the wrist.
the beauty about that too big to jail statement, is when they are finally caught jail sentences range from 150 to 200 years in prison…good ole USA.
From TT chatroom.
Allied forces of the Govt are demanding repayment from CLF, immediately. See also Anthony Wilson’s article in the EXPRESS about negotiations instead of litigation and why the Govt (supposedly representing the people in Westminster system, but that’s another debate for another time) is first in line to be repaid, and not CLICO shareholders. While they still have their shirt on, the coup-makers should sit down to negotiate a new agreement that must address repayment before any companies are out of Govt control.
Why not an IPO of the Republic Bank shares?
The GOTT has finally got the courts to agree with their proposals to protect CLF assets from the Duprey gang
http://www.trinidadexpress.com/20170725/news/freeze-on-CL-assets