CL Financial Bailout | Still No Freedom of Information Act Promised TEN Years Ago | Amendment to the Police Act is Coming Though!
The news that the Barbados government has reordered the CLICO business by establishing a new company with a general election a few weeks away makes the following Afra Raymond blogs timely. The challenge for Barbadians is we do not have the same leverage as Afra Raymond in Trinidad to go to Court to exact transparency in the CLICO matter because the government has NOT enacted/proclaimed the FREDOOM OF INFORMATION ACT – see BU blog Freedom of Information Act (FOIA), the one that got away promised 10 years ago!
On Wednesday 24th January 2018 we settled the Consent Order in the Appeal Court, in this long-running legal battle between the Ministry of Finance & The Economy and I. That Consent Order will allow the public much better insight into the CL Financial bailout. The Ministry of Finance & The Economy has now agreed to provide two of the three items I requested in 2012 under the Freedom of Information Act –
- Any unaudited financial statements of CL Financial Limited for the years 2008-2011 in the possession of the Ministry of Finance which were relied upon to prepare the affidavits of Minister Winston Dookeran filed on 3 April, 2012 in High Court proceedings CV 2011-01234, Percy Farrell and Others v Clico and others.
- Any list of the creditors of CL Financial existing at the date of the request in the possession of the Ministry of Finance, the names of the EFPA holders of Clico, the dates of the repayment of EFPA holders of Clico and the identities of those whose investments have been repaid. […]
The previous article gave the essential details of the fight for and contents of the Consent Order between the Ministry of Finance & The Economy and I. It has now been nine days since that Consent Order, yet despite the best efforts of my team we are no closer to understanding this delay. We do not know what reply the Ministry gave its attorneys, who is working on compiling these details, or indeed, if anyone is working on it. Therefore one has to wonder, in relation to the requested details ‘What did they know?‘ and ‘When did they know it?‘
This article will examine these delays.
The Colman Commission was appointed to examine the causes of the failure of CL Financial (CLF) and four of its subsidiaries – […]