VIDEO: Up Next! Interview – 07 Feb 2010

VIDEO: Up Next Interview – 07 February 2010

Jerry George a freelance journalist from SVG has been following and reporting on the CLICO/British American story and its impact on the Eastern Caribbean countries. He came to Trinidad on the anniversary of the Bailout to interview Afra Raymond. Jerry is the Host and Producer of UP NEXT! which is aired on SVGTV in St Vincent and the Grenadines.
Video courtesy UP NEXT! with Jerry George.

  • Programme Date: Sunday, 07 February 2010
  • Programme Length: 0:57:48
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8 thoughts on “VIDEO: Up Next! Interview – 07 Feb 2010

  1. ‘Fra,
    just wanted to make a clarification on the issue of ‘related party transaction’. Again we must rely on law for the analysis of this. Technically the company is a separate entity from the individuals who own or run the organization. So you are right about the comparative banality of intercompany transactions loans, sales, transfers. It would be like a person lending to him/herself. So that is no real biggy, eh?

    What makes this insidious and odious, is the fact that when defined related parties are if someone gives preferential treatment to someone else because he is ‘meh fren’. In otherwords, the transaction is not from a distance and there is no abundance of risk mitigation as would be in a third party transaction.

    So how does this relate to the CL game. Ah ha, dah is de real problem. The company or one of the subsidiaries engaged in practises by transacting with individuals of the company, within the company and by the company. The authority for these transactions should have failed the auditors testing for conformity to GAAP or SAAP. The Audited report should have had a qualification indicating that in a sample test of the transactions they could not verify whether due diligence was conducted in the monies/assets transferred. It is not possible for auditors to find fraud but they are able to detect when transactions do not follow the standards of accounting procedure and reporting. Another failure lies heart and soul on the other regulatory bodies whose incompetence or competence at non-disclosure was apparent. The so-called TTSEC, Supervisor of Insurance and the Central Bank. Ewart Williams, Karen Nunez and Mariano Brown are just scapegoats in some more sinister and lies beyond. Ask the question:What went on with CL Financial Holding’s Directors especially Mr.Louis Andre Monteil :

    “Louis Andre Monteil, former Group financial director of CL Financial Ltd and Lawrence Duprey’s second in command up until his departure from 41-43 St Vincent Street, Port of Spain, last year, made a $6 million profit in dividend earnings paid out in 2007 on his controversial 43.8 per cent”

    This was the end of CL Financial. He received a golden parachute, eh?

    1. Sean,

      The critique is always appreciated – of course, we both know that the entire bailout is the ultimate ‘…excessive related-party transaction…’ – As usual, real life is so rich in irony that no novelist could compete with this kinda thing…How else could one explain terms which are seeing interest-free, unsecured, unlimited Treasury support for a privately-owned group whose shareholders have not had their interests diluted or evaporated?

      ‘Fit and Proper’ – published on 2nd July 2009, most directly tackles this issue, but it should really be brought to the fore in future discussions on the electronic media.

      Finally, I see that you put that final para on Andre Monteil in quotation marks – where is it from?

      Thanks again

  2. Oh well! So much for my TSTT pension plan. I believe the trustees are CLICO. I had hoped to get some money from it as part of my retirement package.

    I guess I will have to work until I die! Maybe the old folks were right – the best insurance is children (once they are well brought up)!

  3. Source: Express

    Monteil: I’m out of the game. Leave me alone
    Series of private transactions…
    Camini Marajh Investigative Desk

    Sunday, March 22nd 2009

    Indeed my good man. Just do a search on Mr. Monteil and be illuminated.
    Sean

  4. good interviews fra, thank you for notting letting this just ‘go away ‘ as the body politic would wish!

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