Response from Central Bank on the CL Financial bailout

Central Bank replies to our open letter of 31st January 2017 on the CL Financial bailout.

On 31st January 2017 I co-signed an open letter to the Central Bank Governor on the CL Financial bailout. My collaborators were Rishi Maharaj of Disclosure Today and David Walker, with our common purpose to pointedly question the Central Bank’s handling of the bailout.

When over two months passed without a reply or acknowledgment, we decided to act again to bring the issues forward. On 19th April 2017, we delivered the letter again to the Governor’s office, this time with media coverage.

That approach seems to have worked, since the Central Bank actually replied on 21st April 2017 – see attached.

Of course there is no real reply to our queries, so we will be doing a thorough reply on those issues.

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4 thoughts on “Response from Central Bank on the CL Financial bailout

  1. Keep up the pressure. By the way, I notice the press has no idea of government finance In reporting Minister Imbert’s success in balancing the books they listed a loan drawdown as revenue. I wasn’t aware even in government accounting loan proceeds equals income.

  2. Confidentiality obligations and secrecy provisions sometimes stand in direct opposition to transparency in T&T and laws are continuously used to protect the lawless and unruly Mr.Raymond. Wasn’t it the public quarterly report which informed your questions on the bailout in the first place? If this is so,it looks like you are spinning top in mud. It seems wrong however, for CB to say to a visionary and entrepreneur that He should no longer take charge of his own company( I am making reference to another not too distant,related post on your blog),especially when personnel were hired to hold the key managerial positions and responsible for the major decisions made when CL failed. Are you asking too much of CB Mr. Raymond or is it that CL has come up to speed and satisfied all of the intervention requirements of CB? Now I understand the previously outlined issues as concerns the use of public monies to the rescue of CL, which yielded no gain(interests) to taxpayers funds, and I agree that the bail out should have brought financial or even capital benefits to our public portfolio. At this point however, it seems that that is not going to happen, and while we are left to cry over spilled milk don’t spin top in mud sir! Spin tops! Exhaust all of their possible excuses with simultaneous queries from all angles.

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