CL Financial bailout – the Tangled Web

tangled-web

…The official also pointed out that no interest was ever charged on the amount of money that was loaned to the CLF group…
—Quote from an anonymous ‘Government official’ in this newspaper on 21 July 2017.

Well yes.

A bold-faced snatch-and-grab is now being attempted and our total vigilance is now required. According to the ‘Occupy Wall Street’ protestors I saw at Zuccotti Park in 2012 –

‘If you are not Outraged, You haven’t been paying attention!’

Last week I spoke to the epic legal mangle which was about to engulf us all in relation to the CL Financial bailout fiasco. It is important to know that it does not matter if you had an investment in CLF or were a shareholder. It does not matter at all. This issue is so huge that every citizen has skin in the game. That includes the unborn ones and those CARICOM citizens who are not citizens of T&T. Continue reading “CL Financial bailout – the Tangled Web”

CL Financial bailout – Nitty Gritty

#afteronetimeistwotimes

Artwork by NiCam Graphics

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 of Public Money spent on this immense bailout and when, or if ever, it is to be repaid. I have been involved in extended litigation to get the details of the bailout from the Ministry of Finance and the High Court ruled in my favour in July 2015, with that result now being contested in the Appeal Court.

One of the details requested by me was the audited accounts of CLF since the bailout started. This presents two serious issues for consideration. Continue reading “CL Financial bailout – Nitty Gritty”

VIDEO: Morning Brew interview on fight for control of CL Financial

CNC3 LogoThis is my 17 July 2017 ‘Morning Brew’ interview with CNC3’s Hema Ramkissoon on the continuing drama that is the CL Financial bailout. The “chess game” for control is active at this moment, but the propriety of a wholesale return of the group to those chiefs who brought the company to its knees in the first place is still to be debated. Video courtesy of CNC3 Television.

Programme Date: 17 July 2017
Programme Length: 00:26:14

CL Financial bailout – False Equivalence?

tony fraser article

In today’s world of ‘Alternative Facts’ we have to be alert to the special dangers posed by ‘False Equivalence’. False Equivalence arises when two arguments are presented as being of equal relevance, but in fact one is solidly fact-based and the other is mere speculation or invention. Those dangers are especially present in matters of public importance, as recent events have shown.

Tony Rakhal-Fraser’s Sunday Guardian column on 25 June 2017, titled Appointing ‘Fit and Proper’ People, made me wince, despite his usual high standard of writing. My reaction arose from what appeared to be an attempt by the Central Bank Governor to promote a new discussion on the fit and proper rules. Continue reading “CL Financial bailout – False Equivalence?”