This first article for 2018 is my summary of the key issues emerging from the ongoing CL Financial bailout. Yes, the bailout started on Friday 30th January 2009 and nine years later we are still at it. We have spent at least five times more than the original estimated cost, yet the situation remains essentially unresolved.
One of the most alarming aspects of this bailout has been the staggering increase in the amount of Public Money spent. The original cost was estimated to be $5.0Bn and we were told by the Minister of Finance in his Mid-Term Budget Review on 10th May 2017 that – “…the Government may be owed up to $27.7 billion by the CLF Group…”.
Despite that huge increase in expense, about 15,000 policyholders are still to be paid, so who got that $27.7 Billion in Public Money? I sued since 2012, under the Freedom of Information Act to get details of those payments and the audited accounts of the CLF group. Despite the change of government in September 2015, after my High Court win in July of that year, the State has continued its appeal against that High Court ruling. The Appeal Court hearing of my case is set for 24th January 2018, so we will be seeing more of this issue of State secrecy in huge expenditure. Continue reading “CL Financial bailout – 2017 summary”→
There has been a veritable cascade of events as we went through 2017, each seemingly more gripping than the last, so it is difficult to summarise such a year. Accordingly, these are the more important issues which I covered this year and which are likely to arise again in 2018. Continue reading “2017 in Review”→
This is my interview with Deborah Maillard (aka Ms Philo) on Tuesday 14th November 2017 on The Breakfast Show on IETV to discuss the CL Financial bailout; the Invaders’ Bay proposals and the Tobago Sandals mega-project. Video courtesy IETV
Programme Date: 14 November 2017
Programme Length: 00:35:31
This the link to my radio interview with Rennie B on Sunday 1st October 2017 on 107.7FM. We covered the CL Financial bailout; the Tobago Ferry and the Tobago Sandals project. Video courtesy TTRN -Trinidad and Tobago Radio Network Limited.
Programme Date: 1 October 2017 Programme Length: 00:18:24
Shabaka Kambon on his programme, INDABA- The Place Where Knowledge Grows, on ‘Talk City’ 91.1 FM interview Afra Raymond on the CL Financial bailout. In the discussion with him is the esteemed, Dr. Claudius Fergus. Audio courtesy 91.1 FM Programme Date: 27 September 2017 Programme Length: 00:47:15
The previous article set out my criticism of the CLF bailout situation in respect of the CARICOM claims and our nation’s treaty obligation to exercise non-discrimination in its policies. In that light I am sceptical of the position now being advanced by the CLF shareholders to highlight that group as being a black-controlled conglomerate. My scepticism was rooted in the apparent refusal or failure of either the CLF shareholders or the T&T State to accept responsibility to meet CARICOM claims arising from the 2009 collapse of CLF.