CL Financial bailout – the Caribbean Connection Part Two

CL Financial bailout – the Caribbean Connection Part Two

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.

I am stating here what seem to be the four indispensable elements of an equitable settlement to this CLF bailout.   Continue reading “CL Financial bailout – the Caribbean Connection Part Two”

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CL Financial bailout – the Caribbean Connection

My previous article examined the November 2007 appointment of Karen Nunez-Tesheira as our Minister of Finance by then PM, the late Patrick Manning. For whatever reason, the consternation over the appointment of Christian Mouttet to investigate the #ferrygate imbroglio is reminding me of the confusion many people felt when PM Manning made that appointment. An eerie echo from the past, in this, The Season of Reflection.

This article appears the day before the anniversary of T&T’s 55th Independence Day. This week I examine the recent claims by the CLF group and its supporters as to its Black origin and so on. Those claims can be summarised as:

‘CLF is a black-owned and controlled conglomerate which has fallen into some difficulty and had to seek a bailout…it would be a tragedy to have such a company destroyed by liquidation or otherwise by the sitting black government’

This is emerging as a key element in the Duprey campaign, so it has to be seriously scrutinised by looking at the origins of CLF, the current stance of its shareholders and the pan-Caribbean aspects of this issue. Continue reading “CL Financial bailout – the Caribbean Connection”

CL Financial bailout – Charting the Ruins

…We have to make that honest assessment…Our society has become despondent, a resignation to decadence, where everyone owes everyone else a favour it seems… (1981)
…Who will rechart the ruin?… (1970s)

—Quotes from Leroy Clarke’s MACO interview 20 February 2016


Then they fill yuh head with all kinda story
Until truth becomes a mystery…
Now is time to Boom Up History!

Boom up History (3canal) © 2008 Machette Music

Correction

In my previous article, Camille Robinson-Regis was incorrectly named as a member of that Cabinet, when she was in fact serving as our High Commissioner to Canada.

The voices of our leading Artists urge us to search for meaning, if we are serious about building a civilisation out of the lies and ruin we inhabit. That kind of serious building requires a solid foundation which must contain sober reflection and acceptance of responsibility by both the people and the leaders. This is the Season of Reflection, so this week I am looking backward to go forward. A Sankofa pause to delve into these sobering CL Financial events to try to derive some meaning. We have now passed Emancipation, so the series is moving onward to Independence.

In this article I will examine the positions taken by various leaders as the CLF crisis gathered force, culminating in the declaration of the bailout on 30 January 2009. There is either a sobering naivete or a lack of rectitude in the highest chambers in our Republic.

4ministers

The main persons dealing with the crisis were the Cabinet, the CLF Chiefs and the Central Bank. The former Cabinet members from whom we need to hear are – Colm Imbert, who is the current Minister of Finance; Mariano Browne, then Minister in the Ministry of Finance; Conrad Enill, former Minister of Finance and Chairman of the PNM; Karen Nunez-Tesheira, then Minister of Finance. Continue reading “CL Financial bailout – Charting the Ruins”

AUDIO: Interview on Power Breakfast on CL Financial bailout 31 July 2017

power102fmThis is my interview with Rhoda Bharath & Richard Ragoobarsingh on the CL Financial bailout on the Power Breakfast Show where we discussed the bailout, the lack of transparency and the debacle of its handling. Audio courtesy Power 102 FM.

Programme Date: 31 July 2017
Programme Length: 00:57:39

CL Financial bailout – hide and seek…part two

The meaning of the PM’s speech of 27th July 2017 was truly sobering. 27 July was the anniversary of the Muslimeen coup, the 27th anniversary, as it so happens. This might look like a mere coincidence, but stay with me here.

Dr Rowley told us that the CL Financial group, which has been under the direction of a State-controlled Board since 2009, was either not in control or themselves culpable in this serious situation now upon the country. The failure to keep proper audited accounts and the issue of the alleged diversion of Angostura’s dividends, all add to the impression of a huge, out-of-control entity operating to our collective detriment. It also seems from that statement that the only substantial repayment of CLF’s debt to the State was the $7.5 Billion earned from the sale of shares in Methanol Holdings Trinidad Ltd. Where did the hefty dividends from Republic Bank Ltd go? Continue reading “CL Financial bailout – hide and seek…part two”