Tag: anthony wilson

CL Financial bailout – Marooning the Pirates

wilson-king-symmetry
The Wilson-King Congruence.  Graphic by NiCam Graphics.

Recent events have forced a further re-examination of the proposition that Lawrence Duprey and his chiefs could regain control of the CL Financial group. The Public Interest has been betrayed or badly delayed at every stage of this matter, which is the only reason we are forced to have this painful conversation.

papersIn the BG of 27th April 2017, both Anthony Wilson and Mary King took aim at my assertion that Lawrence Duprey and his chiefs should not be allowed to regain control of the CL Financial group. Last week I responded to them, but subsequent statements from the CLF chiefs show that regaining control of the entire group is the target. Those events include the abortive meeting between Lawrence Duprey and the CLICO Policyholders’ Group, led by Peter Permell; the several press statements from Duprey and his spokesmen, Carlton Reis and Claudius Dacon and the Mid-Year Budget Review from Finance Minister, Colm Imbert.

Despite the apparent agreement between Wilson and I on the scope of the fit and proper rules, that is just academic, since the CLF chiefs seem to want to regain all their former positions. Continue reading “CL Financial bailout – Marooning the Pirates” →

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CL Financial bailout – the endgame

Lawrence Duprey and the other CL Financial chiefs could soon be regaining their positions, which is a public concern at this time. I consider that to be an unacceptable prospect and that was stated in my joint open letter to the Central Bank Governor on 31 January 2017. Both Anthony Wilson and Mary King took issue with those views of mine in the Business Guardian of 27 April 2017.

The arguments coming from Wilson and King emphasise Duprey’s property rights as the major shareholder of CLF. Wilson, who is the Business Guardian editor, appears to agree with me that the CLF chiefs could not satisfy the central bank’s ‘fit and proper’ rules which apply to those who direct, manage and hold controlling shareholdings in financial institutions. He also made the important point that there are companies in CLF which are not financial institutions and therefore Duprey ought to be able to regain control of those, provided the bailout sums are recovered. The main non-financial companies in the CLF group are Home Construction Ltd., Angostura, CL World Brands and CL Marine. I am still unclear, from Mary King’s article, whether she holds the view that the CLF chiefs are still fit and proper persons. Continue reading “CL Financial bailout – the endgame” →