This article summarises the total Public Money spent on this CL Financial bailout and also outlines some further concerns.
CLF BAILOUT PAYMENT SUMMARY
Interest & Finance
Services & Supplies
Source – Correspondence with Finance Ministry PS
Various payment summaries and the CL Financial Management Accounts (unaudited) for 2015, 2016 and 2017 were provided thus far in response to my requests for information of 4th May 2018. Notwithstanding those details, the Ministry is yet to respond substantively to my requests, so I have instructed my attorneys to take the necessary steps to settle this request for information.
In January 2009, this bailout started with a $5.0 Billion estimated cost. In October 2010, we were told that $7.3 Billion had been spent and that a further $7.0 Billion was needed to pay all the claims – a total of $14.3 Billion. A compilation of the Ministry’s summary data, on which I am relying, show a total of $25.95 Billion in Public Money spent at this stage, taking no account of unsatisfied creditors.
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”→
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
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 my interview with Rennie Bishop on 107.7 FM on Sunday 6 August 2017 to discuss the No Man’s Land transaction and other CL Financial bailout matters stemming therefrom. Video courtesy TTRN -Trinidad and Tobago Radio Network Limited.
30th January is the anniversary of the infamous 2009 CL Financial bailout, so I collaborated on this open letter to the Central Bank Governor, Dr Alvin Hilaire, to raise some urgent and important questions on the Central Bank’s management of this situation.
Our letter was sent on 31st January 2017 and was signed by David Walker, Disclosure Today and I.