Last week we learned that Lawrence Duprey and his fellow CL Financial shareholders are victims of a badly-handled bailout. According to the Duprey version, the State must halt all asset disposals and he must regain control of the CL Financial group of companies. In what seemed to be an immediate response, Minister of Finance & the Economy, Colm Imbert, said he was so alarmed at the gross mismatch in the bailout figures that he decided to order a forensic audit on the entire process. These two contrasting stories are the latest big news on the CL Financial bailout.
I have always objected to the CL Financial bailout and it has become a strong example of how the Public Interest can be perverted under a series of disguises.
The Duprey Gambit is just the latest attack on good values in our country. It is a nasty, shocking outbreak of moral hazard. It needs to be dismantled and discredited, nothing less will do.
The Imbert Initiative looks like a welcome move to examine the details of this scandalous waste of Public Money. The proposed forensic audit seems to signal some official appetite for disclosure. However, if this is to properly protect the Public Interest, there are some ‘litmus tests’ which can show the official commitment to disclosure
This article will examine those two proposals so that some meaning might emerge from this utter, deliberate confusion.
Continue reading “CL Financial Bailout – Duprey’s Gambit”