CL Financial bailout – DoubleThink

doublethink
Illustration © David Cave

‘…Doublethink is the ability to hold two completely contradictory beliefs at the same time and to believe they are both true…’
—from George Orwell’s ‘1984’

On 25 January 2017 the annual Corruption Perceptions Index report was published by Transparency International, with the results reflecting poorly on our country. T&T’s score fell from 39 in the previous year to 34 in 2016 – this scale measures greater perceptions of public sector corruption as declining scores, with the countries seen as least corrupt having the highest score. As a result of the declining score, our ranking fell from 72nd out of 168 countries to 101st out of 176. That decline in perception was a serious one and really little surprise to the attentive citizen, none whatsoever. Of course perceptions take some time to change, so the question is whether the post-September 2015 regime can improve those poor perceptions.

I believe that there is now an outbreak of tragic ‘doublethink’ within our country’s leadership, in relation to the CL Financial bailout. That must be challenged if we are to ever see any improvement in our nation’s fortunes, not to mention the slide in terms of perception of corruption. Continue reading “CL Financial bailout – DoubleThink”

AUDIO: “On Point” on Boom Champions 94.1 FM talking about corruption

94logoI did an excellent radio show with some vibrant young colleagues from TTTI on the morning of Sunday, 13 November 2016 on Boom Champions 94.1FM.  The topic of discusson was “Sweet T&T or corrupt nation?: Revealing the truths on a corrupt state of affairs. Audio courtesy Boom Champions 94.1 FM

  • Programme Date: 13 November 2016
  • Programme Length: 01:30.50

Parts 1-5

CL Financial bailout – Duprey’s Story: SIFI vs PIFI

Artwork by NiCam Graphics

On Sunday 22nd May 2016, the front-page story in this newspaper was headlined ‘We will pay it back‘. That article featured very interesting quotes from former CL Financial Executive Chairman, Lawrence Duprey as well as the Minister of Finance & the Economy, Colm Imbert, on the prospects for repayment of the huge sums of Public Money spent on this CL Financial bailout.

Duprey claimed to have made a formal proposal to the State to repay taxpayers and all stakeholders who are owed money, while insisting that the amount owed was yet to be determined. The failure or refusal of the State to publish any audited statements in relation to this CL Financial bailout appears to be impeding the discussions as to a settlement of this massive debt. The sidebar contains a summary of how the Public Money spent on this bailout has grown from the initial 2009 estimates of $5 Billion to a 2016 figure now said to exceed $24 Billion. Continue reading “CL Financial bailout – Duprey’s Story: SIFI vs PIFI”

CL Financial Bailout – Duprey’s Gambit

Lawrence Duprey. Photo courtesy the T&T Review
Lawrence Duprey

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”

AUDIO: The Breakfast Roundtable interview on Sky 99.5FM- 28 January 2016

sky995fmAfra Raymond is interviewed on the ‘The Breakfast Round Table‘ show on Sky 99.5 FM by Eddisson Carr and Jessie May Ventour in light of the fact that he spoke at “Corruption Perceptions Index 2015: Facts and Findings”, the seminar hosted by the Trinidad and Tobago Transparency Institute, in collaboration with the Trinidad and Tobago Chamber of Industry. He shares highlights of the discussion he led in that seminar. 28 January 2016. Audio courtesy Sky 99.5 FM

  • Programme Date: Thursday, 28 January 2016
  • Programme Length: 37:49