Afra Raymond visits the T&T Unpacked studio to talk with Justin Collymore and Rochelle Amour about T&T’s 2017 National Budget, why criminals get away with corruption and what we can do to make a change. It gets heavy, so for more details check out Afra’s blog at afraraymond.net or follow his page on Facebook.
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”
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 is 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”
Afra 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
Afra Raymond is interviewed on the ‘Showdown‘ show on i95.5FM by Jennifer Baptiste-Primus and Ralph Maraj on the former PP government’s ‘Land for the Landless’ policy and bill. 7 June 2015. Audio courtesy i95.5FM
- Programme Date: Sunday, 7 June 2015
- Programme Length: 1:13:27
In this provocative talk, Afra Raymond takes a deeper look at race and racism. He successfully uses the talk to place a new perspective on how we think about race and its role in corruption. TEDxPortofSpain. 14 October 2015.
On 10 August 2015, the then Minister of Finance and the Economy appealed the High Court’s 22 July 2015 judgment which ordered the release of the details on the CL Financial bailout. My protest at this action was published in this space as ‘Studied Disdain‘. Since then, the General Election of 7 September 2015 brought about a change of government – the People’s Partnership is now the official Opposition and the People’s National Movement is once again the government.
It is essential to now determine the areas in which we can expect changes in policy and the areas in which we can expect business as usual. Those perspectives informed my letter of 15 September 2015 to the new Minister of Finance & the Economy, Colm Imbert.
Imbert asked for more time to consider my request, so I consented to his application to the Appeal Court – the next hearing in this matter is therefore set for 25th January 2016.
My exchanges thus far with Imbert have been straightforward ones, but it is always important for us to be vigilant and aware.
By email & hand
Mr Colm Imbert MP,
Minister of Finance & the Economy,
Ministry of Finance & the Economy,
Eric Williams Financial Complex,
Brian Lara Promenade,
The High Court ruled in my favour on 22 July 2015 and ordered the publication of the requested details, but on 10th August 2015 the Ministry of Finance appealed that ruling (P201 – 2015). Our next hearing is set for Monday 19th October 2015, to argue the State’s application for extension of the stay of execution. It is my intention to strongly oppose that application for any extension of the stay of execution.I am formally requesting that you take the necessary actions to restore the Public Interest in the Accountability, Transparency and Good Governance in relation to this vast, opaque expenditure of Public Money.In specific terms, I am requesting three actions from you –
- Formal withdrawal of the State’s appeal in this matter;
- Urgent publication of the details of the CL Financial bailout to include the audited accounts for CL Financial 2008-2014 or any interim, preliminary, draft or unaudited statements of CL Financial Limited; the full details of the official briefing to Independent Senators in September 2011 preparatory to the debate on The Central Bank (Amendment) Bill and The Purchase of Rights and Validation Bill 2011 (to include copies of all slides. Power-Point slides, tables, charts, schedules, text or other information which comprised that presentation) and details of the funds paid in the bailout to include – a full list of creditors as at the commencement date of the bailout and at the date of my FoIA request (8th May 2012); the names of the EFPA holders; the dates of the repayments of the EFPA holders, together with details of the amounts received; the identities of all those who have received public money in the conduct of this exercise, together with details of the amounts received. These details are no doubt electronically stored, so I would request that the answers be provided in a searchable database;
- Refund of my reasonable legal fees in this matter – The High Court awarded 70% of my costs.
In anticipation of objections to disclosing these details on the grounds of the right of private investors to confidentiality, my response would be to point out that all other recipients of Public Funds are liable to having detailed information disclosed, upon request and without notice. A request for information on the details of a Public contract would include the identities of the parties; the contract itself; the dates and amounts of payments. Such requests are routinely handled without resort to attorneys or even the Courts, even if administrative delay is also a reality. That is the common and accepted practice in relation to all Public contracts and payments, which is fortified by the provisions of the Freedom of Information Act, under which my litigation was successful. There is no case made for any special status of financial investors to enjoy rights of confidentiality which are not available to other recipients of Public Funds.
The only way for the required level of transparency and accountability to be achieved is by the responsible officials publishing all the details of all the payments of Public Money.
The equation for the reality check is –
Expenditure of Public Money Minus Transparency Minus Accountability Equals CORRUPTION
I can appreciate that the impending 2016 budget would likely demand your attention for the next three weeks. I would like to know the State’s position in this matter before the next Appeal Court hearing on Monday 19th October 2015, so I would appreciate your reply by Friday 9th October 2015.
This request was made in the Public Interest, so I trust that it will receive your positive attention.
c.c. – Dr. Keith Rowley MP, Prime Minister,
Mr. Faris Al Rawi MP, Attorney General
How much has the CL Financial bailout cost?’
with live hyperlinks
30th January 2009
Bailout announced at an estimated cost of $5.0 Billion
12th June 2009
CL Financial Shareholders’ Agreement signed, which for the first time made it a priority to protect shareholders’ rights.
– see Para ‘A’ of the Preamble at page two.
8th September 2010
Winston Dookeran’s first Budget Statement, in which he formally proposes to drastically reduce the rate of payout of Public Money in the bailout.
pages eight through ten.
1st October 2010
Then PM confirms that $7.3 Bn had been spent and that a further $7.0 Bn needed to be spent (pg 31). The burning need for an explanation of where the $7.3 Bn went…(pgs 25-26)
pages 19 through 34.
3rd April 2012
Then Finance Minister Winston Dookeran confirms that $12 Bn had been spent.
1st October 2012
New Finance Minister Larry Howai confirms that $19.7 Bn had been spent, which is an additional $7.7 Bn in six months.
17th May 2013
Formal confirmation of bailout cost “…over $25 Bn…”
2nd April 2014
Then Finance Minister Howai confirms bailout cost as – “… the cost to the country of the CL Financial bailout—the actual cash that has been put out—is approximately$20.8 billion...”
7th August 2015
Then Finance Minister Howai confirms bailout cost as ‘not quite $20 Bn‘.