This article summarises the total Public Money spent on this CL Financial bailout and also outlines some further concerns.
CLF BAILOUT PAYMENT SUMMARY
| COST DETAIL | AMOUNT |
|---|---|
| CLICO | $15,833,458,958.00 |
| CIB | $1,870,659,526.00 |
| BAICO | $1,637,387,140.00 |
| CMMB | $736,079,577.00 |
| Interest & Finance | $5,802,921,235.96 |
| Accountants | $15,212,319.62 |
| Attorneys | $37,459,864.43 |
| Bankers | $7,934,991.40 |
| Stockbrokers | $6,624,173.58 |
| Services & Supplies | $2,410,000.57 |
| TOTAL | $25,950,147,786.56 |
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.
What could possibly have accounted for this staggering increase in expenditure? Continue reading “CL Financial bailout – a summary”
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