CL Financial bailout – a summary

CL Financial bailout – a summary

 

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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VIDEO: Greater Tunapuna Chamber of Industry and Commerce speech – 17 Sep 2018

gtcic-advertAfra was part of a distinguished panel of speakers at a pre-budget forum discussing the subject ‘Understanding Where We Are…Today – Trinidad and Tobago Economy”. This event was held by the Greater Tunapuna Chamber of Industry and Commerce. The secrecy of government-to-government or State projects are analysed with a conclusion that an educated population must be part of the diversity of views that become part of the modern national decision making process.

NOTE – Conrad Enill, Group CEO of Eastern Credit Union, did not appear at this meeting as billed. Mariano Browne, former Minister in the Ministry of Finance and Minister of Trade & Industry, spoke in that slot.

Programme Date: 17 September 2018
Programme Length: 00:15:00

VIDEO: Morning Brew interview on La Brea Dry Dock project – 10 Sep 2018

CNC3 LogoAfra Raymond is interviewed by Hema Ramkissoon on CNC3’s ‘Morning Brew’ on Monday 10th September 2018 to discuss the recently-announced La Brea Dry Dock project with China Harbour Engineering Company. Perspectives on T&T-China relations and government-to-government contracts are given. Also touches on Curepe Interchange project.

Programme Date: 10 September 2018
Programme length: 00:16:32

Property Matters – The Housing Gap

Property Matters – The Housing Gap

“…Whereas the People of Trinidad and Tobago—…(b) respect the principles of social justice and therefore believe that the operation of the economic system should result in the material resources of the community being so distributed as to subserve the common good…”

—From the preamble of our Republic’s current Constitution (1976)

In this, my Season of Reflection, I return to my constant concern with our national housing polices and the outcomes of the State’s housing program for our neediest citizens. The quality of discourse and understanding is in my view rooted in the quality of the questions one poses. How we define the problem allows us to improve our chances of seeing and solving.

hdclogoThe inescapable challenge for our national housing program is to provide sufficient affordable housing options of a decent quality. The HDC’s waiting-list is now in excess of 176,000 individual applicants, which excludes co-applicants or dependents. Over 90% of those applicants cannot afford a mortgage or to ever buy their own homes. They are just too poor to do so.

So this is the big question which our Housing program must answer.

How do we house those who can least afford good-quality housing? Continue reading “Property Matters – The Housing Gap”

AUDIO: Interview on Business Corner on Power 102 FM, Housing Policy – 20 August 2018

business-corner-power-102Afra Raymond, based on his research on the effectiveness and delivery metrics of the existing housing policy, was interviewed on the Power 102.1FM ‘Business Corner‘ by Sandrine Rattan on Housing Policy and outcomes.

Programme Date: 20th August 2018
Programme Length: 00:12:48

CL Financial bailout – filling the gaps, part two

clf-bailout

This article provides more details of the games being played in this Information War. It seems that the concealment of the details of the CL Financial bailout is of high importance.

First item is this acknowledgment from the PS in the Ministry of Finance which would be funny, if this entire matter were not so very serious –

Continue reading “CL Financial bailout – filling the gaps, part two”