Trinidad Government guts CL Financial – CLICO investigation team: effectively shuts down probe.

UPDATED: July 14, 2010

Trinidad & Tobago Attorney General denies investigation shut down. Says it was “streamlined”. Calls Trinidad Express article “completely untrue”.


… after reading Attorney General Anand Ramlogan’s rather ambiguous statements that he had been “in regular contact with Forensic Specialist, Mr Robert Lindquist” and his other not-very-detailed comments about what REAL ACTIONS are being taken, where, and by whom… I am unconvinced that a full-steam-ahead investigation is ongoing into the CL Financial – CLICO mess.

When Attorney General Ramlogan talked about “streamlining” the investigation, I just wonder what he really means. Is there a full-bore investigation ongoing or not? How many people are assigned full time as investigators, forensic accountants, secretarial staff and electronic data specialists?

When we’re talking about 76.8 BILLION dollars of assets gone missing, it’s a little lame-o for the AG to say he is “in regular contact” with a forensic accountant and to leave it at that.

Please read the latest statements by AG Ramlogan and tell us if you are confident that everything that can be done is being done and that any persons committing a wrongdoing will be held accountable.

Here are the latest newspaper stories:

Trinidad Express, July 14, 2010: Ramlogan: Foreign lawyers working on CLICO probe

Trinidad Express, July 13, 2010: Lawyers not fired, says Ramlogan

Nation News, July 14, 2010: Lawyers in CLICO probe ‘not axed’

The Guardian, July 14, 2010: AG: Lawyers’ work on Clico has ended

The Gleaner, July 14, 2010 Trinidad Denies Scaling Down CLICO Probe

Here is our unchanged original BFP story published July 12, 2010…

Six investigative teams quietly dismantled over last few weeks

Trinidad and Tobago Attorney General Anand Ramlogan recently fired teams of lawyers and investigators that were working in six separate jurisdictions to piece together the CL Financial disaster.

That’s just one of the indications that there will be no accountability for Duprey, Parris or any of the other big shots who destroyed people’s lives but kept their personal wealth and mansions. Not to forget that they cut themselves huge salaries, side contracts and bonuses when they knew their house of cards was heading for collapse.

Involved Caribbean governments – especially Barbados and Trinidad & Tobago – will continue down their current path socializing the CL Financial – CLICO losses after allowing Lawrence Duprey and Leroy Parris to privatize company profits.

Attorney General Ramlogan gave assurances to the press that the “Clico matter is being actively investigated and considered by my office. And I intend to explore both civil and criminal liability in pursuit of justice on behalf of the innocent investors and policy holders”. (See Trinidad Express article Lawyers Fired)

That’s what Ramlogan said. His actions say something else: it’s all pretend from here on.

There’s 76.8 BILLION dollars missing from CL Financial’s asset list but the T&T Attorney General is effectively giving up, saying an investigation is too costly and complex. TENS OF BILLIONS of dollars vanished and he’s throwing up his hands.

What about the PricewaterhouseCoopers auditors?

“No one is questioning the role of Pricewaterhouse Coopers in this Clico fiasco. PwC consistently signed clean Audit reports for Clico and CIB despite knowing about the inaccurate and fraudulent accounting. CIB’s accounts for the 2007 year end were signed off on December 3rd 2009, less that 45 days before the company crashed. There was no going concern qualification, or subsequent events note that should have been in the audit report. Surely PwC knew of the company’s predicament when they signed the accounts!”

… see BFP’s article Silence from PriceWaterhouseCoopers as forensic investigator Robert Lindquist submits report

With billions going missing in such a short time why didn’t PWC notice or blow the whistle? Were they willfully blind, incompetent or something worse? The public will never be told.

Florida: Just one of the Duprey family mansions

That crook Lawrence Duprey did okay though. In February of 2009 he engineered the sale of Clico Energy to some of his friends at a grossly undervalued price. Duprey sold one of CL Financial’s most profitable companies to finance severance and termination costs. One has to wonder how big a piece of the action that Duprey received “on the side” from just the Clico Energy transaction.

Like CLICO’s Leroy Parris, Duprey no doubt had companies “on the side” that were paid by CL Financial and CLICO for “consulting services”.

How much money did CL Financial and CLICO give to Caribbean politicians for “campaign donations”? How much was given to Barbados and Trinidadian politicians? How much money did our own Prime Minister David Thompson receive from CLICO over the last ten years?

Ha! You think the public will ever be allowed to know that? That’s why this whole CLICO and CL Financial mess will be deemed “too complex” for any charges to be laid. The winding down of the T&T investigation is only one indication.

What was that old saying again? Oh yeah… “The fix is in”


Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Ethics, Freedom Of Information, Political Corruption, Politics, Politics & Corruption

2 responses to “Trinidad Government guts CL Financial – CLICO investigation team: effectively shuts down probe.

  1. WSD

    don’t forget that Thompson used to borrow the Clico business jet whenever he wanted to. Did Thompson own any company stock or policies when he bailed out Clico? How much did Clico give the DLP in campaign donations?

    So many questions with never an answer.

  2. passin thru

    I read all the new stories and I agree that Attorney General Anand Ramlogan’s statements are ambiguous and generalized. I read somewhere (forget where) that the Lindquist report is said to be inconclusive. That alone sounds like “fix is in”. I wish we could hav more faith in the prosecutors and government but how can I when we NEVER NEVER NEVER get detailed answers about big crimes by powerful people.