“When the Prime Minister announced this Enquiry on 1st October 2010, she promised to release details of who received the monies disbursed after the CL Financial Group collapsed. That list of names and who received what sums would be an absolutely explosive one.”
“You can be sure that the people in the top layer will do anything in their power to protect themselves from the stern scrutiny…”
CL Financial bailout – Sunlight Disinfectant
If you think this title is for the latest brand of household cleaner, you would be wrong. I drew that title from the famous statement by deceased US Supreme Court Justice Louis Brandeis, in reference to corruption and fraudulent dealings –
‘Sunlight is the best disinfectant‘
Of course, this is all about the impending Colman Commission of Enquiry into the failure of CL Financial and other companies (including CMMB) and the Hindu Credit Union.
We are attempting to understand our situation in this financial fiasco – how was the entire collapse caused? Who is responsible? What can we do to avoid a repetition?
Our House needs a serious cleaning and we need a new commitment to serious retrospection if we are to succeed in understanding this scandalous situation.
To set the stage, there are four principalities being represented in this Enquiry –
- CL Financial Chiefs – The people who had Direction and Control of the entire failed group – that would include the shareholders.
- The Regulators – The Supervisor of Insurance, Securities and Exchange Commission (SEC) and the Central Bank.
- The Auditors – PriceWaterhouseCoopers and Ernst & Young – the former being auditors for the CL Financial group and the latter acting for the Central Bank.
- The aggrieved Policy-Holders and Depositors – Several groups have been formed to seek the return of all the monies owed to these investors. Continue reading