
Florida: Just one of the Duprey family mansions
When did CL Financial & CLICO insiders know that the group was heading for collapse?
by Afra Raymond
When you consider increasing lifespans, inflation and the greater likelihood of major medical expense, it is clear that proper retirement planning should be a major factor for most people.
Central to the growth and long-term success of the CL Financial group was its ability to mobilise the retirement savings of the Caribbean people in pursuance of its wider commercial objectives. I have been writing on how it all went wrong and who is to blame.
In preparing my submissions for the Colman Commission it occurred to me that the retirement planning of the 3 CL Financial chiefs is central to understanding the entire fiasco. It is rich in irony.
Fiduciary Duty of Directors and Officers
When did the Directors and Officers of CL Financial (CLF) know that the group was heading to collapse?
When did the Directors and Officers of the failed subsidiaries know?
What did they know and when did they know it? How much warning did their management controls give them?
The questions are pertinent and the time-line is instructive – Continue reading →