Daily Archives: May 19, 2011

CL Financial Bailout: The final Annual General Meeting was a Lie!

Shareholders not told about billions in missing assets

by Afra Raymond

CL Financial’s final Annual General Meeting was the most interesting meeting in the saga of its collapse.

That meeting took place at the Trinidad Hilton on Friday 23rd January 2009, so consider the timeline –

  • 18th November 2008 – CLF publishes its 2007 Annual Report, including its audited accounts, which showed assets of $100.666Bn and after-tax profits of $1.74Bn.
  • 13th January 2009 – CLF writes, under Lawrence Duprey’s signature, to the Governor of the Central Bank to request urgent financial assistance.  See pg 628 of Hansard of 4th February 2009 for the text.  That letter specified that CLF’s asset value was $23.9Bn.
  • 16th January 2009 – CLF pays a dividend of $3.00 per share.
  • 23rd January 2009 – CLF convenes its final AGM before the ‘official’ collapse.
  • 30th January 2009 – The bailout of CLF is announced at a Press Conference at the Central Bank.  All the speakers at that event stated the CLF asset value at $100Bn.

Given that the normal function of an Annual General Meeting is to inform shareholders and stakeholders of a company of its performance and prospects, that timeline raises some intriguing questions.

For whatever reason, there have been no published reports of that final CL Financial Annual General Meeting, so I posed these questions to a CLF shareholder in an email exchange – Continue reading

Advertisements

4 Comments

Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Freedom Of Information