Tag Archives: CL Financial Injunction

Trinidad and Tobago Central Bank & CLICO Obtain Injunction Against CL Financial

A High Court judge has granted an ex-parte injunction to the Central Bank of Trinidad and Tobago (CBTT) and the Colonial Life Insurance Company Limited (CLICO) preventing the embattled local conglomerate CL Financial from conducting any local or international business with its assets…

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CL Financial must also “disclose to the Inspector of Financial Institutions, or his designated officer, the identity, and location of all or any assets of CLICO in or out of the jurisdiction, and provide a sworn affidavit of the Chief Executive Officer, or Chairman of CCLICO within two working days of service of the order”.

The embattled company was also mandated to make, “forthwith, and full disclosure to the claimants of all or any information relevant to the existence of any interest held in any of the said assets in CLICO whether it be controlled by the Board of Directors, senior management, officers, servants, agents, subsidiaries, associated, related or affiliated companies”. ..

… read the full story at CBC: TT High Court Grants Injunction To Central Bank

How Much CLICO Assets & Cash Was Transferred To CL Financial Prior To The Injunction?

The most interesting aspects of this ex-parte injunction article are:

1/ The court issued the injunction without telling CL Financial that the court was considering the request.

2/ CLICO was asking for the injunction in concert with the Central Bank of T&T.

3/ CL Financial Group Finance Director Michael Carballo made statements that the company hadn’t dealt with or disposed of any assets “since the intervention by the Central Bank”… which makes us wonder about what mischief was done in the few weeks leading up to the day when the Central Bank intervened. CLICO’s participation in asking for the injunction is an indicator that some improper events probably took place before CL Financial’s dire straights became known.

Once again… the fact that this injunction was rushed through secretly without telling CL Financial is a huge indicator that something unusual was about to happen, or already did.

clico-barbadosThe phrase that best describes what is happening with CL Financial, CLICO and the rest of the world right now?

Feet of clay, my friends. Feet of clay.

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