Tag Archives: Commission into CL Financial

CL Financial bailout: switching attorneys an act of political revenge!

CL Financial bailout – without rhyme or reason

by Afra Raymond

The last month or so has spoilt us for choice when it comes to amazing scenes being witnessed in relation to the CL Financial bailout and the ongoing Colman Commission.

As I wrote in July 2010, in criticising the appointment of Jack Warner to the Cabinet –

“…We need to be mindful of the relationship between morals, ethics, law and of course, that scarce commodity, good sense.  Obviously, law is the paramount authority, because we live in a republic ruled by laws, not men. No one should break the law and there are penalties for doing that.  

But we also know that in life we make many important decisions without referring to any laws. Those are sound decisions, which form norms, eventually described as custom-and-practice or culture. There are many acts, which are at one and the same time both deeply offensive to right-thinking people (and I think that most people are right-thinking) and in breach of no particular law.  Many acts, with no need for examples, since this is a newspaper any child could pick up and read…”

Attorney Seenath Jairam’s serious lapse of judgment…

The main talking point was the decision of the Law Association President, Seenath Jairam SC, to accept the Ministry of Finance brief for the Colman Commission after the dismissal of Michael Quamina and Fyard Hosein SC.   Apart from our friendship, Seenath Jairam is an attorney in whom I have utmost confidence in these areas.  That said, his acceptance of that brief was a serious lapse of judgment, since in my view a leader cannot behave the same as the ordinary members of an association.  A leader who is unable to realize that his role demands unique sacrifices will soon exhaust his supporters’ loyalty. Continue reading

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Filed under Consumer Issues, Corruption

Retirement planning by CL Financial Directors & Officers: They got their money!

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

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law

Colman Commission ignores Afra Raymond’s request for standing

CL Financial & CLICO Scandal

At the last sittings on 6th and 7th April, five new parties were announced and Afra Raymond was not among them. It doesn’t look like the Colman Commission wants someone so knowledgeable to have official standing.

Can’t have someone like Afra Raymond asking questions because who knows where that would take the Commission. Why, the big boys would lose control and we can’t have that!

Here’s Afra’s latest article…

CL Financial bailout – A crucial choice

by Afra Raymond

There were several important developments in the Colman Commission at its sittings during the week of April 6th, with the widely reported appeals of Sir Anthony Colman QC for the Central Bank to change its position with respect to the presentation of accounts to the Enquiry.

From my own attendance at the opening session of the Colman Commission on Friday 11th March and the various reports, it seems that there are various moves afoot to restrict or stop the enquiry.  I expected this sort of scenario in declaring the main players to be part of a ‘Code of Silence’ – it is no surprise to me. Continue reading

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

Afra Raymond seeks official status at the CL Financial Commission of Enquiry

Regular readers are familiar with BFP contributor Afra Raymond (photo above) and his tireless efforts to shine sunlight into every dark hole and crack in the CL Financial – CLICO debacle. There’s no hyperbole with Afra: he digs for the facts and then presents those facts, along with some conclusions or questions. His agenda seems to be nothing more or less than discovering the unvarnished truth about what happened along with other basic questions like who, where, when and why.

When stonewalled Afra submits Freedom of Information requests and when those get ignored he submits them again and again, perhaps following up with a lawyer’s letter. He is a terrier who will not let go and will not be deterred by the occasional kick. We need more terriers acting in the public interest for no other reason than the truth needs to be set free for the good of all.

Afra’s stories usually read something like: “Fact #1, Fact #2. Conclusion: More billions of dollars unaccounted for. Question: What happened? Where is the money? Why didn’t the regulators see this? Why must an ordinary citizen raise this issue?”

Simple truths, exquisitely researched and powerfully presented: no wonder some folks didn’t want Afra writing in the news media or hosting television shows in Trinidad. It’s not an exaggeration to say that without Afra and others like him there would be no Trinidad and Tobago Commission of Enquiry into the failure of CL Financial.

Now Afra Raymond is seeking to be made a party to the Commission of Enquiry into the failure of CL Financial Limited et al.

Will the Commission certify Afra Raymond? Continue reading

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Filed under Barbados, Consumer Issues, Corruption, Economy, Ethics, Freedom Of Information