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More discoveries in CLICO financial debacle
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By Oscar Ramjeet:
Caribbean Net News Special Correspondent -
oscar@caribbeannetnews.com:


PORT OF SPAIN, Trinidad: There seems to be more discovery, or non discovery, in the CLICO financial debacle, as lawyers and auditors are working to find out what has happened to more than $5 billion from CLICO's Statutory Fund.

This search for missing funds comes a day after it was discovered that billions of dollars were spent on high rise buildings in Florida.

The Trinidad Guardian reported that CLICO employees, who were told by the company's newly appointed managing director, Claude Musaib-Ali, that he did not know where the money went and were not sure to retrieve it, are now calling on their boss and former CL Financial chief, Lawrence Duprey, to come clean and answer to them and their clients on where the money has gone.

"We have auditors and lawyers trying to find it. We don't know where it went to," Musaib-Ali told workers when he held a meeting with them. He was accompanied to the meeting by CLICO’s Senior Vice President, Carolyn John.

Workers said they were told that some of the funds were invested with "companies that were connected with CL Financial", which the lawyers and auditors were trying to trace. Musaib-Ali indicated to them that CL Financial “may not be able to repay the money".

"So it is a loss for us that we have to bear,” said the new managing director.

He told workers that "probably in a few months" he would meet with them, when he would be able to inform them "where the money went and if they have got some back". This forced some of the workers to erupt into laughter.

The workers were informed that the insurance company was facing a rough time and urged them to tighten their belts and put their shoulders to the wheel to come up with an improved service in order to survive.

Musaib-Ali said while the company was facing mounting pressures, he was confident CLICO would move forward because of the government and Central Bank's intervention.

Finance Minister, Karen Nunez-Tesheira on February 3 announced a new board of directors for CLICO. The members include former Central Bank governor, Euric Bobb, who is the Chairman, with Claude Musaib-Ali, Managing Director; and Judy Chang, Marlon Holder, Hayden Charles and Anthony Watkins as directors.

March 2, 2009

caribbeannetnews.com

March 2, 2009 | 6:27 PM Comments  0 comments

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