TIGblogs TIG | TIGblogs GROUP TIGBLOGS LOGIN SIGNUP
Bahamas Blog International
Bahamas Blog International
CLICO chief tried to raise funds by fire sale of assets
Translations available in: English (original) | French | Spanish | Italian | German | Portuguese | Swedish | Russian | Dutch | Arabic

By Oscar Ramjeet:
Caribbean Net News Special Correspondent -
Email: oscar@caribbeannetnews.com:


PORT OF SPAIN, Trinidad: Three days after publicly signing a Memorandum of Understanding (MOU) aimed at saving CLICO’s depositors and policyholders, Chief Executive Lawrence Duprey was scrambling in a virtual fire sale to sell off key energy assets to his German business partners.

The Trinidad Guardian reported that, according to documents made available to the newspaper, Duprey sold the group's 51 percent stake in CLICO Energy to Proman, a German project management company, which held the balance of 49 per cent, in order to pay CL Financial's severance obligations and ongoing administrative costs.

Duprey would be among the beneficiaries of the severance packages.

The newspaper report stated that the agreement between Duprey and Proman, which is dated February 2, was arrived at following less than 24 hours of "negotiations" and after an exchange of letters between the two sides, in which Duprey said CL Financial "would be extremely pleased to enter into immediate discussions with you with a view to selling our entire 51 per cent shareholding in CLICO Energy".

Duprey agreed on February 3 to sell CL Financial's 51 per cent shareholding in CLICO Energy, which is the parent company of Industrial Plant Services Ltd and Eurotecnia Melamine, for US$46.5 million. The agreement between Duprey and Proman placed a value of about US$91 million on CLICO Energy.

March 25, 2009

March 25, 2009 | 4:21 PM Comments  0 comments

You must be logged in to add tags.


Dennis Dames's Profile


Latest Posts
Rastafari: Ja's...
Caribbean countries...
Jamaica: The gay...
Gambling and human...
Gorbachev Russia’s...

Monthly Archive
December 1969
October 2005
November 2005
December 2005
January 2006
February 2006
March 2006
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012

Change Language


Tags Archive
america american bahamas barack caribbean crime crisis cuba cuban democracy development economic economy financial global health history ict4d individualeconomy international investment obama people political revolution trade war washington world

Links
A+ Links Int'l
Affiliate Marketplace
Bahamas Dames
Bahamas Political Blog
Bahamas Search
Bahamian Phone Cards
Blog Directory
Blog Directory
Blogadr
BlogExplosion
Caribbean Blog International
Cheap Int'l Calling Cards
Crooks Blog
DAD's Matchmaking Online
Dating Network
Dennis Dames Hotels...
Dennis Dames Online...
Dennis Dames Pages Online
Free Paid Web Directory
LS Blogs
Politics Blogs
Top Web Blogs
Vote For Me
Woo Love Poems Menu


2494814 views
Important Disclaimer