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OFFICIAL CLICO THREAD

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 2nd, 2019, 1:28 am

CLICO declares $2.55b profit

CLICO, the insurance company that collapsed more than ten years ago, recorded $2.55 billion in after-tax profit for its 2018 financial year, raising the prospect that the Central Bank’s section 44D control of the insurer could be coming to an end.

CLICO’s profitability in 2018 was 22.6 per cent better than the $2.08 billion in after-tax profit the company earned in 2017, according to its audited financial statements, which were placed on the insurer’s website on Wednesday. Once T&T’s foremost insurance companies, the Central Bank took control of CLICO in February 2009 under section 44D of the Central Bank Act, which allows the regulator of financial institutions “to assume control of and carry on the affairs of the institution.”

Source: https://www.trinidadexpress.com/busines ... 15d5b.html

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Re: OFFICIAL CLICO THREAD

Postby VexXx Dogg » August 2nd, 2019, 3:04 pm

The_Honourable wrote:CLICO declares $2.55b profit

CLICO, the insurance company that collapsed more than ten years ago, recorded $2.55 billion in after-tax profit for its 2018 financial year, raising the prospect that the Central Bank’s section 44D control of the insurer could be coming to an end.

CLICO’s profitability in 2018 was 22.6 per cent better than the $2.08 billion in after-tax profit the company earned in 2017, according to its audited financial statements, which were placed on the insurer’s website on Wednesday. Once T&T’s foremost insurance companies, the Central Bank took control of CLICO in February 2009 under section 44D of the Central Bank Act, which allows the regulator of financial institutions “to assume control of and carry on the affairs of the institution.”

Source: https://www.trinidadexpress.com/busines ... 15d5b.html
Guess this is good.

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Re: OFFICIAL CLICO THREAD

Postby oliverqueen » August 3rd, 2019, 5:39 pm

The_Honourable wrote:CLICO declares $2.55b profit

CLICO, the insurance company that collapsed more than ten years ago, recorded $2.55 billion in after-tax profit for its 2018 financial year, raising the prospect that the Central Bank’s section 44D control of the insurer could be coming to an end.

CLICO’s profitability in 2018 was 22.6 per cent better than the $2.08 billion in after-tax profit the company earned in 2017, according to its audited financial statements, which were placed on the insurer’s website on Wednesday. Once T&T’s foremost insurance companies, the Central Bank took control of CLICO in February 2009 under section 44D of the Central Bank Act, which allows the regulator of financial institutions “to assume control of and carry on the affairs of the institution.”

Source: https://www.trinidadexpress.com/busines ... 15d5b.html


What companies Clico have that still operating :shock: ?
How long before imspbert say he going and use said profits, cause the gubbament bail them out and should be entittled to it :roll:

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Re: OFFICIAL CLICO THREAD

Postby matix » August 3rd, 2019, 6:48 pm

I think Clico owns 51% of RBL, and RBL recently posted their profits.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » October 1st, 2019, 5:22 pm

Sagicor Life purchases CLICO, BAT portfolios

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Sagicor has acquired the traditional insurance portfolios of CLICO and British American Trinidad (BAT).

Agreements for the transfer of their respective traditional insurance portfolios to Sagicor Life, a subsidiary of Sagicor Financial Corporation, were executed on Monday afternoon by the institutions.

The Central Bank of Trinidad and Tobago said Sagicor was selected as the preferred purchaser “following a transparent, competitive and rigorous bidding process conducted by CLICO/BAT” with the Bank’s oversight.

The Central Bank has been in control of CLICO and BAT since 2009. During that time a multiphase resolution strategy was developed to stabilise the activities of the institutions, which included the sale of the companies’ traditional portfolios to a suitable purchaser at prices consistent with independent valuations.

In accordance with the Insurance Act Chap. 84:01, Schemes of Transfer are required before the sale can be completed.

Sagicor will prepare the Schemes of Transfer in respect of the institutions’ policies for regulatory approvals.

The entire transfer process is expected to span several months during which time CLICO and BAT will continue to administer their respective portfolios until the Schemes of Transfer are confirmed.

Consistent with the objectives of the resolution strategy, the intended transfer of the traditional insurance portfolios to Sagicor is aimed at safeguarding policyholders’ interests and assuring continued financial stability in Trinidad and Tobago.

Source: http://www.looptt.com/content/sagicor-l ... portfolios

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » November 27th, 2019, 5:59 pm

Imbert: ‘Excellent’ prospects to recover CL Financial $8b

FINANCE Minister Colm Imbert has said CL Financial and its subsidiaries still owe the State more than $8 billion.

He was responding to a question in the House on Wednesday.

He reported the total amount owed by CL Financial and its subsidiaries under the memorandum of understanding and the shareholders' agreement was $23.095 billion. This figure did not include other costs, such as the adviser and legal fees incurred by the Government.

Imbert said the total debt owed to the Government by Clico was $18.085 billion, including interest of $2.229 billion.

"To date the only member of the CL Financial Group that has repaid monies to the Government is Clico."

He reported as at September 30, 2019 Clico has repaid a total of $14.986 billion, including interest of $2.159 billion. As at that date the amount still outstanding by the CL Financial Group is $8.109 billion, of which Clico's outstanding debt is $3.098 billion, including interest to date.

Tabaquite MP Suruj Rambachan asked the cost of the adviser and legal fees, but Imbert replied he did not have that information.

"But it was a fraction of the money recovered. We recovered $15 billion. And the fees paid was an infinitesimal fraction of that amount."

Rambachan asked what were the prospects of collecting the $8.1 billion.

Imbert replied: "Under the PNM? Excellent. And it's $8 billion plus."

In January 2009, TT-based CL Financial and related companies collapsed and sent a major financial shock throughout the Caribbean, and led to a government bail-out.

Source: https://newsday.co.tt/2019/11/27/imbert ... ancial-8b/

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » February 17th, 2020, 2:54 am

We can repay $8.1b immediately
CL Financial shareholders to Govt

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CL Financial and CLICO have the capacity to repay immediately the $8.1 billion that the Government says the group owes it for the bailout of the conglomerate that began 11 years ago, according to the shareholders of CL Financial, who have launched a legal campaign to wrest control of the group from the State.

In a statement yesterday, the shareholders of CL Financial, the holding company that owns 51 per cent of CLICO, said they wanted to clear up misinformation in the public domain re: the repayment (of the billions owed) to the Government of the Republic of Trinidad and Tobago.

“CL Financial and CLICO, as it stands now, have the capacity to repay the Government of the Republic of T&T (GORTT) immediately the remaining balance owed to taxpayers. We are confused by the contradictions in terms of what is still owed. However, based on our calculations, the outstanding balance could be repaid immediately,” said the shareholders in their news release.

Questioned by the Sunday Express about what in their view is CL Financial’s outstanding debt to taxpayers, the shareholders said: “Finance Minister Colm Imbert has stated the balance owed to taxpayers by the CL Financial group is $8.1 billion and that is the figure the shareholders are working with.”

Responding to questions in Parliament on November 27, 2019, Imbert revealed that the amount of money owed by CL Financial and its subsidiaries to the State under the Memorandum of Understanding and the Shareholders Agreement was $23.095 billion. Of that amount, CLICO owed $18.08 billion and as at September 30, 2019, had repaid $14.986 billion, he said.

“As at September 30, 2019, the amount still outstanding by the CL Financial group and its subsidiaries is $8.109 billion plus legal fees, interests and other costs, of which CLICO’s outstanding debt is $3.098 billion inclusive of interest to date,” Imbert told Parliament in November last year.

Asked if the repayment of the outstanding balance “immediately” meant that taxpayers could be fully repaid in one day, the shareholders said: “The outstanding balance, according to the Minister of Finance is $8.1 billion. If GORTT wants to be repaid in one day and they are ready to sit and negotiate with shareholders, then the answer is yes, we don’t need to be given control to repay GORTT. GORTT just needs to sit with the shareholders and the balance can be paid. This agreement will also mean that all CLF creditors will be made whole, no CL Financial creditor will lose anything owed to them by CL Financial.”

Asked how is the outstanding balance going to be repaid immediately, the CL Financial shareholders gave the following breakdown:

Total owed to taxpayers is $8.1b according to Mr Imbert

Starting Balance due to GORTT from CLF is = $8.109b (balance)

CLICO has the ability to pay 3.099b

Balance carried forward $8.109b -$3.099b = $5.010b (balance)

CLICO Investment Bank repaid FCB deposits the tune of $1.6b

Balance carried forward $5.010b -$1.6b = $3.410b (balance)

Application of CLICO’s entire 2018 surplus of $2.672b Balance carried forward $3.410b -$2.672b = $738m (balance)

The shareholders continued: “This balance of $738 million can be repaid either from CL Financial or the CLICO portfolio. Once CLICO’s traditional insurance portfolio remains as is, it produces profit each year. That clears the debt immediately.”

The shareholders said their proposed solution produces the following results:

• Taxpayers repaid all funds

• CLF creditors made whole

• CLF shareholders regain their company

• GORTT finalises this CLICO issue once and for all.

Examine Grant Thornton

The group of CL Financial shareholders, which is seeking to get the Central Bank to relinquish its control of CLICO, is planning to “carefully examine” all the actions of CL Financial’s liquidators, who are employees of the accounting firm Grant Thornton.

On September 15, 2017, the High Court granted the Government’s petition to wind up the affairs of CL Financial and appointed Grant Thornton’s Hugh Dickson and Marcus Wide as the joint liquidators. The men were previously appointed as joint provisional liquidators on July 25, 2017. Wide was discharged by the High Court effective December 31, 2018, and was replaced by David Holukoff of Grant Thornton.

In a statement yesterday, the CL Financial shareholders said its teams of American and English attorneys, along with their forensic auditors, are looking at the role played by the liquidators.

“The process of examining their actions have began. We need answers to why a number of transactions were allowed including the transfer of valuable land recently way below the market value.”

The reference to the “transfer of valuable land recently way below the market value,” is to the notices of compulsory acquisition the Government published in the Trinidad Express on January 30. Those notices were for six parcels of land along the East West Corridor and a seventh parcel of land in Tobago, the Buccoo Estate:

Location and Size

1) Bon Air Gardens, Arouca 12.26 acres

2) El Dorado Estate, off Caura Rd 1,013 acres

3) El Dorado,off Caura Royal Rd 11.94 acres

4) El Toco Estate, Toco 40.50 acres

5) Santa Rosa Industrial Estate 112.34 acres

6) La Culebra, Tumpuna Rd, Arima 80.73 acres

7) Buccoo Estate, Tobago 146.93 acres

The Notices of Acquisition for the six parcels of land in Trinidad state: “It appears to the President that the parcel of privately owned land...is land likely to be needed for a purpose, which in the opinion of the President is a public purpose, namely: the construction of affordable houses for the Housing Development Corporation (HDC).”

The Buccoo Estate parcel of land, which is 146.93 acres, is being compulsorily acquired for “the continued development of Tobago’s tourism sector.”

The seven parcels span 1,417.7 acres in total and are owned by Home Construction Ltd, which is jointly owned by the CL Financial group, with 69.9 per cent, and by the Government with 30.1 per cent

The shareholders said they have no problem with compulsory acquisition of the lands. However, they would like this to be done with a fair valuation of the parcels.

After two and a half years on the job, the liquidators are yet to publicise an account of the value of CL Financial’s assets and its liabilities.

‘Exorbitant fees’

Along with an examination of the role played by the liquidators, the CL Financial shareholders are also intent on examining the “exorbitant fees” that were racked up by lawyers, accountants and advisers during “this protracted course of events.”

The examination will encompass both which professionals were paid and for what purposes, according to the shareholders.

They also claimed Simon Davenport, one of the top solvency attorneys in the UK, will be joining their legal team along with another leading British commercial lawyer.

The CL Financial shareholders also said they have a board of advisors which includes the former head of infrastructure for JP Morgan, the former head of one of the leading global wealth management companies, the former chairman of the Ghana Stock Exchange and a number of local business leaders to lead the company once it is returned to us.

Clear up misconception

The CL Financial shareholders said they also wanted to clear up the misconception that the shareholders were responsible for the financial problems at CL Financial and CLICO.

They said first and foremost is the fact that very, very few of the 321 CL Financial shareholders were involved in the day-to-day operations of the companies before 2009, when the group collapsed and the Government intervened. They estimate that shareholders representing 70 per cent of the shareholding of the group were not involved in the company.

“We believe that the GORTT did not need to take the drastic measures in 2009. Restructuring these great companies would have been sufficient to get the companies back on track,” said the shareholders.

Source: https://trinidadexpress.com/business/lo ... e3d94.html

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Re: OFFICIAL CLICO THREAD

Postby SR » February 17th, 2020, 6:32 am

If this is the case then government is stalling..........as they want control

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Re: OFFICIAL CLICO THREAD

Postby pugboy » February 17th, 2020, 6:47 am

and duprey want back too

SR wrote:If this is the case then government is stalling..........as they want control

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Re: OFFICIAL CLICO THREAD

Postby Redman » February 17th, 2020, 5:25 pm

In the real world the shareholder would be out on their asssssssssssessss.

Ask Lehman Bro’s share holders
Ask BSC holders..

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Re: OFFICIAL CLICO THREAD

Postby pugboy » February 17th, 2020, 5:45 pm

correct, being a shareholder carries risk
risk that the big boys could squander and tief
and risk that when somebody bails you out, you no longer have much say as they supposed to be in charge

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Re: OFFICIAL CLICO THREAD

Postby Redman » February 17th, 2020, 6:18 pm

Apparently it policy holders that bear the downside while shareholders get upside,benefits and dividends.

I had suggested that the GORTT IPO out Clico.
Along the lines of FCB.

But if they never diluted/ bought out the shareholders....I guess we seeing the ultimate plan...crossing 3 administrations 2 parties....

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Re: OFFICIAL CLICO THREAD

Postby De Dragon » February 17th, 2020, 6:23 pm

pugboy wrote:correct, being a shareholder carries risk
risk that the big boys could squander and tief
and risk that when somebody bails you out, you no longer have much say as they supposed to be in charge

Clico should never be entrusted to Duprey ever again.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » May 3rd, 2020, 1:35 am

Check moves :|

PM's committee to recommend Clico assets for recovery

Prime Minister Dr Keith Rowley and his Cabinet will be told to move quickly and sell the Clico assets to raise much needed cash and also to float a major bond that could mobilise billions of dollars.

These are two major recommendations that the Prime Minister is to receive from his 22-member committee appointed to prepare a way forward to revive the economy, post the COVID-19 lockdown.

Several members of the committee who spoke with the Sunday Guardian on condition of anonymity, have said the Government was being urged to raise cash in this way rather than significantly increasing the country's debt stock by massive borrowings, while providing much needed stimulus for the economy.

Some members of the committee are urging the Government to sell the assets in Clico that includes majority holdings in companies like Republic Bank and Angostura, and raise the money for the stimulus and budgetary support.

The construction sector is also being looked at as a major area for investments.

This committee is also likely to give the Government ideas on what it can do to increase both demand and spending and to get people back to work.

Co-vice-chair of the committee and Public Utilities Minister Robert Le Hunt said he would neither confirm nor deny the information, but found it to be interesting suggestions.

"I am not discounting what you are saying, but that is why you plan and why you have a team and why you go through the process to get options, and all of those things you mentioned might be or might not be part of the recommendations," Le Hunte told the Sunday Guardian.

Finance Minister Colm Imbert has already projected that the country's deficit for 2020 alone will be $15 billion due to the impact of the coronavirus on government revenue, lower crude and natural gas prices and extraordinary spending.

Imbert has proposed that the country borrow part of the money on the local market and has already raised $500 million this way. He has also accessed multi-lateral funding in the sum of US$300 million, over $2 billion (TT) and has parliamentary authority to withdraw up to US$1.5 billion or $10 billion (TT) from the Heritage and Stabalisation Fund.

Le-Hunte said the short-term objective of the report will be about how to jump-start the economy with a focus on creating and sustaining jobs, increasing aggregate demand, increasing spending in the economy, increasing aggregate supply, enhancing and dealing with the social programmes, so that no one is left behind.

"Based on where we are projecting to come out, we are going to have to increase aggregate demand, aggregate spending, create jobs and there are a number of different issues," Le Hunte said.

He said one way of increasing demand and jump-starting the economy was in the construction sector.

Le Hunte explained, "What we are asking the construction sector is to give us a state of where you are and where you think you shall end, where is your baseline position now post-COVID, what are the types of projects, both in the public and private construction sectors that you have on your drawing board that you feel you could execute immediately, get going, because one way of increasing spending and getting people back out to work is via the construction sector. What are your projects, what do you need from me as a government to get these projects going?"

Asked if this meant that the Government was likely to spend even more money when there are such budgetary constraints and the flooring of revenue from the energy sector, Le Hunte said it could also mean a re-prioritising of projects.

"What are the construction projects? What are the expenditures that we currently have, what we were presently going and spend money on? Should we be spending it on that? Should we stop those things and refocus our spending in other areas?" He questioned.

The committee's vice-chair said the country also had to look at other areas of revenue since core earnings were insufficient to maintain T&T's current lifestyle. He was quick to add that if the Revenue Authority was able to ensure that the 200,000 people who are not today paying taxes were to pay their fair share, there will be enough money for the country to function.

He asked: "Are there other areas for revenue? Are there immediate leakages that need to be plugged, and are there new areas of revenue we need to explore? When you look at enhanced execution capabilities where do we need to work on immediately to improve? What are some of the social programmes that we have that worked, what are some of the social programmes we need to add in light of the new environment that we are facing?"

The Public Utilities Minister said people may return to work without the full pay they were earning before COVID-19 and the Government had to consider if there will be additional programmes needed to assist those kinds of citizens.

He said this was analogous to fighting a war and the country needed all hands on deck.

"When I win this war I now need to run an economy. There is another war I have to fight because when I come out of this war I will be in a battered state, I need to get people back to work, I need to do all of that. So while I am fighting this war I need to start to think about my recovery plan even while I am still in the war, because if I don't I will end the war and then I am now starting to put a plan in place."

Le Hunte added, "This is serious business, this is a time that T&T needs all hands on deck, this is not a time for confusion and bacchanal, we are in serious times. This is not a time for us to be divided. This is a time for us as best as possible to work together."

Source: https://guardian.co.tt/news/pms-committ ... 5a8b51060e

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Re: OFFICIAL CLICO THREAD

Postby Redman » May 3rd, 2020, 9:48 am

That committee eh waste time leaking.
Steups-

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Re: OFFICIAL CLICO THREAD

Postby FrankChag » May 3rd, 2020, 10:02 am

Never let a good crisis go to waste. /s

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Re: OFFICIAL CLICO THREAD

Postby Redman » May 3rd, 2020, 10:39 am

An IPO of the CLICO insurance biz is the way for this to be done.

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Re: OFFICIAL CLICO THREAD

Postby Country_Bookie » May 3rd, 2020, 11:20 am

Redman wrote:An IPO of the CLICO insurance biz is the way for this to be done.
Already sold to Sagicor

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Re: OFFICIAL CLICO THREAD

Postby elec2020 » May 3rd, 2020, 11:58 am

Construction is a good way to 'jump start' the economy... how does construction increase aggregate demand and supply? Do these people even understand how these terms work or just like to use them because of how they sound... anyway how does construction increase economic activity... keeping in mind... a key output of economic activity is foreign exchange and construction is mainly a foreign exchange user... what you need is a foreign exchange earner... i dont understand these people

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Re: OFFICIAL CLICO THREAD

Postby Redman » May 3rd, 2020, 12:12 pm

Country_Bookie wrote:
Redman wrote:An IPO of the CLICO insurance biz is the way for this to be done.
Already sold to Sagicor



Yeah.....I should have used was the way.

They could have ipo 70 % and kept the rest for dividends

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » July 5th, 2020, 12:42 pm

HCL selling 1,700 acres of land

CL FINANCIAL’s joint liquidators have prepared about 1,700 acres of land owned by Home Construction Ltd for sale, according to a report prepared by the group’s liquidators David Holukoff and Hugh Dickson.

The report is dated and stamped June 15, 2020. It is the sixth report of the joint liquidators of CL Financial to T&T’s High Court. The joint liquidators are required to submit a report to the High Court every six months under the terms of the liquidation. They have done so since the first report on December 14, 2017.

The report states that a sale process for the 1,700 acres of land will be launched today, on July 1.

Preparation of the selling process for the acreage included the joint liquidators “working closely with brokers to prepare a detailed marketing process and budget, oversee the preparation of a substantial data room for interested parties and prepare all legal documents to govern the sale.”

Although the report does not explicitly outline if the 1,700 acres of land will be sold in one block or subdivided and sold as parcels for individuals, the reference to the joint liquidators overseeing the preparation of a substantial data room may hint that they are seeking to sell the property as a single block.

Such a strategy would ensure that the land—most of which is believed to be located along the East-West Corridor—is snapped up by a wealthy individual.

The report also states that the joint liquidators received an order from the High Court on December 19, 2019 permitting them to oversee the divestment of in excess of 3,000 acres of land under an open-market sales process.

The process is to be undertaken with the assistance of an expert broker, who has extensive experience of managing complex real estate sales in distressed situations together with a penal of independent regional brokers.

The joint liquidators’ report states that shortly following the receipt of the order from the High Court, a formal notice of ‘Landlikely to be acquired for a public purpose’ was filed in the T&T Gazette for seven separate lots of land owned by Home Construction Ltd (about 1,400 acres in total).

Those lots of land were carved out of Home Construction’s main land bank marketing process and will be subjected to compulsory acquisition in accordance with the laws of T&T.

“The joint liquidators intend to market and sell the remaining portion of the main land bank (about 1,700 acres) in line with the sale and marketing strategy sanctioned by the High Court and significant time was spent prior to the pandemic preparing marketing material and data to assist in this objective,” according to the report of the joint liquidators.

The report states that the brokers have been working closely with Home Construction and the liquidators’ team “to prepare the necessary budgets, online platforms, drone videos and surveys for a sales process to commence on July 1, 2020.

“The joint liquidators have researched the appetite and financial condition of the potential market for the land bank and determined that there is sufficient liquidity and interest to launch a sales process.

“As the current market is highly volatile due to Covid-19, the joint liquidators will continue to monitor the market and adjust the sale process accordingly.”

The report, as well, states that the start of the divestment process was delayed by two to three months because of the Covid-19 pandemic, but “it is expected that the sale process will be substantially completed in the following period as originally intended.” That means the liquidators expect to complete the sales process by the end of 2020.

The document also makes reference to instructions being given to Home Construction to sell 3,490,030 shares in Agostini’s Ltd following the receipt by the joint liquidators of a court order.

The report states that the shares were brought to the market in early March 2020, immediately before T&T’s first Covid-19 case.

“The pandemic limited demand for the shares during the marketing process. A sale of 50 per cent of the shares was successfully completed in mid-March to release value of $39 million to Home Construction,” according to the report. —Anthony Wilson

Source: https://trinidadexpress.com/business/lo ... f948d.html

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » September 18th, 2020, 11:18 am

CL Financial bailout now put at Government $30 Billion

Image

Finance Minister Colm Imbert has revealed that after a decade and multiple assessments, that the government’s bailout of CL Financial and CLICO has cost taxpayers $30 billion.

Speaking at a post Cabinet Media Briefing, Imbert said: “Remember as well that the government, taxpayers by extension, bailed out the CL Financial Group and CLICO, in the tune of billions of dollars – in fact I can tell you now that the final account in terms of indebtedness of CL Financial and CLICO to the state is $30 billion.”

Imbert indicated that it was originally thought that the debt would be approximately $15 billion. He added that when the Ministry went to court with the liquidation “it was $23 billion+ and having done, the final account it is $30 billion.

Imbert said there are many different approaches in the the way in which the debt to taxpayers is being settled .

According to the Finance Minister, one of these approaches is a “set-off”, “in other words you get value for debt”. He gave the example of the golden grove estate in Tobago which was acquired for the Sandals hotel project. Imbert said it was valued, the estate was transferred to the government and then the debt was reduced by the valued amount.

The Finance Minister said that a similar process occurred with CL Marine. While he did not have the exact figure, Imbert disclosed that with regard to CL Marine, the company and it’s assets were valued at ‘a bit over $100 million’.

He said that this acquisition has now reduced the liability of CL Financial/ CLICO Group to the government as result of acquiring that property.

The disclosure of the valuation comes after the Ministry of Finance issued a press release, asserting the fact that CL Marine and its subsidiaries have been acquired by the government, which was part of a court supervised liquidation process.

Based on the liquidation, Imbert said that the government was going through the process of “acquiring strategic assets and netting off/setting off the value of CL Financial Group assets against the debt owed,” thus reducing the debt accordingly.

The Minister insisted that these details were included the recently published press release, but they were not. Hence the reason former Minister in the Ministry of Finance and newly appointed CEO of the Arthur Lok Jack Graduate School Mariano Browne asked: “Where is the report from the Court?”

The Ministry of Finance, in the release, noted that the government has created the National Marine and Maintenance Services Company Limited, a new wholly owned State enterprise for the aforementioned purpose.

Having completed the acquisition, the Finance ministry disclosed that the Government “recently appointed an interim Board of Directors, pending a permanent board, comprised of senior public officials, with an immediate mandate to implement a proper governance structure according to the Companies Act and the State Enterprise Performance Monitoring Manual.”

The Minister of Finance went on to say that the government is quite enthused about this particular acquisition “because we have to diversify away from oil and gas and ship repair, ship building and so on, is a major area of government policy, has been for may many years.”

Imbert emphasized that ship building and ship is also a major area of diversification. He remarked that the government is in the process of acquiring brand new vessels – two fast ferries and two military vessels coming from Australia.

The Finance Minister also reminded the public about the Galleons passage, noting that the facilities of CL Marine and its assets which are housed in Chaguaramas, is intended to repair the aforementioned vessels.

“So it serves a multiple of purposes, it’s part of our diversification effort and it is also a very efficient means of repairing the government vessels,” said Imbert.

As a result of this, the finance minster said he was expecting the government to receive salutations and congratulations for starting the first major diversification project of the government, “rather than being subjected to all sorts of questions about, Why we do that? How you do that? How much you pay for it et cetera?”

Source: https://www.cnc3.co.tt/cl-financial-bai ... 0-billion/

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Re: OFFICIAL CLICO THREAD

Postby zoom rader » September 18th, 2020, 12:49 pm

So he can't blame Kamala so now he blaming Clico

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Re: OFFICIAL CLICO THREAD

Postby Redman » September 18th, 2020, 3:01 pm

CLICO the insurance company is still operating- Pensions etc.

Any here know if the INSURANCE policys are still in force?

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Re: OFFICIAL CLICO THREAD

Postby K74T » March 15th, 2021, 9:19 am

Colfire put up for sale

CL Financial Limited is selling its 94.24 per cent shareholding in COLFIRE.

Colfire was previously listed by Finance Minister Colm Imbert as one of the assets that CL Financial could sell to repay its $30 billion debt to taxpayers.

“The divestment of (Colfire) will be structured as the sale of CL Financial Ltd’s 94.24 shareholding on an as is where is basis. Offers will only be considered for the 94.24 per cent shareholding of (Colfire),” a notice stated.

Colonial Fire Insurance Company Limited was incorporated in 1955 by the late Cyril Duprey.

In 1958 it commenced operations in Port-of-Spain as a small specialised company of qualified underwriters.

The company’s name was amended in 1968 to Colfire to include all services in property, motor, liability, marine and other insurance lines.

Colfire is stated to have some 85,000 customers.

According to the Association of Trinidad and Tobago Insurance Companies (ATTIC) in 2018 Colfire was ranked third in the local general insurance market recording $282 million in gross written premiums.

Colfire claimed 17 per cent of the local Motor Insurance market.

Overall, Colfire was reported to have $309 million in assets in 2018.

Last December the Caribbean Information and Credit Rating Service (CariCRIS) for the fourth successive year gave Colfire a Corporate Credit rating of CariA (Foreign and Local currency Ratings) on the regional scale and ttA on the Trinidad and Tobago National Scale.

“The stable outlook is based on our expectation that Colfire will continue to maintain profitable operations and adequate capitalisation, despite the challenge economic circumstances arising from the coronavirus (COVID-19) pandemic. Moreover, the Company is expected to maintain its strong market position and Good credit quality of financial assets over the next 12-15 months,” CariCRIS stated.

Prospective buyers are asked to email www.cfgiclsale.com in order to access more detailed information about the process pertaining to the sale as well as the associated Non-Disclosure Agreement.

https://www.guardian.co.tt/business/colfire-put-up-for-sale-6.2.1300707.e6335c7914

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Re: OFFICIAL CLICO THREAD

Postby K74T » March 15th, 2021, 9:22 am

CL Financial puts second firm, a petrochemical company, up for sale

Image
One of the industrial products made by Caribbean Petrochemical Manufacturing Ltd. The company, a subsidiary of the CL Financial group, has been put up for sale.

CL Financial has offered 100 per cent of its shares in Caribbean Petrochemical Manufacturing Ltd (CPML) for sale.

In an advertisement on its website https://www.cpmlsale.com, and in press advertisements, CPML, located in the Pt Lisas Industrial Estate, said the deadline for bids is April 7, in accordance with the bidding process.

“In order to access detailed information about CPML and the bid process pertaining to its sale, please click the link, upon which you will be requested to provide your registration details (all items in the form are to be completed) and sign a non-disclosure agreement," the company advised.

“Once that agreement is signed you will be provided within 48 hours login details to access the data room, which contains company data and details of the bid process.”

It also noted that is a “highly profitable, US dollar generating manufacturing company” which specialises in producing liquid and powdered resins, local and commercial adhesives and urea formaldehyde concentrate (UFC85). It added that its markets were far-reaching in territories such as Central America, the Caribbean, Europe, North America, Africa and Asia.

This is the second entity that CL Financial has put on the market for sale in one week, the other was the sale of its 92.24 per cent of shareholdings in Colonial Fire and General Insurance Company (CFGIC), also known as Colfire. CL Financial's assets are under the control of a liquidator. The state is seeking to recover billions of dollars from a bailout granted to the conglomerate in 2009.

The petrochemical sector at has been hit hard in recent years with closures and shuttering of several plants due to economic hardships which were further exacerbated by the covid19 pandemic.

https://newsday.co.tt/2021/03/14/cl-financial-puts-second-firm-a-petrochemical-company-up-for-sale/

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Re: OFFICIAL CLICO THREAD

Postby zoom rader » March 15th, 2021, 10:16 am

^^^ Red government economic plan , run away local companies

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Re: OFFICIAL CLICO THREAD

Postby Redman » March 15th, 2021, 2:43 pm

zoom rader wrote:^^^ Red government economic plan , run away local companies


how does selling a local entity..equate to running away local companies.

explain that.

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Re: OFFICIAL CLICO THREAD

Postby eliteauto » April 30th, 2021, 4:46 pm

FORMER Clico Investment Bank (CIB) chairman Andre Monteil, his company Stone Street Capital (SSC), and the bank’s former CEO Richard Trotman have been ordered to repay a whopping $78 million, plus almost $20 million in interest, to the bank.

In a recent decision, Justice Avason Quinlan-Williams also gave CIB permission to trace assets owned by the two men and SSC from a $78 million loan agreement back in 2007.

The CIB – which is currently in compulsory liquidation and therefore under the management of the Central Bank (CB) — sued Monteil. It alleged that a $78 million loan paid out in 2007 to facilitate Stone Street Capital’s acquisition of Clico’s 43.8 per cent interest in the Home Mortgage Bank (HMB), of which he was chairman until April 2008, breached the bank’s internal controls and was an act of “self-dealing.”

The bank sought the return of some $110 million as a result of the loan transaction. The money sought represented the outstanding $78 million loan balance, plus interest payments on the February 14, 2007 issued to Stone Street.

The deal consisted of a series of complex financial transactions that took place between 2007 and 2008.

The judge said, “This case involves a web of transactions and a cast of players – individual and corporate.”

According to the evidence in the case, Monteil sought and obtained the loan through Stone Street in February 2007.

Shortly after, the debt was transferred to Monteil’s other company, First Capital, which held his 300,000-plus shares in CIB’s parent company, CL Financial (CLF).

At the time, the shares were valued at almost $444 million.

Monteil struck a deal with Duprey for Duprey to take control of First Capital’s debt and assets in exchange for an option to purchase CLF’s 43 per cent shareholding in the HMB.

Monteil bought the HMB shares for $110 million and sold them to the National Insurance Board (NIB) for almost exactly the purchase price.

The lawsuit accused Monteil and Trotman of a series of wrongful actions, and also took the entire CIB board of directors to task for mishandling the situation and breach of fiduciary duties on several counts. Key among them was the failure to ensure the loan was fully secured.

Both men were found to have breached their fiduciary duties and the court voided the2007 loan agreement.

In her ruling, Quinlan-Williams said of Monteil, “He knew that the payment of $78 million by CIB on February 14, 2007 for the benefit of Stone Street was unauthorised, was purely on oral terms, and no or no adequate security, was completely undocumented and was procured by Mr Trotman without having done any due diligence.”

She said Monteil knew it was “highly irregular and not in CIB's best interests, yet as chairman and a director of CIB, he allowed it to happen, leaving CIB exposed and unsecured.”

The judge also held that Monteil failed to declare the full nature and extent of his interest and for it to be recorded in CIB’s board minutes; “acted dishonestly” by not disclosing the true purpose of the transfer and substitution of the 2007 agreements; and “deliberately” misled Trotman and the CIB board that the transfer of loan obligations was to another of his companies –First Capital Ltd, St Kitts (a subsidiary of SSC).

While still chairman and a director of CIB, Monteil was also found to have participated in, and approved, the transfer of loan obligation to FCL, which was not in existence at the time, the court held.

CIB’s claim against FCL was dismissed.

At the trial, Monteil defended his borrowing from CIB to finance a share purchase for his private investment firm and denied there was anything underhanded in his transferring a $78 million loan debt, and $315 million worth of CLF shares in HMB to his former boss, billionaire businessman Lawrence Duprey.

Monteil confirmed that Stone Street Capital did not repay the $78 million but transferred it to Duprey, who wanted the 337,269 shares the former CIB chairman had in CLF. Monteil said the agreement was for Duprey to take over the loan debt and buy the CLF shares, which would have been transferred to First Capital Ltd and later to Dalco – another company owned by Duprey.

Monteil said he did not inform Trotman of the deal he struck with Duprey, since the chairman of the CLF conglomerate said he would do so himself.

In her findings against Trotman, whom she ordered to pay the restitution sum, the judge said it was for his breaches of his duty to act “honestly and in good faith and in the best interests of CIB” and to “exercise the care, diligence and skill that a reasonably prudent director would exercise.”

She also found Trotman breached his fiduciary duties of loyalty, honesty, good faith and acting in the best interests of CIB and to avoid conflicts of interest; his contractual duty to act with the highest standard of professional and ethical competence and integrity; and his no-self-dealing duty to ensure Monteil fully disclosed the nature and extent of his interest in the transactions.

Against Stone Street, she said having received the $78 million from CIB, knowing it was unauthorised and procured in breach of Monteil and Trotman’s fiduciary duties, it held the millions, or its traceable proceeds, on constructive trust for CIB.

Having voided the 2007 agreements, Quinlan-Williams also ordered them rescinded forthwith and that the defendants were liable to account to CIB for all assets now or previously in their possession acquired from the $78 million loan disbursement.

In addition to being allowed to trace these assets, and all necessary accounts, she also ordered them returned to CIB.

In her 129-page decision, the judge said the 2008 agreements – the transfer of the loan by CIB to SSC and the HMB shares as security – were “ingeniously crafted for the purpose of deceit.”

“Trotman and Monteil exhibited extreme dishonesty and breaches of duty in relation to both the loan and its transfer to conceal the true state of affairs,” she said, adding the dishonesty was “well-hidden and was only revealed upon careful scrutiny of all the details relating to the loan and transfer.”

She also pointed out that CIB, up to now, has not been paid the principal of the $78 million loan or any interest, and did not hold the HMB shares as security.

She also said, “I have found the first and second defendants to lack credibility and in many respects to be untruthful witnesses,” she said, repeating the assertion that the two men “blatantly lied” in several parts of her judgment.

“Significantly, Monteil demonstrated his ability to be dishonest when he deliberately concealed the deal struck with Duprey. He caused Trotman to mislead the other directors of CIB to believe that the loan was being transferred to a wholly owned subsidiary of Stone Street.

“Monteil failed to disclose the sole purpose of the transfer and substitution and he lied to Trotman in pretending that the transfer was to rationalise Stone Street’s affairs. He knew that was untruthful, and that the sole purpose was to remove Stone Street’s liability under the loan and to gain control of the HMB shares,” she said.

In addition to millions in restitution and interest, the judge also ordered the two men and SSC to pay CIB’s costs.

She ordered a stay of execution on her decision from April 27.

CIB was represented by Michael Green, QC, Nadine Ratiram and Keliah Granger. Jason Mootoo, Christopher Sieuchand and Shivangelie Ramoutar represented both Monteil and his company. Mathew Gayle represented Trotman.


http://newsday.co.tt/2021/04/30/monteil ... s.facebook

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Re: OFFICIAL CLICO THREAD

Postby VII » April 30th, 2021, 5:09 pm

Big swindlers...and there are many many more in many other business fields.. and T&T just loves them !!

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