New CLF probe

Imbert also said contrary to claims made by CLF founder Lawrence Duprey, the true cost of legal fees in the CLF matter was $250 million and not $3.5 billion. In addressing these issues at the post-Cabinet news conference at the Diplomatic Centre in St Ann’s, Imbert identified Peter Permell and Carlton Reis as two of the “mouthpieces” for the shareholders. He said information available to Government shows Permell has no shares in CLF and cashed in his Clico policy in May 2012. Imbert said a search of the Companies Registry shows that Reis was appointed a director of Dalco Capital Management Company Ltd in 2015.

He said Dalco was incorporated in 1998 with Duprey listed as the owner. Last Jaunary, Imbert said Duprey transferred his shares in Dalco to Reis.

“All that is fine. There is one little problem. That the shares were transferred at a value of $99,” Imbert said. He recalled that Reis publicly claimed CLF was worth $40 billion. With Dalco owning 26 percent of CLF, Imbert said this worked out to $10 billion.

“The stamp duty on a transfer of shares worth $10 billion, is $50 million,” he stated. However, Imbert observed, “The stamp duty on a transfer of shares worth $99 is 50 cents.” On this basis, Imbert said his ministry will be investigating this matter to find out why a company supposed valued at $40 billion by one of its owners, had its shares transferred for $99, “instead of at a rate of $10 billion, attracting stamp duty of $50 million.” He said that $50 million was taxpayers’ money which goes into the Consolidated Fund.

Turning to CLWB, Imbert said money flows out of that company will be investigated too.

He said Government’s research has discovered that CLF owns a mere 17 percent in Angostura.

Imbert said 45 percent of Angostura is owned by a company called Rum Pro. This company, Imbert continued, is owned 100 percent by Scotland incorporated CLWB. He said CLWB is owned by Clico (42 percent), CLF (38 percent) and Clico Investment Bank-CIB (20 percent). He reminded reporters that CIB is in liquidation with Government trying to recover monies from it.

In spite of all of this, Imbert said, “For some reason, all of the profits flowing from these companies have been finding their way into the bank accounts of CLF.”