Imbert unfazed by Permell’s legal action threat

Responding to a statement issued on Saturday by Permell, Imbert said, “If Permell was serious about a threat of legal action, he should have taken action five years ago.” The minister asked, “Who is he threatening to take action against anyway?” At last Thursday’s post-Cabinet news conference at the Diplomatic Centre in St Ann’s, Imbert identified Permell and Carlton Reis as two of the “mouthpieces” for CL Financial (CLF) shareholders. Imbert said Permell has no shares in CLF and cashed in his Clico policy in May 2012. A subsequent statement issued by the Finance Ministry last Friday said, Permell received the sum of $75,000 in cash for each policy with the rest being paid in bonds.

On Reis’ statement that the transfer of shares in Dalco Capital Management Company Ltd from company owner Lawrence Duprey to him at a value of $99 was a private matter, Imbert said, “The Companies Registry is a public forum.

So there is nothing private about a share transfer.” He added, “Further, being aware of the reported value of the shares and what is recorded in the Companies Registry, I am duty bound to investigate.” Last week, Imbert said 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.” Imbert said the court-appointed liquidators will investigate this matter.

He also said there will be an investigation into the leakage of some $1.1 billon from CL World Brands (CLWB) which was apparently used to settle debts owed by companies within CLF.