Clico — a bit of history

THE CL Financial Group under its chairman, Lawrence Duprey, sought a financial bailout from the Government in January 2009 in order to prevent the entity from financial collapse which, if it materialised, would entail disastrous consequences for TT’s economy .

There were many reasons cited for the group’s precarious situation including world-wide recession and a steep decline in international prices of petrochemical products .

However, the genesis of the CL Financial debacle, especially the Clico fiasco, goes back a few years before 2009 and involved mismanagement and illegality at Clico, the inaction of the supervisory authority and the political directorate and the reckless investment of insurance funds .

As early as the Budget debate which took place in September 2001, I raised the issue of questionable practices at Clico, relying on the Report of the Supervisor of Insurance for the year of business 1997 (a public document). It was an intervention which was partly responsible for my dismissal as a minister of government and eventually my termination as a parliamentary representative .

Then prime minister Basdeo Panday, at the time a close friend of Lawrence Duprey, was livid with anger and then Minister of Finance, Gerald Yetming, would accuse me of gross irresponsibility and my contribution a threat to the financial system .

However, I have no regrets for what I said in the debate and, if I had to, I will do it all over again because I believe I was being true to my oath of office. I will quote extensively from Hansard .

I prefaced my contribution with the following remarks which were relevant to the politics then as they are today. I said: “I rise to do my duty in accordance with my oath of office, which I may repeat today, and that is that I will bear true faith and allegiance to Trinidad and Tobago and will uphold the Constitution and law; that I will conscientiously, impartially and to the best of my ability, discharge my duties and do right to all manner of people without fear or favour, affection or ill will .

“This is the oath I took when I assumed my responsibilities. Mr Speaker, this is the oath I have attempted to adhere to and I will attempt to do so today .

“One operates in the belief that our partisan interests coincide with the public interest, with the national interest, but where there is a perception that there is a divergence, it is my duty to pursue the interest of the people or the larger public interest .

Mr Speaker, it behoves me in the public interest to make a few comments which I hope are received as constructive observations and taken in the right spirit .

They reflect my own perspective and my own concerns and uncertainties, and they will be made with forthrightness and candour in pursuit of the truth .

“The theme ‘One People, One Nation’ must be grounded in an appreciation of the fact that a nation is the sum total of diverse relationships between individuals and groups and organisations, reflecting different legitimate interests and aspirations with an acceptable level of consensus in the rightful place of each, a consensus and sense of belonging and a consensus in the common goal to which each group aspires .

We do not have an appreciation of that, Mr Speaker .

The theme ‘One People, One Nation’ may only reflect an empty slogan. As regards the sub-theme of ‘Leaving No One Behind’, that depends on how you define behind .

Is it in access to benefits and opportunities? Is it in terms of participation? Is it in terms of exercising influence? Is it in terms of making one’s v o i c e heard?