CJ: Judge wrong to order CL disclosure

Chief Justice Ivor Archie and Justices of Appeal Peter Jamadar and Prakash Moosai ruled that the judge who is presiding over the case between the conglomerate and Proman Holdings, failed to demonstrate direct relevance of what he ordered, had on the case before him.

The three appellate judges also held that the judge’s ruling on the disclosure did not meet requirements of specific disclosure in accordance with the Civil Proceedings Rules and rules of the Supreme Court.

The judges were presiding over a procedural complaint brought by CL Financial and Clico against Proman and Process Energy, which purchased CLF’s shares in Methanol Holdings (Trinidad) Limited in February 2009, days after government bailed out the conglomerate.

CLF is asking the court to reverse the sale of shares as it was not authorised by the State or by the government- appointed board of CLF.

At the appeal, attorneys Representing CLF and Clico argued that the main issues before the judge were the legality of the sale, whether it was in the best interest of the company and whether it was undervalued.

“It is a question of law and other transactions won’t assist the judge on the legality of the sale,” submitted Senior Counsel Deborah Peake, who appears with attorney Fyard Hosein SC, for CLF and Clico.

Appearing for Proman Holdings and Process Energy was attorney Jonathan Walker.

Peake in her arguments against the judge’s disclosure order, recommended that Proman’s attorneys file a fresh application for disclosure as they too had conceded that the original order of the judge was too wide.