Former CEO: Clico empowered Africans

In a statement last week, he recalled CL Financial at its prime controlled $100 billion in assets in 28 companies, regionally and worldwide, in banking and financial services, energy, real estate, and manufacturing and distribution.

“For the youngsters out there, I make the point that CL Financial was not owned or run by the Syrian-Lebanese community. In fact that distinction fell to the Duprey family who are of African ancestry.

“Thus, the balance of economic power was markedly different from today and while the Syrian-Lebanese community was disproportionately powerful even then, they clearly did not hold as dominant a position as they do now.” Dacon said the impact of the global economic crisis of 2008/9 changed the landscape dramatically, seeing CL Financial face severe cash flow woes and so seeking State help.

“First agreeing to a rescue, the State then took full control of the group, running it as it saw fit and disposing of assets at their sole discretion.” Saying the State rescued other firms, Dacon said uniquely the Government took full control of only CL Financial.

At a stroke, the country’s largest conglomerate moved from private African ownership to State control.

“Had it been rescued and not effectively nationalised, then Mr Sabga Aboud’s statement might likely have been false.

“Undoubtedly, the net effect of the government’s method of rescue was to dramatically change the pattern of ethnic control of large parts of the economy away from the African owners. Could that have been the intention?” Dacon said the shift of CL Financial to government control (plus its possible demise) has far-reaching consequences.

Aboud.”