Duprey: Govt wants to destroy CL Financial out of spite

“If they wanted to do that they would have let CLF repay CLICO’s debts years ago,” Duprey said.

“The country would have been better off without this money outstanding. The company would have been better off returning to generating more foreign exchange and profits than any other local company outside of the state sector. The Government was only given control of CLF in order to ensure that debts owed by CLICO were repaid. They seem to have moved on to assuming ownership.” Duprey said Government could have worked with CLF shareholders over the years “to firstly protect the value of CLF and CLICO for the national good, and secondly to steadily pay back the amounts outstanding over a period of not more than five years.” “Instead they rode roughshod over the rights of taxpayers, policyholders and shareholders.

To support that, they have refused to disclose any meaningful financial data, even to the company’s ultimate owners. What have they got to hide? Why can’t we find out how this vast sum of money has been spent?” He claimed the attempt to shut down CLF, and ultimately CLICO was not about protecting taxpayers in the slightest.

“Instead, it is a continuation on of the unlawful control of CLF and CLICO and a spiteful decision to destroy them rather that seeing taxpayers and policyholders repaid and shareholders having their very valuable company returned.” He continued: “Not only must we all stand and fight for the rights of taxpayers and shareholders.

We should also remember that the legal basis for this entire exercise was the protection of policyholders and depositors on the one hand, and elimination of the risk of contagion in the economy on the other. This action by the government goes directly against that.” Duprey said shareholders now have common cause with taxpayers and policyholders in blocking this “desperate act” by the Government.

“Despite any personal differences, we must all now support any action that parties take to truly defend the interests of taxpayers.

I’m already speaking with representatives of all affected groups and look forward to assisting in any tangible way that I can.”