MSJ against liquidating CL Financial

A statement signed by MSJ political leader David Abdulah says the national interest would be best served by continuous payments toward liquidating the debt by CL Financial to the Government over a reasonable period of time rather than by a fire sale of valuable national assets through a liquidation of the company.

The MSJ also says that citizens need to know precisely what the options are for the repayment of the debt owed by CL Financial; and the implications of each option.

The statement says that it is not enough to be told by the Minister of Finance that the only way to recover the money is to put the company into liquidation, neither is it enough for the “Shareholders’ Group” to say they have a plan. Abdulah says the country needs to know what will happen to the assets of CL Financial if it is liquidated.

He also expressed concern over what the MSJ calls the sudden decision by the “Rowley/ Imbert Government” to apply to the High Court to have CL Financial liquidated because the Minister of Finance claims that this is necessary to avert a move by CL Financial Shareholders to add directors to the board in such numbers that would enable them to outvote the Government appointed directors, contrary to the 2009 Agreement between CL Financial and the Government.

The MSJ says that agreement has since lapsed and the “Shareholders Group” has not agreed to extend it.