Monday 13 July, 2020

Finance Ministry clears up $3b 'misrepresentation'

The Finance Ministry has again sought to clarify what it has labelled as an “untruthful claim” from former minister in the Ministry of Finance Mariano Browne.

In a statement on Friday, following clarification provided by Finance Minister Colm Imbert at Thursday’s Post Cabinet media briefing, the Ministry said Browne continues to make incorrect claims regarding fees incurred by Government in the Clico/CLF bailout.

According to the statement, the “latest erroneous and unsubstantiated claim” coming from Browne is that a $3 billion figure is contained in the Government’s affidavits in its application to the court to appoint provisional liquidators for CL Financial.

Refuting the claim, the Ministry said Browne’s latest statement is again untrue, since nowhere in the Government’s affidavits is any such figure mentioned.

The cost of professional fees for the Clico/CLF bailout is not quantified in any affidavit of the Government, it added.

Again clarifying the cost of professional fees for the Clico/CLF bailout from 2009 onwards, the Ministry stated that the figure is in the order of $250 million, not $3 billion.

It added that it is inexcusable that after having been called out for making a false and reckless claim on this matter, Browne continues with his $3 billion misrepresentation.

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