Tuesday 16 October, 2018

Finance Ministry corrects former Minister on wrong CL Financial info

The Ministry of Finance has stated that comments from Mariano Browne, former Minister in the Ministry of Finance, regarding CL Financial are wrong.

In a release, the Ministry refuted Browne's comments on Friday regarding the reason why the CL Financial shareholders refused to extend the shareholders’ agreement with the Government.  
 
The release states that speaking on i95.5 FM, Browne incorrectly alleged that the shareholders refused to extend the agreement, which would have maintained the status quo in terms of the composition of the board of CL Financial, and thus maintained Government’s control of CL Financial, because the Government refused to respond to a plan from the shareholders for repayment of money owed by CL Financial to the Government for what is known as the “Clico bailout”. 
 
"However, Mr. Browne’s timeline is completely wrong because the last extension to the shareholders’ agreement expired on August 31, 2016 and the so-called “plan”, Project Rebirth, was only submitted by the shareholders on January 6, 2017, over four months later!   It is not possible therefore that the shareholders refused to extend the agreement for the reason advanced by Mr. Browne," the Ministry said.
 
The Ministry said It is regrettable that a former Minister in the Ministry of Finance would misrepresent the facts in this way.