Saturday 4 April, 2020

Permell blames Gov't for kept profits from sold CLICO assets

CLICO Policy Group Chairman Peter Permell says the government cannot blame CL Financial for assets sold and profits kept.

He was speaking in response to Finance Minister Colm’s Imbert Budget statement on the matter.

Speaking with Power 102, Permell said the onus is on the Government to ensure that the assets which were kept be settled by the directors who were appointed by the government.

He said to put it plainly, the Government appointed directors were the culprits behind the kept profits.

“The problem is that the Government was in charge so the question of CL Financial keeping the assets sales over the last 8 years itself, because you have to remember the Government was in charge of CL Financial, the Government had management control of CL Financial for all those years so if any assets were kept is because of the Government appointed Directors why the assets were kept so the Government can’t blame CL Financial for that, the Government was in charge throughout that entire period. So, I can’t agree with him on that at all. He got it wrong on that score. That blame has to fall squarely on the shoulders of the Government appointed Directors because they had management control of the board and all material times during that 8 year period.”

During the 2017/2018 budget readout, Minister Imbert accused CL Financial of receiving over $23 billion in public funds. He also said the private CL Financial sold assets and kept profits to themselves.

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