Jun 2010 Financial News

CL Financial chairman resigns

Jun 23, 2010

CL Financial has lost its top director.

Dr Shafeek Sultan-Khan resigned as chairman of the cash-strapped insurance conglomerate on Monday.

He also resigned from all CL Financial subsidiaries.

’Dr Sultan-Khan has cited personal reasons for his decision and his resignation is with immediate effect,’ a statement from the company’s managing director and group chief executive officer Marlon Holder indicated yesterday.

During Sultan-Khan’s tenure, CL Financial saved more than US$100 million in costs, the statement said.

Major accomplishments included the restructuring of CL subsidiaries Home Construction Ltd and Angostura Ltd, ’to make them self sustaining’.

The CL statement added that Sultan-Khan was also involved in the formation of a five-year strategic plan which was approved unanimously by the board of directors.

’The plan as it is being executed will maintain the CL Financial Group of companies as the number one conglomerate in the region,’ Holder’s statement said.

Sultan-Khan was installed as chairman of CL Financial following the conglomerate’s collapse and subsequent approach to government for a financial rescue in January 2009.

The Central Bank provided $5 billion for the conglomerate to restructure several companies including CLICO, the country’s largest insurer.

Sultan-Khan also held the position of chairman of the Water and Sewerage Authority (WASA).

Several directors and executives have resigned at CLICO and CL Financial since 2009.

They include former Central Bank governor Dr Euric Bobb, former Citi banker Steve Bideshi, Claude Musaib-Ali and original CL directors Lawrence Duprey and Michael Carballo.


Source:
Curtis Rampersad
Trinidad Express
Wednesday June 23, 2010

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