Jun 2010 Financial News

Cabinet to get CLICO, CAL reports soon

Jun 25, 2010

Reports on CL Financial and insurance company CLICO as well as national carrier Caribbean Airlines will be submitted to the Cabinet soon.

Finance Minister Winston Dookeran made the disclosure at the post-Cabinet news conference at the Prime Minister’s Office, St Clair, yesterday.

He acknowledged receipt of a letter of resignation from CL Financial chairman Dr Shafeek Sultan-Khan.

Dookeran said the vice-chairman will carry out responsibilities and added ’very shortly’, he will be going to Cabinet with a report on CL Financial.

The Express learned yesterday the report which outlines plans to save CLICO, the country’s largest insurer, will be submitted to Dookeran this morning.

Dookeran appointed a team to look into the conglomerate’s accounts, comprising former CL financial chief executive Steve Bideshi, former finance minister Wendell Mottley and executive chairman of Ernst and Young Colin Soo Ping Chow.

Yesterday, Dookeran also said a report into Caribbean Airlines was submitted to him and will go to Cabinet.

Dookeran had also appointed a team to examine CAL, comprising former BWIA CEO Conrad Aleong, CEO of the Institute of Chartered Accountants Krishna Boodhai and former finance minister Selby Wilson.

Dookeran said all these reports will be examined as the Finance Ministry makes preparations for national budget.

’We have stated the process for budget preparation, and we have invited all of the relevant ministries to submit their proposals and that is being done at the moment. We will shortly have some public sessions, what we call an interactive session, with the interest groups in the country and individuals to seek their input into the process,’ said Dookeran.

Works and Transport Minister Jack Warner said notes on the operations of Caribbean Airlines will be submitted to Prime Minister Kamla Persad-Bissessar following today’s sitting of Parliament.

Warner said the issue will be discussed at next week’s Cabinet meeting.


Source:
Anna Ramdass
Trinidad Express
Friday June 25, 2010

http://www.trinidadexpress.com/index.pl/nart?id=161705455&weba=NWSBusiness