Aug 2010 Financial News

Yetming tipped to head CL Financial

Aug 18, 2010

Former finance minister Gerald Yetming is a highly likely prospect for the CL Financial chairmanship, informed sources have revealed.

Sources said Yetming was originally considered for the chairmanship of National Insurance Board, but it was later thought that the CL Financial chairmanship was more appropriate.

Yetming is a natural fit for many chairmanships. However, it is felt that his broad range of experience in the financial sector, both in the private banking sector and his tenure as finance minister, as well as his no-nonsense attitude, would serve him in good stead for what is arguably one of the most complex and difficult chairmanships at this time. It is understood that he is also being considered for the chairmanship of CLICO.

Government bought a controlling interest in the troubled financial giant last February in order to save it from bankruptcy and to prevent the risk of a fallout to the entire financial system.

The collapse of CL Financial, which has its tentacles in so many areas, could have challenged the stability of the financial sector. Government has since pumped billions into the company to enable it to pay third-party funds.

Financial viability continues to elude the company and some depositors have had difficulty accessing their money. The last (PNM) government had stated that it intended to guarantee third-party deposits and policies.

Sources in the People's Partnership said yesterday it was vital that this Government successfully deals with the CL Financial issue.

Contacted on the matter yesterday, Yetming would only say that he had held discussions with Finance Minister Winston Dookeran. However, he refused to disclose anything on the nature of those talks.


Source:
By Ria Taitt
Political Editor
Trinidad Express
Wednesday August 18, 2010

http://www.trinidadexpress.com/news/Yetming_tipped_to_head_CL_Financial.html