Nov 2010 Financial News

Colman begins CLICO probe next month

Nov 18, 2010

THE lone Commissioner in the Commission of Enquiry into CLICO and the Hindu Credit Union, Sir Anthony Colman, received his instrument of appointment from President George Maxwell Richards yesterday.

President Richards said Colman was not in a position to speak to members of the media because he had only just arrived in the country. The enquiry is to begin next month and it would be held in public.

Attorney General Anand Ramlogan said he would be meeting with Sir Anthony today to discuss matters relating to the enquiry. Colman flies out today.

Colman replaced Sir Gavin Lightman, who bowed out after it was revealed that he had represented CLICO in a matter some 20 years ago involving the takeover of Republic Bank.

Colman is a deputy Chief Justice of Dubai International Centre Court, which deals with commercial disputes.

The terms of reference of the Commission of Enquiry include looking into the causes, reasons, and circumstances leading to the deterioration of the financial conditions at CLICO, CLICO Investment Bank Ltd, British American Insurance Company (Trinidad) Ltd and Caribbean Money Market Brokers and HCU which threatened the interest of depositors, investors, policyholders, creditors and shareholders and the circumstances, factors, causes and reasons leading to the January 2009 intervention by the Government for the rehabilitation of the companies.


Source:
Trinidad Express
Thursday November 18, 2010

http://www.trinidadexpress.com/news/Colman_begins_CLICO_probe_next_month-108834729.html