Afra Raymond

CL Financial Bailout – The Real Case

The following reblogged from Afra Raymond’s blog.
Sen. Larry Howai, Min of Finance & the Economy

Sen. Larry Howai, Min of Finance & the Economy

In 2013 I sued the Minister of Finance & the Economy for his continuing failure or refusal to provide the details relating to the huge $25 Billion bailout of the failed CL Financial group. On Wednesday 22 July 2015, […]the High court ruled in my favour by ordering the release of the all the requested information.

The basic principle behind the Freedom of Information Act is that the information held by Public Authorities belongs to the public, unless one of the valid exemptions is applicable.

The Court also granted the State a 28-day stay of execution which seems intended to allow them the time to decide whether to appeal before they have to provide the requested information. Given the ongoing Information War and the high stakes to maintain the ‘Code of Silence’ in relation to this bailout, I would not be at all surprised if the State were to appeal against this ruling.

The unexplained gap

On 1 October 2010, the Prime Minister addressed Parliament to explain that $7.3 Billion had been spent on the bailout and that a further estimated $7.0 Billion was required to settle all debts. That is a 2010 estimate of $14.3 Billion to settle the CL Financial bailout, but the current estimated cost of the bailout is in excess of $25 Billion. That means that over $10.5 Billion more than the 2010 estimate has been spent, so where did all that extra money go? That information and the defined official policy of secrecy are at the heart of this scandal.

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2 Comments on “CL Financial Bailout – The Real Case”

  1. David August 2, 2015 at 1:56 AM #

    Here is BIPA’s Facebook page.

    https://www.facebook.com/bipabarbados?fref=ts

    Like

  2. David August 5, 2015 at 1:13 AM #

    As predicted by BU this CLICO is going to be stuck in the legal system for years to come.

    Push back

    There was stiff opposition in the High Court today to Government’s rescue plan for the beleaguered CLICO International Life Insurance Company, as attorneys representing local and and Eastern Caribbean policyholders shredded the…

    Barbados Today

    Like

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