Clico funding of PNM not related to CL bailout: Browne

Industry and Trade Minister Mariano Browne said Sunday millions paid by Colonial Life Insurance Co Ltd (CLICO) to the governing People's National Movement (PNM) during the 2007 election campaign are not connected in any way to the Government's decision to provide a multi-million dollar bailout for the company.

Browne, who is also the PNM's treasurer, was commenting on a Sunday Express report that said CLICO's parent company, CL Financial, had contributed as much as $20 million to the 2007 PNM campaign.

Read the story: $20m CL money paid for PNM...

The company made the political donations even though it was already in deep financial trouble. In January the government approved $1.3 billion as an initial bailout for four CL companies, including CLICO.

Browne told the Express his party gets its revenue "from a diverse range of sources", adding that the CL group did not receive any favours.

"What is taking place now with regard to the CL Financial group is not in any way related to the political contributions," Browne said.

He said he is unable to could give specifics about the $20 million reported in the Express, pointing out that he was not the PNM treasurer at the time. However he doubted the CL contribution was that much. "I wasn't here for that but the numbers I have seen hardly suggest $20 million," Browne told the paper.

Browne noted that at this time there is no law that sets a limit on the amount of money any one contributor could make to a political party in Trinidad and Tobago.

Speaking at a special PNM convention at Chaguaramas Sunday Patrick Manning said he has no vested interest in CLICO. The party's political leader dismissed all talk of conflicts of interest in dealing with CL Financial, saying, “Cabinet has the authority to act and we will do it.”