Friday, February 5, 2010

CL depositors to get their money: Finance Minister

Finance Minister Karen Nunez-Tesheira told reporters Thursday the Trinidad and Tobago Government will honour its commitment to give CL Financial depositors their money.

She also said government has so far given the conglomerate $2 billion and promised to give citizens a full status report, although she didn't say how soon that would be coming.

The minister did not explain the departure of high level executives from the CL group including Steve Bideshi, Michael Carballo, Dr Euric Bobb and Claude Musaib-Ali. Bob quit as chairman but remains a CL director.

In the case Musaib-Ali the minister said he had a one-year contract, which has ended.

Commenting on money for the CL clients she said there is a note before Cabinet and once it comes out, "the Chairman, Shafeek Sultan-Khan, Central Bank Governor Ewart Williams and myself would be able to give a more fulsome response."

She also addressed complaints that depositors are unable to get their money when deposits mature.

"You cannot expect that a situation that is as complex and as huge as CL Financial to be solved in one year...the key objective was maintaining and ensuring that there was not the systematic risk and there was not a run on the company that would have the effect of impacting on all the financial sector," she said.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai