Report: $B HCL-FCB deal signed on eve of T&T election

A Sunday Express investigation by Camini Marajh states that the CL Financial subsidiary, Home Contruction Limited (HCL), signed a TT$1.073 billion debt-restructuring contract with State-owned First Citizens Bank (FCB) on the eve of the May 24 general election.

It states that Government appointed-chairman of Home Construction Ltd, Osbourne Nurse, pushed through the controversial billion-dollar deal for the flagship real-estate company of CL Financial.

It quotes sources familiar with the transaction as saying that the contract was singed on May 20 and included a payment of several millions in ’consultants’ fees’ to Pan American Finance (PAF) Securities, an FCB-hired firm of consultants from Miami, U.S.A.

The Express report says Nurse refused to talk about the matter, saying he has no inetntion of making HCL's business public.

Read the story: HCL's billion-dollar Deal
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