A report in Monday's Trinidad Express quoted sources as saying that the budget for the exercise was about $20 million for legal and expert fees and there were fears that the cost would escalate.
"Clico matter is being actively investigated and considered by my office. And I intend to explore both civil and criminal liability in pursuit of justice on behalf of the innocent investors and policy holders," Attorney General Anand Ramlogan told the paper.
The paper said its sources have said that Ramlogan was deeply concerned about "the vast amount of resources" being used for the investigation and questioned whether the State will "get empty justice".
The investigators were looking into the sale of Clico Energy, one of CL Financial's most profitable companies, to Proman Holdings (Barbados).
On February 3, 2009 CL sold the company for US$46 million, three days after a signing a memorandum of understanding with the Minister of Finance which stated that CL would not sell any of its assets without government's approval or consent.
The Express said the sale price was grossly under value and that some CL directors didn't know about it. The Central Bank went to court on February 22 to obtain an injunction blocking the sale of any other asset.
A preliminary report of a Central Bank investigation by Canadian forensic accountant Robert Lindquist has been submitted to the Director of Public Prosecutions Roger Gaspard who has sent it to Acting Commissioner of Police James Philbert to launch a criminal investigation.
The Express said the Lindquist report did not have sufficient evidence to justify criminal charges. However it contained information "which strongly suggested the need for a criminal probe".
According to the paper, in May 2010, investigators secured the signed statements of at least three co-operating witnesses and "a brief had been prepared to approach the High Court seeking a restraint order under the Proceeds of Crime Act to freeze the assets of the CL Financial Group."
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