Prime Minister Kamla Persad-Bissessar announced the probe last Friday in a detailed statement in the House of Representatives.
“Given the systemic risk involved with this crisis, the thousands of our people, taxpayers and their families who have been adversely affected, the significant taxpayers’ funds already spent and to be spent, Cabinet has decided to have a Commission of Inquiry appointed into this financial crisis, the CL Financial crisis as well as the HCU crisis,” she told legislators.
Read the story: T&T announces Commission of Inquiry into CL, HCU
Read the statement:PM Kamla explains CL crisis, says gov't can't pay more
The NEWSDAY newspaper said it spoke with Ramlogan by telephone about the matter and reported Monday that Ramlogan has advised that he is seeking persons with “the relevant expertise” and who are beyond reproach would be chosen to sit on this commission.
The paper said Ramlogan wants the commission to begin its work soon. “We would like it to sit with some degree of urgency,” it quoted Ramlogan as saying.
The paper also reported that Ramlogan has given the assurance that the government will "move swiftly" to put in place the necessary support staff, office facilities and other logistics for the commission.
Opposition Leader Dr Keith Rowley has suggested that commissioners should be foreigners since locals are "too close" to the matter.
The Opposition Leader, who supports the inquiry, wants the government to ensure that there will be no "conflict of interest” with persons selected to undertake the inquiry.
Clico Policyholders Group (CPG) president Peter Permell told Newsday it may be difficult for Government to find TT or Caricom nationals impartial enough to sit on the commission because of the extent of Clico and CL Financial’s business both in TT and in other Caribbean countries.
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