TT gov't won't present bill to amend Central Bank Act

The Government of Trinidad and Tobago will not present its proposed Central Bank Amendment bill in parliament on Friday. 

One of the changes in the proposed legislation would have made blocked legal action against the government's plan to bail out Clico investors.

The proposed bill would have given the Attorney General the power to take over a case which a person has brought or make wish to bring before the court against a financial institution covered in the legislation.

It would have also imposed a stay of proceedings by creditors against the institution or against the Central Bank unless the person has the written consent of the Central Bank.

Prime Minister Kamla persad-Bissessar is expected to make a statement on the matter in the House of Representatives Friday.

A report in the Trinidad Express quotes Opposition Leader Dr Keith Rowley as saying that Parliament has officially informed the opposition that the government has withdrawn the bill.

"Parliament has advised us that the bill has been withdrawn and that they would not be proceeding with it. And we are advised by the Government that they would proceed with the Procurement Bill that is on the Order Paper," Rowley told the paper.

Rowley claimed that the government pulled the proposed legislation because it is unconstitutional, detrimental to commercial activity, an invitation to political abuse and is contrary to the spirit of the Constitution.

He said in addition, it allows action that is not reasonably justifiable in a society that has proper respect for the rights and freedoms of the citizen and it violates the constitutional principle of the separation of powers.

"Apparently their own people alerted them to these dangers. But this is a signal warning to the country that the Government and its special majority could be dangerous," Rowley told the Express.