T&T gov't not interested in having Duprey fix CL problems: Report

The Trinidad Express reported Tuesday that the Government of Trinidad and Tobago is not willing to give former CL chairman Lawrence Duprey a chance to return to the failed conglomerate to help fix the problems at the company that were created under his leadership.

The paper said "an unimpeachable Government source" said Monday Duprey wrote to Finance Minister Winston Dookeran in October saying he would submit a plan within 14 days to solve the problems at CL and its subsidiary at no cost to the taxpayer. The paper said the plan was never sent.

Duprey's spokeperson told the Express the day before that the businessman - who lives in Florida - is ready to return home to take charge of his former company because he is not happy with the way the government is managing CL.

But the Express said the government source wondered how the man who created the "mess" in the first place could now think that he could save the company.

"The problems of these companies have nothing to do with either the local or international situation. He was responsible for the condition the companies find themselves in today and it is ironic that he should be talking about coming back to fix a problem that he started," the Express quoted the unnamed source as saying.

"I think that he is delusional. He is the last person who should be allowed back in here to deal with any problem," the source said.

The paper said its source provided showed the Express a letter dated October 28, 2010, sent by Duprey's attorney Lionel Luckhoo, which stated that Duprey is "assiduously engaged" with international financiers towards putting together a proposal.

The letter read: "I am asking to approach it in this way as I am instructed that my client and those who are interested in taking on the project of rescuing Clico without anymore Government money being invested, would need to know the terms upon which any proposed settlement with policy holders and depositors is proposed to be executed.

"It is the belief of those advising my client that they can offer a solution that will not require any Government money, although some sort of "underwriting" arrangement may be essential to put the deal together."

The paper said its source wondered why Duprey has so far failed to submit the plan. "If Mr Duprey has a plan why doesn't he submit it? The Government would be happy if they could be relieved of paying out a further $12 billion...It is unfair to the people of this country to take one third of the national budget and pay out $12 billion to 14,000 policy holders," said the source.