Sole commissioner Sir Arthur David Coleman delivered the ruling Wednesday afternoon.
The Central Bank filed a lawsuit against Duprey on June 7th, claiming alleged mismanagement of Clico and "misapplication and misappropriation of its income and assets to the detriment of policyholders and mutual fund investors".
Duprey's attorney argued that the pre-trial publicity surrounding the Central Bank's action would be extended by the public Enquiry and would make it impossible for his client to get a fair hearing.
Andrew Mitchell said, "The years of oversight by regulators, Central Bank, the role of auditors and so forth and of course, if there are issues within the governance of one or other of the company that will become an issue."
However, Sir Anthony Coleman ruled against Duprey.
"The application as it now stands and as it became refined in the course of Mr Mitchell's submission to Mr Duprey being permitted to continue as a party in the proceedings, to appear in the proceedings but to give no evidence at all, is refused."
Sir Anthony promised to give the reasons for his decision in writing because of the complexity and uniqueness of the situation and the likelihood that it would add to the law governing Commissions of Enquiry.
The lawyer representing the Central Bank, Bankim Thankie, argued against an exemption for Duprey saying that if the commissioner excused the former CL Financial boss, it would set a bad precedent.
Duprey's attorney argued that the pre-trial publicity surrounding the Central Bank's action would be extended by the public Enquiry and would make it impossible for his client to get a fair hearing.
Andrew Mitchell said, "The years of oversight by regulators, Central Bank, the role of auditors and so forth and of course, if there are issues within the governance of one or other of the company that will become an issue."
However, Sir Anthony Coleman ruled against Duprey.
"The application as it now stands and as it became refined in the course of Mr Mitchell's submission to Mr Duprey being permitted to continue as a party in the proceedings, to appear in the proceedings but to give no evidence at all, is refused."
Sir Anthony promised to give the reasons for his decision in writing because of the complexity and uniqueness of the situation and the likelihood that it would add to the law governing Commissions of Enquiry.
The lawyer representing the Central Bank, Bankim Thankie, argued against an exemption for Duprey saying that if the commissioner excused the former CL Financial boss, it would set a bad precedent.
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