The Trinidad and Tobago Transparency Institute (TTTI) has praised the Central Bank and CLICO for taking legal action against former CL Financial chairman Lawrence Duprey, former CL executive Andre Monteil and three companies arising out of the collapse of CLICO.
In a statement Wednesday, TTTI said the action is an important step in raising the standard of corporate governance in the country, adding that it sent a message to citizens that no one is above the law.
"TTTI believes that the development of a strong culture against corruption requires independent investigation of all allegations, the assignment of responsibility where appropriate and the application of appropriate penalties.
This country ranked 73 out of 178 countries on the most recent Transparency International Corruption Index.
In a statement Wednesday, TTTI said the action is an important step in raising the standard of corporate governance in the country, adding that it sent a message to citizens that no one is above the law.
"TTTI believes that the development of a strong culture against corruption requires independent investigation of all allegations, the assignment of responsibility where appropriate and the application of appropriate penalties.
"The current action is an important step in demonstrating commitment and resolve to reducing corruption in our society, and the development of a culture of accountability, the organisation said.
TTTI added that it hopes that a more aggressive pattern of enforcement against corruption by the government will deter persons from engaging in corrupt acts in the future and help erase the perception of Trinidad and Tobago as a corrupt society.
The group said that consistent action in this area could help improve investor confidence in Trinidad and Tobago and also raise the country's ranking on the Transparency International's Corruption Perceptions Index.
This country ranked 73 out of 178 countries on the most recent Transparency International Corruption Index.
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