Saturday, November 19, 2011

Duprey and Monteil operated like Batman and Robin: Clico lawyer

Clico's lawyer Neal Bisnath on Friday described Lawrence Duprey and Andre Monteil as "Batman and Robin".

Bisnath was at the time questioning Gita Sakal, former corporate secretary of the failed Cl Financial conglomerate. Duprey was the groups's executive chairman and Monteil was a former financial director.

Bisnath said Duprey was addicted to acquisitions and Monteil was mandated to find the funds to seal the deal.

The lawyer told Sakal: "Mr Duprey did not appear to be very concerned about the acquisition thrust he was embarked upon." She agreed that when Duprey was focused on an acquisition he wanted it completed.

She admitted that it was Monteil who carried out Duprey's wishes in terms of financing the acquisitions.

"I think Mr Monteil also saw it as a challenge," Sakal said. "The nature of it was very challenging and I think he accepted the challenge and he accepted the challenge willingly, so to him it was a challenge and Mr Duprey would depend heavily on him," she added.

Bisnath said the two executives used the deposits from policyholders to fund their acquisitions, noting that Clico was owed $9.8 billion by its parent company, CL Financial, and other subsidiaries in the group. He said if they had paid their bills there would not have been any problems.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai