A lawyer for CL Financial (CLF)'s former corporate secretary, Gita Sakal, on Thursday called the conglomerate's former finance director Michael Carballo a "bold-faced liar".
The outburst came from attorney Justin Phelps during cross examination of Carballo. “Not only are you a liar, you are a bold-faced liar,” Phelps told Carballo.
The tension arose over the controversial sale of Clico Energy in 2009. Phelps suggested that Carballo flip-flopped over the issue.
The lawyer presented new documents in which Carballo's views on the sale were the opposite to what he has told the inquiry.
Phelps said Carballo changed his views after officers of the Anti-Corruption Investigations Bureau (ACIB) and forensic investigator Bob Lindquist interviewed him in 2010.
The lawyer presented new documents in which Carballo's views on the sale were the opposite to what he has told the inquiry.
Phelps said Carballo changed his views after officers of the Anti-Corruption Investigations Bureau (ACIB) and forensic investigator Bob Lindquist interviewed him in 2010.
Carballo has testified that the sale of Clico Energy was done without the approval of either the CLF board or State, noting that the sale contravened the Memorandum of Understanding (MoU) of January 30, 2009 between CLF and the state.
He said the company was grossly undervalued at US$42 million (TT$265 million) when the true value of the assets was US$72 million (TT$453.6 million).
However the documents presented by Sakal's lawyer showed that Carballo made a sworn deposition in October 2009 in which he stated the opposite to what he told the inquiry.
In the document in question Carballo called the sale “honest and reasonable” and added that it conformed with the MoU.
Carballo offered an explanation. “A lot of time has passed and one has had a chance to get to the bottom of what has transpired.” He said some of the information was not before the CLF board when he swore to the court in October 2009.
However the documents presented by Sakal's lawyer showed that Carballo made a sworn deposition in October 2009 in which he stated the opposite to what he told the inquiry.
In the document in question Carballo called the sale “honest and reasonable” and added that it conformed with the MoU.
Carballo offered an explanation. “A lot of time has passed and one has had a chance to get to the bottom of what has transpired.” He said some of the information was not before the CLF board when he swore to the court in October 2009.
Phelps was furious. “You not only lied about the defence you lied about the position of the board...After dropping the two lies! You are not only a liar, you are a bold-faced liar," the lawyer declared.
Carballo fought back. “I am not a liar. They did not inform the board of the sale of Clico Energy. I am not going to accept that at all,” Carballo said.
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