A witness told the Clico/HCU enquiry Thursday Republic Bank Limited warned shareholders 15 years ago that CL Financial had money problems.
Afra Raymond, President of the Joint Consultative Council, said that warning was contained in a letter to shareholders in 1996. At that time CL Financial was trying to take over the Bank
"This was an attempt to sound some kind of a warning. Of course it was a corporate battle, somebody wanting to take over somebody else," Raymond said, adding: "I do reflect that we were warned about all this 15 years ago. We will not be sitting here, but here we are."
He said the bank failed to convince the Central Bank that it should instruct CL Financial to reduce, instead of increase, its shareholding. He said the bank also failed to get it done through the courts.
Afra Raymond, President of the Joint Consultative Council, said that warning was contained in a letter to shareholders in 1996. At that time CL Financial was trying to take over the Bank
"This was an attempt to sound some kind of a warning. Of course it was a corporate battle, somebody wanting to take over somebody else," Raymond said, adding: "I do reflect that we were warned about all this 15 years ago. We will not be sitting here, but here we are."
He said the bank failed to convince the Central Bank that it should instruct CL Financial to reduce, instead of increase, its shareholding. He said the bank also failed to get it done through the courts.
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