Friday, October 18, 2013

Anand refers $13M land deal to DPP

Anand Ramlogan (Express photo)
Attorney General Anand Ramlogan has referred to the Director of Public Prosecutions a $13 million land deal involving the family of Anna Deonarine family, deputy political leader of the Independent Liberal Party (ILP). 

Ramlogan spoke about the transaction at a political meeting earlier in the week and again in Gasparillo Thursday night. 

It involves a 20-acre parcel of land that Deonarine's parents bought for $225,000 and later sold it for $13 million to CLICO. The entire amount was put into an Executive Flexible Premium Annuity account in Deonarine’s name.

In a letter to Roger Gaspard dated October 17, 2013, Ramlogan stated: "I wish to refer this matter to you so that it may be considered during the on-going criminal investigation into the alleged fraudulent transactions that contributed and or led to the collapse of the CL Financial Group of Companies."

It added, “This transaction is highly suspicious, to say the least, and I would therefore welcome an investigation into same to determine whether a fraudulent, sham transaction which was designed as a vehicle to siphon funds out of CLICO and put it beyond the reach of innocent depositors and policyholders by placing it in the name of Ms Anna Deonarine-Rampersad.”

The Express newspaper said it spoke to Ramlogan, who stated that he decided to write the DPP because Shama Deonarine, Anna's mother, became a director of CLICO within months of the multi-million dollar transaction.

“The fact that CLICO purchased this parcel of land for $13 million in the absence of permission and or approval from Town and Country Planning approval for it to be converted and used for residential purposes means that the company paid $13 million for a parcel of land that was probably not worth much more than the original $225,000 purchase price,” the paper quoted Ramlogan as saying.

He added that CLICO's board and management had a duty to ensure that planning permission was granted before buying the land for $13 million.

He noted that the money never left CLICO since it was immediately invested into an Executive Flexible Premium Annuity account, which he said "makes this transaction even more suspicious."
The AG said the collapse of CLICO has cost the State over $25 billion to date and many investors have not been able to recover their money.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
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