A report in the Trinidad Express Monday stated that Lawrence Duprey is disappointed with the "poor management of the collapsed CL Financial conglomerate" and he is willing to return to Trinidad and Tobago "to set things right".
The paper said the former CL Chairman is disappointed with the way the People's Partnership Government is handling the affairs of CL.
The paper said the former CL Chairman is disappointed with the way the People's Partnership Government is handling the affairs of CL.
It quoted a spokesperson for Duprey as saying that "with proper management", neither the CLICO policyholders nor taxpayers will have to suffer.
The Express said the spokesperson said the government has not been in contact with Duprey but added that if it seeks the former CL chief's intervention Duprey is "ready to steer the ship out of troubled waters".
Duprey had to resign chairman of CL Financial and its subsidiary CLICO after signing a memorandum of understanding with the Manning PNM government for a multi-billion dollar rescue package. The state has since invested nearly $7 billion in the failed conglomerate.
The Express said the spokesperson said the government has not been in contact with Duprey but added that if it seeks the former CL chief's intervention Duprey is "ready to steer the ship out of troubled waters".
Duprey had to resign chairman of CL Financial and its subsidiary CLICO after signing a memorandum of understanding with the Manning PNM government for a multi-billion dollar rescue package. The state has since invested nearly $7 billion in the failed conglomerate.
The MOU agreed that steps would be taken to correct the financial condition of CLICO, CLICO Investment Bank and British American Insurance and to protect the interest of depositors, policyholders and creditors of these institutions.
However, Finance Minister Winston Dookeran announced a decision to override this MOU and instead said that an initial $75,000 will be paid to CLICO depositors followed by 20 bonds with no interest.
The paper said the spokesperson noted that Duprey has been seeking advice from global financial experts in the United Kingdom, Paris and Japan.
The spokesperson suggested that the solution to the CL problem is to bring in external financial experts, ensure that the policyholders are paid their money and salvage the billion-dollar company.
The paper said the spokesperson pointed out that the United Kingdom, Belgium and other countries in the world properly managed their issues without making sacrifices.
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