The former Attorney General claimed that a valuation of the assets was done by a well-known firm of accountants and that about 70 companies are going to be offered for sale.
"Our clients have provided to us information that a decision was taken to sell all the assets of CL Financial and its subsidiaries including Clico with the exception of two companies,” he said in his letter.
"We are instructed that when the MOU was signed between CL Financial and the Government the estimated value of the assets of CL Financial Group was approximately $100 billion.
“This would support the contention of the policyholders that there is enough value in the assets or potential value of the assets to pay the sum due on their policies.
“Madam Prime Minister, having regard to the impact such a sale of assets would have on the economy of Trinidad and Tobago, the legal rights of the policyholders and the principles of clean government we call upon you to give to us and to the country as a matter of urgency the following:
- Was a valuation of the assets of CL Financial recently commissioned to be done by a firm of accountants and has that exercise been completed?
- Is the Government aware of the contents of that valuation?
- Is the Government aware that with the exception of two of the companies, all the other companies owned by the CL Financial Group have been targeted for sale?
- Is the Government aware that steps have been taken for the sale of those assets and that some of the purchasers have already been targeted and/or identified?
- Could the Government give the process which is being employed or which it intends to employ to identify the purchasers of these assets and to ensure that the assets are not sold at a gross undervalue?”
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