Lawrence Duprey received more than $98 million in “consultancy fees, salary and bonuses” over a seven year period from Colonial Life Insurance Company Limited (CLICO).
That detail is contained in documents supporting the civil claim against Duprey by the Central Bank of Trinidad and Tobago and CLICO, which was filed earlier this week.
Duprey was Chairman of CL Financial, the parent company of CLICO. Attorneys representing the Central Bank and CLICO initiated legal proceedings against Duprey and Andre Monteil, a former group financial director of CL Financial, on Tuesday.
The lawsuit is seeking damages that could amount to billions of dollars. It alleges that both men and their respective companies misused CLICO’s funds to the detriment of the company and its policyholders and investors.
The documents show that Monteil received salaries of $16.8 million over a four-year period, as well as more than $28 million in consultancy fees, on behalf of his company, Stone Street, according to a report in the Newsday newspaper.
The report said Stone Street was presented as the CL Financial group’s financial advisers.
Newsday said its sources have said Duprey used CLICO’s money to fund “unsuitable and high risk” projects, including real estate projects in Florida.
It said between 2001 and 2009 CLICO funds were used for guarantees of projects to the value of US$245 million although the insurance company did not have any equity in the projects.
It said between 2001 and 2009 CLICO funds were used for guarantees of projects to the value of US$245 million although the insurance company did not have any equity in the projects.
The lawsuit alleges that two ponzi schemes were operated out of CLICO making it difficult at times for the company to meet its financial obligations to its clients.
No comments:
Post a Comment