A lawyer disclosed on Wednesday that members of the board of CL Financial were paid TT$30,000 each to attend board meetings.
Peter Carter told the Clico/HCU inquiry that decision to pay board members the equivalent of US$5,000 was made at a board meeting in Florida held on June 6, 2008. The board also agreed to pay the fee to the secretary of the company and that the decision was retroactive to January 2008.
Carter is counsel to the Commission of Enquiry.
Commission Chairman Sir Anthony Colman had ruled previously that the remuneration packages of those involved with the conglomerates collapse could be made public.
"I have come to the conclusion that it would be grossly unfair if there were a general bar on further evidence as to remuneration of participants so I reverse the ruling...and the result would be that the remuneration of participants can be put into evidence," he said.
"I do not accept that if the remuneration emanated from any of the companies involved there could be any question of confidentiality," Sir Anthony said.
Peter Carter told the Clico/HCU inquiry that decision to pay board members the equivalent of US$5,000 was made at a board meeting in Florida held on June 6, 2008. The board also agreed to pay the fee to the secretary of the company and that the decision was retroactive to January 2008.
Carter is counsel to the Commission of Enquiry.
Commission Chairman Sir Anthony Colman had ruled previously that the remuneration packages of those involved with the conglomerates collapse could be made public.
"I have come to the conclusion that it would be grossly unfair if there were a general bar on further evidence as to remuneration of participants so I reverse the ruling...and the result would be that the remuneration of participants can be put into evidence," he said.
"I do not accept that if the remuneration emanated from any of the companies involved there could be any question of confidentiality," Sir Anthony said.
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