The Chief Executive Officer (CEO) of Methanol Holdings (Trinidad) Ltd said Monday he did not have any input in the sale of CLICO Energy.
Rampersad Motilal made the statement at the CLICO/HCU probe.
Former group financial director of CL Financial, Michael Carballo had testified that Rampersad was part of the team of CL Financial directors that organised the sale of the energy company.
Carballo also identified former CL Financial corporate secretary Gita Sakal as being involved in the sale. He claimed that Sakal and Motilal had "complicity" in the controversial sale to Proman Holdings of Barbados after CL had a memorandum of understanding with the Government of Trinidad & Tobago through which the state took charge of the conglomerate.
Carballo had told the inquiry that the CLICO energy shares were sold for US$20 million, which was just 10 per cent of the true value of the shares. And he insisted that it happened without the knowledge of the CL Financial's Board of Directors.
However Motilal testified that he had nothing to do with the sale, telling the commission that he was "distressed" by Carballo's claims.
Motilal joined the CL Financial Board of Directors in 2005 and tendered his resignation on April 7, 2009.
He said he decided to leave the CL Financial Board after learning that former chairman Lawrence Duprey had held talks with the Ministry of Finance to organise a sale of MHTL
CLICK HERE to read more in the TRINIDAD GUARDIAN
Carballo also identified former CL Financial corporate secretary Gita Sakal as being involved in the sale. He claimed that Sakal and Motilal had "complicity" in the controversial sale to Proman Holdings of Barbados after CL had a memorandum of understanding with the Government of Trinidad & Tobago through which the state took charge of the conglomerate.
Carballo had told the inquiry that the CLICO energy shares were sold for US$20 million, which was just 10 per cent of the true value of the shares. And he insisted that it happened without the knowledge of the CL Financial's Board of Directors.
However Motilal testified that he had nothing to do with the sale, telling the commission that he was "distressed" by Carballo's claims.
Motilal joined the CL Financial Board of Directors in 2005 and tendered his resignation on April 7, 2009.
He said he decided to leave the CL Financial Board after learning that former chairman Lawrence Duprey had held talks with the Ministry of Finance to organise a sale of MHTL
CLICK HERE to read more in the TRINIDAD GUARDIAN
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