The former corporate secretary of CL Financial (CLF) told the Clico/HCU inquiry Wednesday the conglomerate remained financial dependent on CLICO up until 2009, when the group collapsed.
Gita Sakal made the statement during questioning by her counsel, Justin Phelps.
She said since 1992, CLF's costs and expenses were carried through a current account and an inter company account.
"So that system of Clico paying CL Financial's costs and expenses continued right up to February 2009, and those expenses that Clico paid on behalf of CL Financial were charged to an account called an 'inter-company account' and sometimes a 'current account'. I still don't know the distinction."
She said she had signing authority on a CLF bank account that became operational in 2005. She enjoyed that privilege along with Chairman Lawrence Duprey, Director Roger Duprey, and Financial Director Andre Monteil, who was replaced by Michael Carballo in 2008.
Sakal said the account needed two two of the authorised signatories and explained that it was incorrect for anyone to suggest that she conducted any financial transaction on her own accord.
In earlier testimony Carballo claimed that had people were preparing vouchers and paying themselves. He spoke of a debit of TT$32.5 million made from CL Financial's US dollar account at Royal Bank to pay Sakal's consultancy firm, Corporate Consultants Ltd.
He testified that Duprey ordered that the money to be returned.
She said since 1992, CLF's costs and expenses were carried through a current account and an inter company account.
"So that system of Clico paying CL Financial's costs and expenses continued right up to February 2009, and those expenses that Clico paid on behalf of CL Financial were charged to an account called an 'inter-company account' and sometimes a 'current account'. I still don't know the distinction."
She said she had signing authority on a CLF bank account that became operational in 2005. She enjoyed that privilege along with Chairman Lawrence Duprey, Director Roger Duprey, and Financial Director Andre Monteil, who was replaced by Michael Carballo in 2008.
Sakal said the account needed two two of the authorised signatories and explained that it was incorrect for anyone to suggest that she conducted any financial transaction on her own accord.
In earlier testimony Carballo claimed that had people were preparing vouchers and paying themselves. He spoke of a debit of TT$32.5 million made from CL Financial's US dollar account at Royal Bank to pay Sakal's consultancy firm, Corporate Consultants Ltd.
He testified that Duprey ordered that the money to be returned.
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