So he took it upon himself to discuss the matter with the bank without the knowledge of the CLF board.
Tewarie was a member of the board at the time and was not engaged in active politics.
He said he had to choose between company loyalty and the welfare of investors in the company.
Tewarie said he was forced to go to the Central Bank Governor to discuss his concerns about the state of affairs at the company, which he said was heading for collapse in 2008.
"My real concern was that if things continued as they were and decisions were taken, or the situation escalated, we could in fact have a collapse of the company and of the system. Not to mention all the ordinary people who had invested and what would be their situation," Tewarie testified.
"The Chairman kept mentioning the fact we are $100 billion company and the fact that we had assets to back up these things and this was a temporary situation," Tewarie declared, noting that he became concerned that with such a position Duprey would not have given the Central Bank a correct picture.
Tewarie explained that since he was not an Executive Director he was virtually powerless to deal with the problems created by what he said was the lack of accountability by Duprey.
He said both Duprey and former CFL Financial Director Andre Monteil took hefty unsecured loans amount to more than $150 million from Clico Investment Bank to the tune of $50 million dollars and that the men were not servicing the loans.
"Having had an unsecured loan I don't see how they could have met their commitment to at least service it. I really did not know what to do. At that point, things were unraveling in a way that I don't know. Not a nice story was unfolding, sort of," he said.
Tewarie continues his testimony Tuesday
Tewarie said he was forced to go to the Central Bank Governor to discuss his concerns about the state of affairs at the company, which he said was heading for collapse in 2008.
"My real concern was that if things continued as they were and decisions were taken, or the situation escalated, we could in fact have a collapse of the company and of the system. Not to mention all the ordinary people who had invested and what would be their situation," Tewarie testified.
"The Chairman kept mentioning the fact we are $100 billion company and the fact that we had assets to back up these things and this was a temporary situation," Tewarie declared, noting that he became concerned that with such a position Duprey would not have given the Central Bank a correct picture.
Tewarie explained that since he was not an Executive Director he was virtually powerless to deal with the problems created by what he said was the lack of accountability by Duprey.
He said both Duprey and former CFL Financial Director Andre Monteil took hefty unsecured loans amount to more than $150 million from Clico Investment Bank to the tune of $50 million dollars and that the men were not servicing the loans.
"Having had an unsecured loan I don't see how they could have met their commitment to at least service it. I really did not know what to do. At that point, things were unraveling in a way that I don't know. Not a nice story was unfolding, sort of," he said.
Tewarie continues his testimony Tuesday
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