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Minister of Finance admits that government acquired CL Marine from CLICO but had no autonomy over liquidator process

Minister of Finance Colm Imbert

An admission from the Minister of Finance that government acquired CL Marine from the CLICO group of companies but he says it did not have autonomy over the liquidator’s process.

The issue came up in the questions for oral answer session in the Senate yesterday.

Opposition Senator Wade Mark posed them.  

Minister Colm Imbert told the House the acquisition was part of the CLICO debt owed to the State.

However, Minister Imbert said government had no say in the processes used by liquidators.

Despite the explanation Senator Mark pressed further asking for details on liquidators.

CL Financial experienced a liquidity crisis that resulted in a “bail out” agreement by which the government of Trinidad and Tobago loaned the company $7.3 billion in a bid to maintain its ability to operate, and obtained a majority of seats on the company’s Board of Directors.

As of late 2010, the company remained in a tenuous position amid tense negotiations with the government.

On February 2011the company’s website was no longer functioning.

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