AG steps down from Clico matter

AG steps down from Clico matter
By Andre Bagoo Monday, June 20 2016



ATTORNEY Genral Faris Al-Rawi has stepped down from all aspects of the Cabinet’s deliberations in relation to the Colman Report into the collapse of CL Financial (CLF) and its insurance company Clico.

Al-Rawi yesterday confirmed that all aspects of the Report have, instead, been handed to Stuart Young, a Minister in the Office of the Attorney General and Legal Affairs as well as Minister in the Office of the Prime Minister.

The Attorney General has removed himself from the process due to his role as a former director of Clico Investment Bank (CIB), a CLF subsidiary.

He expressed confidence, however, that no adverse findings in relation to him would be forthcoming.

“I have recused myself from managing any aspect of this because I sat as a director of Clico Investment Bank (CIB) for a short period,” the Attorney General told Newsday. “I am very concerned that justice must not only be done but must appear to be done. I am confident there is nothing untoward that could be brought in relation to me and that is underscored by the fact that I was not called by the inquiry to be witness nor have I received any communication from the inquiry.

No Salmon letter was written to me.” The Attorney General said a Salmon letter is normally written to persons who are subject to adverse inferences in an inquiry.

Al-Rawi said the report is likely to be submitted to President Anthony Carmona on Wednesday. Thereafter, the process involves the document being tabled at Cabinet where it is to be considered. On whether the report will be made public or submitted to the police, the Attorney General said this would depend on deliberations relating to the document’s recommendations and findings.

“Ultimately, the position will be to see what is inside and make sure you don’t embarrass the administration of justice,” Al-Rawi. “One will lean to full public disclosure, yes, but you have to ensure you don’t erode the rationale of the commission which is accountability.

You will recall the Director of Public Prosecutions had come concerns.” Al-Rawi is not the only politician who had ties to CLF.

Former Planning Minister Dr Bhoe Tewarie sat on the Clico board and also testified at the inquiry where he was made to face questions about his duties to ensure that proper practices were adopted. Tewarie did not immediately respond to queries from Newsday yesterday.

In July 2014, then Prime Minister Kamla Persad-Bissessar tabled the first volume of the Report – in relation to the Hindu Credit Union – in Parliament.

That volume called for a police probe into HCU’s former management, including founder Harry Harrinarine. At the time, a police probe was already reportedly ongoing.

The PNM Government has already planned legislative reform of the insurance, credit union and cooperative societies sectors, according to the legislative agenda of Al-Rawi which was tabled in April. Peter Permell, a spokesperson for a group of Clico policyholders, yesterday urged the Government to ensure the Report is made public.

“This is an issue that has engaged the attention of the public of Trinidad and Tobago for several years,” Permell said. “The inquiry has been reviewing the collapse of Clico which has cost taxpayers several billions. The public has a right to know. We need to know what really happened as well as the shareholders, the policyholders, the Government, the Central Bank – all have an interest. Who were the players responsible?” Permell further said, “Clearly, there is a lot of blame to go around in terms of what caused the collapse so I think from that perspective it is going to be of value and it is going to tell us what we need to do to ensure it does not happen again. Those who were responsible should be held accountable for their deeds and what they contributed.” However, Permell expressed disappointment over the time that has elapsed, saying some legal remedies may now be statute- barred. “Some of the things may be statute-barred,” Permell said. “Criminal conduct is not restricted in this way, but in terms of civil action we may have some problems because of the passage of time. I hope that is not the case and we can still take some action depending on who is identified.” Permell continued, “Trinidad and Tobago has a problem with taking action and really prosecuting wrong-doers. Nobody has really faced the full brunt of the law in terms of high-profile matters. You will recall the DPP would have tried to stop the Colman Commission in relation to matters he was perusing.

But up to now, we have heard nothing further in terms of all the matters he was looking at.”

www.newsday.co.tt/news/0,229461.html