So the PNM (People's National Movement)-led Government wants to quickly appoint a liquidator, “wind up” CL Financial and sell off its assets so as to recover a $15 billion debt. CL Financial, through its shareholders, insist that the conglomerate can, over the ensuing few years, repay in full its debt to taxpayers—since the company incurred this debt through a Government bailout around 2009.
CL Financial—before its own, and the global financial meltdown which required government intervention in 2009—was the largest privately held conglomerate in Trinidad and Tobago, and one of the largest privately held corporations in the entire Caribbean. CL Financial and the HCU (Hindu Credit Union) are wholly indigenous African and Indian Trinidad grown corporations. CL Financial was larger than Neal and Massy and ANSA McAL groups.
It was only in November 2010 that Sir Anthony Colman was commissioned under the past People's Partnership cabinet to probe and ascertain the reasons for the failure of CL Financial, CL Investment Bank, British American (T'dad) Ltd, Caribbean Money Market Brokers Ltd (CMMB) and the Hindu Credit Union Co-operative Society Ltd. Recommendations were also sought.
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