Thursday, July 27, 2017

What CL Financial means*


I want to suggest to Keith Rowley’s Government that it should pause and rethink its decision to have the massive CL Financial (CLF) conglomerate wound up.
Since the then government signed a shareholder’s agreement in June 2009 with the CL group, the relationships among the parties, which included three governments, have been testy, knotty—and at a cost of over $100 million.
Finance Minister Colm Imbert last week announced that the Government would request that the court impose a liquidator for CL’s billions in assets, which spread, locally and internationally, across diverse sectors—energy, banking and finance, manufacturing, agriculture, forestry, spirits, real estate, communications, etc. At one point CLF was said to be in 65 companies operating in 32 countries.

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