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Monteil paid himself $6.3M

Friday, September 23 2011

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CALM UNDER FIRE: Former CL Financial chief financial officer Michael Carballo managed a smile despite facing steady questioning from lawyers, some of ...
CALM UNDER FIRE: Former CL Financial chief financial officer Michael Carballo managed a smile despite facing steady questioning from lawyers, some of ...

FORMER CL Financial (CLF) chief financial officer L Andre Monteil signed-off on $6.3 million in cheques to himself, according to a 2008 report of an auditor into the corporate practices at the company.

Monteil is listed in the report of the chief audit executive Anthony Jones, who prepared a report for the company’s corporate oversight team.

The report, dated November 12, 2008, also lists former CL Financial director Roger Duprey, a relative of former chairman Lawrence Duprey, as signing off on cheques to himself.

According to the report, which was submitted to the Clico Commission of Inquiry, Monteil was the approving officer for a March 4, 2008 payment to himself totalling $6.3 million. He also approved Republic Bank credit expenses of $46,990 a few days later on March 11, 2008.

Roger Duprey, on July 10, 2008, approved a payment of $63,000 to himself.

The total cheque payments which had the same approving officer as beneficiary was $14.9 million for the year, according to the report. There were no suggestions of improper disbursal.

A number of other problems with cheques were identified. For instance, there were problems in relation to cancelled and paid cheques not being so marked.

“Failure to identify invoices and/or supporting documents as having been paid can expose CLF to duplication of payment, inadequate audit trail and increased opportunity of fraud,” the auditor noted.

There was inadequate supporting documentation for 23 cash repayment vouchers (CRVs) valued at a total of $22.8 million. There were also inadequate administrative controls, but no specific allegations were made in the report.

Attorney Neal Bisnath also yesterday queried whether Monteil’s Stone Street Capital benefitted from the purchase of Flavorite. Bisnath, at the inquiry, said Stone Street got Flavorite from Clico via an arrangement with Clico Investment Bank worth $21 million. However, when CIB collapsed that liability disappeared.

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