By Andre Bagoo Sunday, October 21 2012

click on pic to zoom in

Lawrence Duprey...

FORMER CL Financial (CLF) executive chairman, Lawrence Duprey, yesterday told Sunday Newsday he has not been in contact with the Government over the possibility of him taking back CLF/Clico by the end of the year.

And while there have been concerns he may not be in a fit enough state to testify at the Colman Inquiry, due to resume this week, Duprey also disclosed his health is normal.

In an interview from his Florida home, Duprey also dismissed reports he was recently in the country to continue secret talks.

On the question of whether he was in negotiations with the State, Duprey said, “No I have nothing to say. I have not been in contact with the Government at all.”

There have been unconfirmed reports that Duprey was recently spotted at a restaurant dining with former CLF executive Carlos John. Duprey did not address these reports, but said he was last in Trinidad “some time ago”. He did not specify when or divulge the nature of this trip. The former CLF executive has maintained a steady silence throughout the course of the ongoing Colman Inquiry into the collapse of CL Financial/HCU, which is due to resume tomorrow.

The inquiry has at times seen arguably damning evidence in relation to the management of the insurance conglomerate, which the State has spent $20 billion to rescue.

At the same time, there have been reports that Duprey has been unwell and may not attend the inquiry.

In September 2010, Duprey, 78, was reported to have disclosed he was undergoing treatment at clinics in Miami and New York for unspecified medical problems. However, asked yesterday to describe his state of health, Duprey told Sunday Newsday, “I am normal.”

During the course of the inquiry, Duprey’s attorney, Andrew Mitchell QC, has indicated difficulty in responding immediately to evidence adduced at the inquiry due to problems in taking instructions from his client, who has been out of the country. At an evidence hearing on February 28, Mitchell alluded to this difficulty saying, “I’m not in a position to meet with my client and take instructions. I don’t want to trespass into the problems. I need to take some instructions on issues that had arisen yesterday and more particularly today, and what I would prefer to do is not cross-examine and hope to resolve it by posing written questions.”

Pressed on whether he would be returning to Trinidad and Tobago to give evidence at the inquiry in coming weeks, Duprey said, “You have been writing things about me which are not true. I do not want to talk to you.”

Sunday Newsday understands that inquiry chairman, Sir Anthony Colman, weeks ago granted Duprey a two-week extension of time for the filing of a witness statement to the inquiry.

Duprey has now been given a new deadline of tomorrow (it was previously October 8) to submit his statement, in response to all the issues that have been raised in the evidence thus far in relation to his stewardship at the company. Failure to do so could see Duprey barred from submitting a statement thereafter.By Andre Bagoo



FORMER CL Financial (CLF) executive chairman, Lawrence Duprey, yesterday told Sunday Newsday he has not been in contact with the Government over the possibility of him taking back CLF/Clico by the end of the year.

And while there have been concerns he may not be in a fit enough state to testify at the Colman Inquiry, due to resume this week, Duprey also disclosed his health is normal.

In an interview from his Florida home, Duprey also dismissed reports he was recently in the country to continue secret talks.

On the question of whether he was in negotiations with the State, Duprey said, “No I have nothing to say. I have not been in contact with the Government at all.”

There have been unconfirmed reports that Duprey was recently spotted at a restaurant dining with former CLF executive Carlos John. Duprey did not address these reports, but said he was last in Trinidad “some time ago”. He did not specify when or divulge the nature of this trip.

The former CLF executive has maintained a steady silence throughout the course of the ongoing Colman Inquiry into the collapse of CL Financial/HCU, which is due to resume tomorrow.

The inquiry has at times seen arguably damning evidence in relation to the management of the insurance conglomerate, which the State has spent $20 billion to rescue. At the same time, there have been reports that Duprey has been unwell and may not attend the inquiry.

In September, 2010, Duprey, 78, was reported to have disclosed he was undergoing treatment at clinics in Miami and New York for unspecified medical problems. However, asked yesterday to describe his state of health, Duprey told Sunday Newsday, “I am normal.”

During the course of the inquiry, Duprey’s attorney, Andrew Mitchell QC, has indicated difficulty in responding immediately to evidence adduced at the inquiry due to problems in taking instruction from his client, who has been out of the country. At an evidence hearing on February 28, Mitchell alluded to this difficulty saying, “I’m not in a position to meet with my client and take instructions. I don’t want to trespass into the problems. I need to take some instructions on issues that had arisen yesterday and more particularly today, and what I would prefer to do is not cross-examine and hope to resolve it by posing written questions.”

Pressed on whether he would be returning to Trinidad and Tobago to give evidence at the inquiry in coming weeks, Duprey said, “You have been writing things about me which are not true. I do not want to talk to you.”

Sunday Newsday understands that inquiry chairman Sir Anthony Colman weeks ago granted Duprey a two-week extension of time for the filing of a witness statement to the inquiry. Duprey has now been given a new deadline of tomorrow (it was previously October 8) to submit his statement, in response all the issues that have been raised in the evidence thus far in relation to his stewardship at the company. Failure to do so could see Duprey barred from submitting a statement thereafter.

Mitchell and a legal team are understood to be working around-the-clock to draft Duprey’s defence. Among the wide range of issues Duprey will have to respond to are: allegations that there have been suspicions of money-laundering at CLF; questions over billions in relatively risky drinks deals in Jamaica and far-flung countries; alleged payments of millions in consultancy fees to companies linked to his family; Duprey’s reported insistence that former CLF finance director L Andre Monteil play a role in the red letter days leading up to the State intervention of January 2009; failure to properly protect the interest of policyholders; and questions over the secret purported sale of CLF/Clico assets even after the State had intervened.

The inquiry is due to resume tomorrow to deal with lingering issues in relation to the Hindu Credit Union. Two days this week, however, have been set aside to deal with CLF/Clico. The inquiry is currently scheduled to break until December, when Clico evidence will continue. Hearings are scheduled to continue into mid-year 2013. Duprey could be called among the last witnesses.

The Government has stated it plans to launch the Clico Investment Fund trust in November, hiving off Clico’s $5.5 billion worth of Republic Bank shares as part of the measures to resolve the lingering claims of large policyholders. The current agreement, which gives the State legal authority over the assets of CLF, is due to expire at midnight December 31, unless a new agreement is entered into with shareholders, including Duprey.

On Friday, Clico Policyholders Group spokesperson, Peter Permell, warned that policyholders would regard a move to return the company to Duprey as being “totally unacceptable”. Up to yesterday, Minister of Finance Larry Howai had not responded to questions on whether the Government was in talks with Duprey.