The blame for the CLICO collapse should fall squarely at the feet of its parent company CL Financial (CLF) in Trinidad and Tobago.
This is the view of Minister of Industry Denis Kellman, who told the DAILY NATION yesterday “there is no doubt the local company was a profit-making organization for a number of years”.
While pointing the finger at CL Financial CEO Lawrence Duprey, he said the important question that had to be asked was why millions of dollars made in Barbados was allowed to leave the country to finance operations in another jurisdiction?
“CLICO Barbados never had a problem making money . . . . This is all about who had the rightful authority and had the last word on how CLICO’s money was spent and where it was spent.”
Read the full story in today’s DAILY NATION.