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$10m cleared


Geralyn Edward, Business Editor

$10m cleared

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The controversial $10 million the Central Bank of Barbados placed at the disposal of former CLICO subsidiary CLICO Mortgage and Finance Corporation (CMFC) in 2009 has been repaid in full and with interest.
The DAILY NATION has been trying to track down what happened to the $10 million injection, which has caused something of a political firestorm.
When contacted, Central Bank Governor Dr DeLisle Worrell declined comment. So too did Paul Maxwell, chief executive officer of Capita Financial – the rebranded CMFC – who said the board of directors would issue a full statement on the matter later this week.
However, a well informed source, who requested anonymity, revealed that repayment was made, not as a lump sum, but as several small loans that became due every three months.
Read the full story in today’s DAILY NATION.

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