Home' Trinidad and Tobago Guardian : May 17th 2013 Contents A12
Guardian www.guardian.co.tt Friday, May 17, 2013
UNSUITABLE APPLICATIONS WILL NOT BE ACKNOWLEDGED
Chanka Seeterram & Co
123 Eastern Main Road
Send applications no later than
Friday 17th May 2013 to:
AUDIT & ACCOUNTING
- ACCA or CA qualification
- Minimum 3 years post qualification experience
in managing audit clients' portfolios
- 3-5 years audit /accounting experience
- Must have completed or be pursuing a recognized
Accounting qualification (ACCA, CIMA, etc.)
SALE BY PRIVATE TREATY
Property located at:
Lot #903 Moruga Main Road, St. Mary's Village, Moruga.
Comprising of 5,076 sq. ft of land with a residential/commercial two
Upset price $825,000.00 or nearest offer.
SEND SEALED BIDS TO:
"OFFER FOR SALE'"
RBC Royal Bank
Special Loans Collection Unit
2nd Floor, 55 Independence Square
CONDITIONS OF SALE:
1. Terms of payment are 10% down on acceptance of offer with
balance in ninety (90) days.
2. The property would be sold on an "as is where is" basis and
subject to all outstanding Rates and Taxes and outgoings.
3. The Mortgagee does not bind itself to accept the highest or any
4. Unacceptable offers will not be acknowledged.
5. Subject to contract.
6. Bids close on June 6, 2013
For further information call 625-7288, Extension 4262, 4180
High Yield Funds as at May 16, 2013
Income and Growth Funds as at May 16, 2013
Income Funds as at May 16, 2113
The world recession and not
mismanagement was responsible
for the collapse of the CL Financial
empire, former CL Financial chair-
man Lawrence Duprey says.
In an exclusive interview in Fort
Lauderdale, Florida, last week,
Duprey told the T&T Guardian
that the 2009 recession, which
resulted in the drastic decline of
international trade and the shrink-
ing of the economy, ultimately led
to the company's collapse.
"It's the downturn and the bub-
ble that burst that hurt the com-
pany," he said
"It's not mismanagement, or
what I do or what anybody else
"When you measure the num-
bers, you could see that could not
happen. When you measure the
numbers, you could see that mis-
management couldn't cause CL
Financial to come down, it had to
be the economy."
Although he refused to comment
or entertain questions on the
of enquiry into the collapse of
Clico because of the ongoing crim-
inal probe and civil matters before
the courts, Duprey said when Clico
was established, its aim was to
assist poor people and improve
development among youths in
sport and culture.
"It was to build an economy
that can provide an exceptionable
standard of living for our people,"
"We didn't want to be rich, we
just wanted to be comfortable."
He said T&T is a small popu-
lation and "in a small state, you
have to determine your own future.
In a small state, you have to build
He said people who save always
want to grow big and Clico was a
generator of finance.
"We were the caretaker of the
people's savings," he said.
"That's why it is ridiculous to
say that I'm going to do something
wrong because I know I am a care-
taker of plenty people's savings.
Mentally, I helped them save. I
also helped them to be better peo-
ple through their savings."
Duprey said Clico encouraged
people to save and contrary to
what is being said, he never bought
a yacht or Mercedes Benz with the
"I had a Mercedes, but I end up
driving my Honda. My Honda was
about 18 years old and that sat-
isfied me, wherever I wanted to
go," he said.
Duprey said he assisted people
with savings plans and a lot of
those people made sacrifices when
saving to purchase policies.
Adding that he has never been
in T&T long enough to know what
is occurring, Duprey also said those
speaking ill of him do not know
Duprey was initially slated to
give evidence at the recently-con-
cluded enquiry, but subsequently
indicated to lone commissioner Sir
Anthony Colman, QC, that after
consultations with his legal team,
he would not be appearing because
of the criminal probe against him.
Several people who appeared
before the enquiry gave testimony
about the alleged mismanagement
The Government has so far spent
some $25 billion on bailing out
World recession caused collapse
Duprey: No mismanagement at Clico...
SIR ANTHONY COLMAN, QC
Chairman of the Clico Policyholders Group Peter
Permell said he was in shock and disbelief after
hearing former Clico executive chairman Lawrence
Duprey and recipient of the nation s second highest
award---Chaconia Medal (Gold)---say the nation can
take it back if they wanted it.
Permell said Duprey should return the award to
the country to assist in the Commission of Enquiry
into Clico and the Hindu Credit Union or face the
possibility of being stripped of the national award.
In a statement issued Permell said: "We just could
not fathom how this individual, who was once held
in such high regard by the citizens of this country
and who has benefitted so much over the years from
the patronage and loyalty of thousands of policy-
holders to the Clico brand', could be so callously
ungrateful and dismissive of these very same peo-
Permell said: "Upon reflection, after coming to
terms with this sudden bout of cognitive dissonance,
we reasoned that perhaps the fault
really lies with us for expecting a little
too much from this estranged son of
He said: "Based on Duprey's com-
ments we are of the considered opinion
that he has forfeited any modicum of
entitlement that he had to this honour
and should as a consequence send it
back to the President."
Permell shocked by Duprey's Chaconia Medal comment
"It's the downturn and
the bubble that burst that
hurt the company. It's not
mismanagement, or what I
do or what anybody else did."
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