Home' Trinidad and Tobago Guardian : May 26th 2013 Contents A5
May 26, 2013 www.guardian.co.tt Sunday Guardian
Director of Public Prosecutions Roger Gaspard officially
started the criminal investigation into the collapse of
the CL Financial empire in early November 2012, accord-
ing to a statement he issued on November 8, last year.
But more than a year before the DPP started the probe,
Attorney General Anand Ramlogan on June 7, 2011,
directed that all files pertaining to the company should
be handed over to Gaspard s office.
The Attorney General s directive came days after the
Central Bank initiated a civil lawsuit against former top-
ranking CL Financial executives and their privately-
owned investment companies, alleging that Clico s assets
and income were fraudulently misappropriated to the
detriment of the insurance company s policyholders and
mutual fund investors.
The Central Bank s lawsuit is based on an investigation
conducted by forensic accountant Bob Lindquist following
the January 2009 collapse of the CL Financial empire.
The Lindquist audit is reported to have provided details
of at least three suspicious transactions.
There was no response from Gaspard to a detailed
text message sent to him at 10.42 am yesterday, but in
November last year the DPP warned media houses not
to publish "anything which might jeopardise, hinder or
otherwise prejudice the investigation or any possible
proceedings which might result from it."
And just weeks after he announced the start of the
official police investigation on December 3, 2012, Gaspard
attempted to convince the sole commissioner into the
collapse of CL Financial, Sir Anthony Colman, to suspend
the public hearings of the Commission of Enquiry, as
such hearings had the potential to provide prejudicial
publicity to the investigation being undertaken by the
Sir Anthony declined the DPP s request.
The DPP is an independent public office, the holder
of which has the power to start, continue or stop criminal
proceedings before any court, in respect of any offence
against the law of Trinidad and Tobago.
In wrapping up the oral hearing stage of the Com-
mission of Enquiry on May 2, Colman said its next stage
would be the issue of Salmon letters---a letter sent by
the commissioner to individuals or companies identifying
areas of potential legal jeopardy and calling on them to
At the same time that the DPP is building a criminal
case with regard to the CL Financial collapse---and as
Sir Anthony contemplates the issuance of the Salmon
letters---the Government is conducting negotiations with
the shareholders of CL Financial to ensure that the State
recovers the $20 billion already spent to bail out Clico
and other CL Financial companies.
Worried about the systemic impact of the collapse of
Clico and Clico Investment Bank, the Government inter-
vened to save those companies on January 30, 2009.
Extension of CL shareholders' agreement
Yesterday, as officials were confirming the raid, Howai
announced that he had signed an agreement to further
extend the CL Financial Shareholders Agreement, which
was set to expire today, for a further 60 days.
That initial agreement was meant to provide the Gov-
ernment with control over the CL Financial board for
three years from June 12, 2009 to June 11, 2012. It had
already been extended twice, from June to December
2012 and from December to May.
In a statement, the Ministry of Finance said: "Yesterday,
Senator the Honourable Larry Howai, Minister of Finance
and the Economy, signed an agreement extending the
CL Financial Shareholders Agreement, which was set
to expire on May 26, for a further 60 days.
"Within the 60-day period, the Government and CL
Financial will seek to conclude talks aimed at agreeing
on, among other things, the means by which sums owed
to creditors of the financial entities that formed the CLF
Group, including the Government, will be repaid."
Police raid Clico,
Continued from A1
Kim Manwarren, wife of slain police-
man Sgt Hayden Manwarren, is yet to
receive any compensation from the State
or the Police Service.
Manwarren spoke with reporters yes-
terday when Jack Warner, the former
national security minister, paid her a visit
to see the progress of a wall and gate
which were being constructed at her
Warner assisted the widow to construct
the wall with money from his own pocket
after the Government turned down a pro-
posal he had for the Unemployment Relief
Programme (URP) to undertake the con-
struction work after the widow expressed
fear for her safety.
Manwarren, an officer who was working
at the San Fernando CID, was shot while
on duty on February 19 in south Trinidad.
The shooting took place during a strug-
gle with one of four men after Manwarren
and other officers intercepted a vehicle.
Manwarren said she was surviving by
"the grace of God." She and her husband
had started constructing the wall at their
Couva North Gardens residence but there
was a property dispute that slowed the
However, Warner said he would make
representation to the relevant authorities
to have any benefits coming to Manwarren
fast-tracked. Warner said he felt a sense
of obligation to the Manwarren family
since it was under his watch as minister
of National Security that Sgt Manwarren
was killed. Warner said Manwarren was
also a witness to the only case coming
out of arrests that took place during the
state of emergency in 2011.
Slain cop's wife waits
Jack Warner, left, and Kim Manwarren look at a gate being installed at her home in Couva yesterday. PHOTO: SHASTRI BOODAN
Amer Haidar, president
of the Maple Leaf
presents a cheque to
Cpl Derrick Sharbodie
on behalf of the St
James Police Youth
Club at the Maple Leaf
Alyce Heights, Alyce
Glen, Petit Valley on
cheque represents a
portion of the funds
raised by the School's
CHARITY BEGINS AT HOME
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