| Trinidad and Tobago (TTnewsday)– Questions are being raised about the authenticity of a US$3B proposal from a Guyana-born, Hong Kong-based financier to help solve the problems at CLICO, according to CL Financial Group chairman, Gerald Yetming.CL Financial is the parent conglomerate of CLICO. Speaking with reporters at CL Financial’s offices in Maraval on Friday, Yetming referred to statements made in the House of Representatives last Friday and Wednesday by Finance Minister, Winston Dookeran and Diego Martin North/East MP, Colm Imbert, on the issue.Yetming said he participated recently in two meetings with a Guyanese-born businessman named Roy R. Dan, who allegedly represents a company called Centrepoint Holdings which is based in Hong Kong.He added that Central Bank Governor Ewart Williams attended the second meeting. Yetming said the essence of Dan’s offer to CL Financial was a US$3B loan for ten years with a moratorium on principal and interest for the first two years. This was reflected in a March 28 Letter of Intent to Williams by Centrepoint’s Vice President, Compliance and Processing, Glen Howald.The letter said Centrepoint would offer this US$3B loan which would be used “for the restructuring” of CL Financial. The offer was amenable to an annual interest rate of between three and five percent.Howald said the provision of this loan was contingent upon CL Financial providing a ten percent cash deposit (US$300M) in the form of a top bank confirmed value “to be blocked and reserved, and delivered to its nominated collateralisation account at Barclays Wealth in Geneva, Switzerland.Imbert referred to Barclays Wealth in his contribution in the House on Wednesday. Another company which Imbert referred to, Leybourne Holdings,NBA Jerseys China, is also mentioned in Howald’s letter to Williams.“On the very first meeting,NFL Jerseys China,” Yetming recalled, “Mr Dan was told that we have no authority to borrow money in the name of CL Financial, and we have no authority to pledge the assets of CL Financial to them. Both the Governor and myself made that point,Cheap NFL Jerseys China,” he said.Explaining that Government has a majority on CL Financial’s board to do certain prescribed, defined things as outlined in the shareholders agreement of June, 2009, Yetming said: “Those prescribed, defined things, do not include,Wholesale NFL Jerseys, and does not give me as a government director on the board of CL Financial,Cheap Buffalo Bills Jerseys, the ability, power, or authority to borrow any sum of money in the name of CL Financial. It does not give me the authority to pledge any of the assets of CL Financial to support the loan.”He said Dan was told to speak to CL Financial shareholders because it was for them “to agree to borrow that money, pledge the security and find the ten percent to put up front.”“He was told that in the first meeting, and then second meeting. Therefore the position with this offer remains, as far as I am concerned, a matter for the shareholders of CL Financial,” Yetming said. He added that he has had no communication with Dan since.On Wednesday,Wholesale UK NBA Jerseys, Dookeran said Government would examine the proposal. Cabinet is expected to consider an exit strategy for CLICO when it meets next Thursday.Roy R. Dan is listed as Managing Director, International Projects for Gateway International Project & Funding Limited (GIPFL), which is a highly respected international group specialising in funding collateral for conventional and non-conventional international projects of minimum US$100 Million and above. |
