THE rescue of CLICO/CL Financial (CLF) has turned out to be a “feeding frenzy”, said Claudius Dacon, representative of former CLICO/CLF majority shareholder Lawrence Duprey, in response to Finance Minister Colm Imbert’s mid-year budget review.
“Minister Imbert’s statement has laid bare the reality that successive administrations have seized the vessel that they claimed to be rescuing. They have plundered its contents with immunity and manufactured costs to justify their previous wild claims that CLICO was a ‘Ponzi scheme’.
“How else do you explain his revelation that ‘in addition, by April 2017, the Government would have incurred approximately a further $3.2 billion in funding costs, adviser fees and other costs’. Really! 3.2 billion?