That's how former executive chairman of CL Financial (CLF) Lawrence Duprey views Government's decision to apply to the High Court to wind up the conglomerate.
In a statement to the Sunday Express yesterday, Duprey said: “The attempt to shut down CLF, and ultimately CLICO, is not about protecting taxpayers in the slightest. Instead, it is a continuation of the unlawful control of CLF and CLICO and a spiteful decision to destroy them rather than seeing taxpayers and policyholders repaid and shareholders having their very valuable company returned.”
He said CLF shareholders (321 of whom own CLF's 7,500,000 issued shares) “now have common cause with taxpayers and policyholders in blocking this desperate act by the Government. Despite any personal differences, we must all now support any action that parties take to truly defend the interests of taxpayers. I'm already speaking with representatives of all affected groups and look forward to assisting in any tangible way that I can.”