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CL shareholders’ agreement extended

 The shareholders’ agreement between the Government and CL financial stockholders has been extended again.

Minister of Trade Vasant Bharath, acting as Minister of Finance and the Economy in the temporary absence of Senator Larry Howai, who is currently out of the country, signed for a six-month extension of the CL Financial shareholders’ agreement, which was due to expire on December 31, a statement said yesterday.

At the signing, Bharath made the point that the Government and CL Financial “have made good progress in arriving at a further, longer term Shareholders’ Agreement, and will continue discussions on the matter during the extension period”.

He disclosed that the parties expect that, within this time, “there will be resolution of the ongoing arbitration matter involving CLICO, CLF and Methanol Holdings Trinidad Ltd, which is the single largest outstanding issue in this matter”, the statement added.

Bharath said both parties anticipate this matter will be resolved within the six-month period of the extension.

 
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