Saturday, December 16, 2017

Carmona gets first report on HCU

Colman: CLICO documents would have caused delay

 THE report on the commission of enquiry into the events surrounding the collapse of the Hindu Credit Union Co-operative Society Ltd (HCU) was yesterday presented to President Anthony Car­mona by Sir Anthony Colman, the sole commissioner of the enquiry.

According to a media release issued by the Office of the President, prior to handing over the report, Colman said although his terms of reference indicated the commission of enquiry was to also include the collapse of the Clico companies, “due to the magnitude of documents amassed during the process, it was adminis­tra­-

tively impossible to simul­taneously complete a single report on both the Clico companies and the HCU”.

He is reported to have said this would have resulted in a leng­thy delay as the part of the report which was completed first would not be presented until the second part was com­pleted.

“As such, Sir Anthony decided that it would be in the national interest that as soon as one part of the report was completed, it should be presented as a separate report, hence the presen­tation of the part of the report based on the HCU today, July 17, 2014 (yesterday).  

“Although already under way, there is still considerable work to be done on the part of the report which addresses the Clico companies before it is ready for pre­sentation,” the release stated. 

n The enquiry was initiated by former president George Maxwell Richards on November 15, 2010, in accordance with Section 2 of the Com­missions of Enquiry Act, Chapter 19.01, after the collapse of the HCU between 2008 and 2009.