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(Trinidad Guardian) State-controlled CL Financial (CLF) has scored a minor victory in its legal battle over the US$47 million sale of its subsidiary Clico Energy shortly after Government’s takeover of the conglomerate.

CL Financial, whose board has a majority of government-appointed directors, yesterday won a procedural appeal against Proman Holdings and Consolidated Energy Ltd. Those companies, which held 49 per cent of Clico Energy before February 2009, purchased CL Financial’s 51 per cent stake in Clico Energy in February 2009, three days after Government’s bailout. The shares were subsequently valued at approximately US$130 million, according to an attorney in yesterday’s hearing.

Delivering an oral ruling at the Hall of Justice in Port-of-Spain yesterday afternoon, Chief Justice Ivor Archie and Appellate Judges Peter Jamadar and Prakash Moosai ruled that the trial judge hearing the case widened its scope by ordering that CL Financial disclose documents related to the sale of its assets since 2009.

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