Last update: 06-Dec-2013 8:12 am
Friday, December 06, 2013
Trinidad & Tobago Guardian Online
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Government hires UK law firm as adviser on Clico
The Government has hired London-based law firm, Freshfields Bruckhaus Deringer LLP and a UK Investment adviser to determine what would happen to the debt to the $18.4 billion debt due to the Government as a result of the Clico bailout, Finance Minister Larry Howai said yesterday. “We have been using Freshfields, as well as a UK investment adviser. We gave them 45 days. They would have started either yesterday or day before,” he said.
On July 4, a letter of intent was submitted by CL Financial proposes a framework based on certain agreements and an understanding of the essential terms that will settle the $18.4 billion debt due to Government as a result of the Clico bailout and which will form part of a new shareholders’ agreement between Government and CLF. Asked how much it would cost to hire the law firm and the UK investment adviser, Howai said his technical staff have been looking at it.
Howai was speaking at a function at the Hyatt Regency Trinidad hotel, Wrightson Road, Port-of-Spain, to celebrate $4 billion in the disbursement of dividends by National Enterprises Ltd over the last 11 years. Contacted for a comment, Peter Permell, chairman of the Clico Policyholders Group, yesterday said: “The CPG is therefore persuaded that this is approach is not only sagacious, but the responsible thing to do in the circumstances as we continue to keep a very close eye on this matter.”
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