It is the supposition that the commission of enquiry's genesis came at the behest of the current administration in response to a tsunami of outcries from thousands of investors who lost in some cases life-long investments, when the relevant investigating arms and those who have the power to bring some semblance of justice seem impotent.
The collapse of HCU/Clico clearly from the recent revelations at the inquiry was not an overnight phenomenon but one apparently deliberate/calculated. What is worse is that with those entrusted with the mantle of fiduciary responsibility in the proverbial "guarding of the guards," it seems appalling at what the guardians of the guards were doing.
I am able to speak with a high degree of certitude that those on the international periphery looking on, at what is unfolding this week by key players like the former governor of the Central Bank, must have felt they were watching Steven Spielberg's latest release as this could not happen in any modern, progressive country-business magnates, billionaires, affluent and influential business executives allowed to get away with such decadent and reprehensible behaviour against citizenry.
One immediately has to ask, would such behaviour and errant actions by those entrusted with such financial responsibility of people's investments be allowed to go unscathed so long without any action from the relevant investigating bodies? Would that have occurred in the USA or the UK where no one is above the rule of law?
The commission of enquiry into HCU/Clico was greeted with widespread approval because it had remained a mystery to how these two institutions suddenly collapsed. Do we remember how the lawyers for the Central Bank objected to the disclosure of Clico's audited financial reports and other key documents in the Central Bank's possession.
It was no secret that Bob Lindquist has done a major forensic audit into the operations of the Central Bank in terms of its supervisory relationship with Clico. The KPMG forensic audit report into Clico is critical because depositors would have been comforted by the findings of the external audit report for any financial institution. The Central Bank is a legal entity responsible for supervising banks and insurance companies.
Somewhere, somehow, it crept up on depositors like a thief in the night without any serious action or alert by the Central Bank. It was evident from the inception that the Central Bank and Clico did not intend to co-operate fully with this commission of enquiry. The Lindquist investigative report was paid for by the taxpayers of T&T. Likewise, the concealment of the KPMG forensic report into Clico is inexplicable.
The constitutional reform project is urgently needed for many aspects such as greater autonomy for the oversight bodies like the Police Service Commission, concerning greater accountability and transparency from those under its ambit like the police commissioner and the deputies-example, why some investigations seem to drag on for so long and others are completed very quickly giving the notion that actions may not be impartial but politically motivated...
The Office of Director of Public Prosecutions should consist of a panel of prosecutors and not one person as what obtains in Moldova. In addition, the office's day-to-day work must, like any other office, be under the supervision of an oversight body where the office must be accountable to the JLSC. The office must continue to be insulated from political interference but must have the confidence of the public that all actions are fair and apolitical.
Billions of people's money have gone down the drain and by two powerful institutions. How would a foreigner feel about investing here? What is even more astonishing is to hear the testimony of the former governor of the Central Bank state that "moral suasion" did not work with getting the executives and those with the authority at the institutions to comply with regulations.
One would be inclined to think that the governor of the Central Bank had to be a cleric and as such only had to rely on divine intervention to deal with the "immaculate conmen session." Remarks like this make one perceive T&T as an anarchist state or really antiquated place. It is as though we are lawless and operate randomly.
I find it passing strange that many have not cried outrage and condemned ad nauseum this travesty and atrocity by the guardian and the guards. Interestingly, they were chanting, marching, writing all over the world what they perceived as the worst act ever. Hmm... Are there marches and extensive editorials and condemnations planned for all the revelations thus far?
A banana republic? What will the international community think or potential financial investors? Stay tuned as the drama and saga continues to unfold.
Stephen Dubei
St Joseph