Director of Public Prosecutions (DPP) Roger Gaspard says he is not probing former CL Financial executive billionaire businessman Lawrence Duprey and former Clico Investment Bank (CIB) chairman Andre Monteil. However, he noted he was reviewing and examining files and other documents pertaining to the collapse of Colonial Life Insurance Company Limited (Clico) On Wednesday, Attorney General Anand Ramlogan directed all files pertaining to the investigation into the company's breakdown be handed over to Gaspard to determine whether any criminal charges should be laid against Duprey and Monteil.
Ramlogan's directive came a day after attorneys for Central Bank and Clico filed civil proceedings against both men in respect to the company's failure in January 2009. Documents filed by Central Bank accused the two of mismanagement of Clico, misapplication and misappropriation of the insurance giant's income and assets to the detriment of its policyholders and mutual fund investors. Gaspard, in an interview yesterday, said: "I do not have the power to probe anyone. That is for the police and Central Bank."
He said his role in the matter was to review and study the documents to decide if any fraudulent act might have been committed and whether anyone was culpable of wrongdoing. Meanwhile, another legal source revealed yesterday additional documents, relating to the probe, would be sent to Gaspard for his consideration. In the action, filed by Central Bank on Tuesday, there are approximately 200 pages in volume. The documents claim several breaches by Duprey, Monteil, CL Financial, Dalco and Stone Street Capital.