PWC fails to give crucial evidence on time

He was speaking yesterday on the fifth day of the eleventh session of the Clico/HCU Enquiry at the Winsure Building, Port-of-Spain. On Friday Colman said PWC had “failed to co-operate” because reports they gave to the Commission was “a few months late.” 

Yesterday, however, Colman said, “Disturbing matters have come to my attention since we arose yesterday. Those matters refer to the disclosure of documents by PWC and these documents which have emerged since the end of the hearing yesterday are in response to a direction which I had previously given in respect to disclosure to materials given which might be described as the ‘post-mortem’ in December 2008. 

“This was the time when the 2007 auditors report was signed off and it is an absolutely crucial period in relation to the developments of information and is central to the enquiry. The reference to ‘mortem’ sets up certain warning lights among those that are concerned with the investigation and facts.” He added that it has only now come to light that there was a “detailed discussion” concerning events just before CL Financial’s collapse and now there are documents to prove it.

“What has now emerged is that there was a detailed discussion apparently about what had happened in relation to Caribbean Investment Bank (CIB) and CLF and in relation to the conduct of the audit work which was being done in relation to the group. There has been, since those documents emerged, an indication that certain issues are continuing in relation to the possibility of further documents on this subject and the product of these searches will be displayed if and when this material becomes available.”

Last Tuesday, when the 11th session of the enquiry began, PWC senior partner Colin Wharf gave evidence and Colman informed that the new documents require Wharf returning to give more evidence. “I take the view with regard to the evidence that Mr Wharf gave and with regard to the content of the material that has been disclosed, it is absolutely unavoidable that the enquiry should now recall Mr Wharf to give evidence. He will therefore be called to give evidence at 9.30 am on Monday morning.

“In the meantime, if there are further documents that emerge of the same subject they must be immediately be given to the subject and Mr Wharf must be prepared to deal with any such documents. In the course of his evidence, Mr Wharf was asked very specifically in what was described as a post-mortem in December 2008. “The post-mortem meeting was something to do  with CL Financial. It was not clear from the material displayed at that stage and was described as the post-mortem meeting,” Colman said.