Last update: 07-Dec-2013 3:12 am
Saturday, December 07, 2013
Trinidad & Tobago Guardian Online
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Integrity body clears Monteil in HDC case
Former director at the Housing Development Corporation Andre Monteil has been cleared by the Integrity Commission in a complaint filed by former chairman of the Congress of the People Roy Augustus. In a release issued yesterday, the commission said Augustus had claimed that Monteil was in breach of the Integrity in Public Life Act in relation to a $60 million investment by the HDC in Clico Investment Bank deposit instruments.
In 2007, Monteil, while he was the HMB chairman and group financial director of CL Financial, had purchased seven million HMB shares at a price of $110 million through his private company Stone Street Capital Ltd. The T&T Guardian understands that the sale of the HMB shares, which were owned by Clico, was approved during a March 22, 2007, board meeting. The commission said it received legal advice on the matter.
The advice, which was accepted by the commission, said in part:
• There is no evidence that Mr Monteil provided the HMB financial statements on the basis of which the valuation of the shares was conducted.
• There is nothing to suggest any wrongdoing on Mr Monteil’s part in not informing the HMB Board of his intentions to purchase the HMB shares.
The commission said yesterday: “There is also no evidence that Monteil had anything to do with HDC’s decision to make the investment.” The commission said: “To the extent that no stones have been left unturned it is time to bring this investigation to an end.”
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