Last update: 26-Jul-2014 6:30 am
Saturday, July 26, 2014
Trinidad & Tobago Guardian Online
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Duprey—Clico’s profits ‘irrelevant’
Former CL Financial chairman Lawrence Duprey says the $3.8 billion after tax profit Clico made in 2012 is “irrelevant to him.” However, Duprey said the way the insurance company was structured, Clico should have been able to net in excess of $10 billion annually. Speaking at his Florida home on Saturday, Duprey said the assets Clico held was much more than the $3.8 billion profits it made “because it was an assets based company and it was designed to have this kind of performance at a particular time.”
He said Clico had projected its profits to be $10 billion from 2012, with the company realising it full potential in 2015. “Unfortunately it (Clico) was purposely destroyed by certain people.” He was commenting on the release of the 2012 audited financial results. Duprey said while the public may see the big profits as a ray of hope for the company “to me, it should have been $10 billion, given the way the company was built. It was built to give the people high returns on their money.”
Duprey said he would not get emotional about Clico’s turning itself around. “Things happen and you move on.” Stating that he was working harder than ever before, Duprey said he was still interested in rebuilding T&T’s under performing economy. “Tell them (Government) to give me a call to come back and I will come back. There is a lot of work to be done in Trinidad. I would like to come back, but I would not come back to those who would not welcome me,” Duprey said.
Duprey said because of the state of the USA economy he was still in a financial bind. “I am living from day-to-day. Still scraping to make ends meet. But I will survive.” Duprey said he has been offering his expertise in tilapia rearing in South Africa and the planting of the oil palm in Central America. “I am working as a consultant now.”
In 2009, Government took control of the CL Financial empire, after it collapsed. The State has since filed legal action to recoup its $20 billion it has spent refunding investors. A criminal investigation was also launched.