Works Minister Colm Imbert yesterday revealed that Government was aware of CLICO's crisis since April last year.
Imbert's statements, during the committee stage of the Insurance Amendment Bill, contradicted Finance Minister Karen Nunez-Tesheira's assertion that she had no knowledge of the situation prior to January 14 this year.
Siparia MP Kamla Persad-Bissessar immediately took Imbert to task on his statement, asking, "As of April 2008, did Government officials, whether out of the Central Bank or wherever, would have advised CLICO that they were in excess of limits for statutory funds and, therefore, the statutory fund was deficient as of April 2008?"
"As I said before, we were advised in April that effective December, they would have to remove the assets," Imbert said.
"Effective when, I'm sorry?" asked Persad-Bissessar, as Imbert responded that CLICO was given notice in April 2008 that it would have to remove its assets by December 31.
At the beginning of the Parliament sitting yesterday, Nunez-Tesheira again categorically denied that she knew of this information.
"Let me say to the national community that as Minister of Finance, I was only made aware of the level and extent of the state of affairs of CLICO Investment Bank on Wednesday, January 14, 2009, when the Governor of the Central Bank, as regulator, brought this matter to my attention," Nunez-Tesheira said.
"Prior to January 14 of this year, I can truthfully state that I had no personal information, formal or informal information, about the extent of the difficulties that CLICO Investment Bank has found itself in, other than the information known to and available to any other citizen of Trinidad and Tobago."
She said like any other citizen, she tended to her personal affairs and removed her money from CIB and CMMB.
Persad-Bissessar said Imbert's statement proved that since April last year, Government was aware that certain steps were taken against the CLICO group.
"That is very instructive in light of statements made by the honourable Minister of Finance with respect to the time frame she dealt with her assets, and when her family dealt with it," Persad-Bissessar said.
Imbert's statements, during the committee stage of the Insurance Amendment Bill, contradicted Finance Minister Karen Nunez-Tesheira's assertion that she had no knowledge of the situation prior to January 14 this year.
Siparia MP Kamla Persad-Bissessar immediately took Imbert to task on his statement, asking, "As of April 2008, did Government officials, whether out of the Central Bank or wherever, would have advised CLICO that they were in excess of limits for statutory funds and, therefore, the statutory fund was deficient as of April 2008?"
"As I said before, we were advised in April that effective December, they would have to remove the assets," Imbert said.
"Effective when, I'm sorry?" asked Persad-Bissessar, as Imbert responded that CLICO was given notice in April 2008 that it would have to remove its assets by December 31.
At the beginning of the Parliament sitting yesterday, Nunez-Tesheira again categorically denied that she knew of this information.
"Let me say to the national community that as Minister of Finance, I was only made aware of the level and extent of the state of affairs of CLICO Investment Bank on Wednesday, January 14, 2009, when the Governor of the Central Bank, as regulator, brought this matter to my attention," Nunez-Tesheira said.
"Prior to January 14 of this year, I can truthfully state that I had no personal information, formal or informal information, about the extent of the difficulties that CLICO Investment Bank has found itself in, other than the information known to and available to any other citizen of Trinidad and Tobago."
She said like any other citizen, she tended to her personal affairs and removed her money from CIB and CMMB.
Persad-Bissessar said Imbert's statement proved that since April last year, Government was aware that certain steps were taken against the CLICO group.
"That is very instructive in light of statements made by the honourable Minister of Finance with respect to the time frame she dealt with her assets, and when her family dealt with it," Persad-Bissessar said.
