PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago government has replaced the British jurist, Sir Garvin Lightman, to head a Commission of Inquiry into the financially troubled Colonial Life Insurance Company (CLICO) after an opposition legislator said he had represented the company in a court matter nearly two decades ago.
Attorney General Anand Ramlogan said that Sir Garvin had “nobly and honourably accepted that he had erred”, and as a result he would be replaced as the sole commissioner by another British jurist, Sir Anthony Colman who is a deputy Chief Justice of the “world renowned” Dubai International Financial Centre Court, which deals with commercial disputes.
The Commission of Inquiry will also probe the failure of the Hindu Credit Union (HCU) which the government recently announced a bailout plan.
Under the new bailout plan for both CLICO and HCU, Government will make an initial partial payment of a maximum of TT$75,000 (US$12.500) to depositors in the short term investment and mutual funds and those whose principal balances exceed $75,000 will be paid through a Government IOU amortised over 20 years at zero interest.
Earlier this week, Opposition Senator, Pennelope Beckles told a news conference that Sir Garvin had represented CLICO in a matter involving the takeover of Republic Bank.
Ramlogan said he had been able to confirm Beckles’ claims by speaking to some of the attorneys who were involved in the matter.
Ramlogan said Sir Anthony, who has also served as a judge in the Commercial Court in the High Court of London, has indicated he has no conflict of interest and has exonerated Sir Gavin, saying he did not think that Sir Gavin would have “intentionally misled me”.
He said it was a case of a retired judge not remembering something that happened 20 years ago.
Last month, Prime Minister Kamla Persad Bissessar said the Commission of Inquiry examine the circumstances that led to the financial problems CLICO.
“The Commission will investigate the files of CLICO, British American Insurance and CLICO Investment Bank as well the overall CL Financial Group and HCU.
“This Commission will be conducted in addition to the investigations that have already been conducted by forensic investigators and I am advised that the results of these forensic investigations have been sent to the DPP (Director of Public Prosecutions) by the Office of the Attorney General.”
The Prime Minister said the root causes of the financial collapse of CLICO “must be fully ventilated” and the persons deemed responsible “must be held accountable”. (CMC)
