The Clico Stakeholders’ Alliance (CSA) wants Government to correct what the group claims is a $6 billion “accounting error” involving funds owed to Clico by Clico Investment Bank (CIB) and devise a settlement that quickly repays taxpayers.
The group, headed by activist David Walker, comprises people with interests in Clico companies. On July 4, the CSA claimed $6 billion owed to Clico by CIB had “mysteriously disappeared.”
“This occurred while both Clico and CIB were under the effective control of the Ministry of Finance and the Central Bank.
“That is in the further context of the Governor of the Central Bank being at the helm of the Regulator while also in charge of the rescue with total legal immunity from the courts in general and the Freedom of Information Act in particular,” CSA said.
“We provided irrefutable documentation to support our assertions. To this day, none of our documents have been challenged. We have written to Central Bank twice asking for clarification of this issue and are yet to receive even an acknowledgment. This is no small matter and we will not allow it to be a ‘nine day wonder.’”
The group said the only explanation offered for the disappearance of the vast sum of money is that it is “an accounting error”. It added that a correct reflection of that debt would recent Clico “massively solvent.”
“The continued sale of assets would likely be unlawful in such a circumstance. In fact, continued control of Clico by the Central Bank would then be in open defiance of the very Act used to take control of Clico.
“Even the blanket immunity from prosecution that they gave themselves would be ineffective as they are defying the very Act of Parliament that gave them the immunity,” the CSA said.
Finance Ministry officials didn’t immediately respond on the issue yesterday.