Imbert: CL Financial asset sale methodology being finalised

FINANCE Minister Colm Imbert said the allocation methodology for the National Investment Fund was still being finalised.

He was responding to a question for oral answer in Senate on Tuesday by Opposition Senator Taharqa Obika. He had asked whether there will be beneficial owner restrictions regarding share ownership with the planned sale of some of the assets of CL Financial via a National Investment Fund arrangement.

Imbert, after making a “tsk tsk” sound and giving a deep sigh, said Government had not yet finalised the allocation methodology for the units or shares in the initial public offering (IPO) for the National Investment Fund.

“However standard procedures, including the allocation methodology, will be utilised to ensure that the IPO distribution is not abused. Restriction of beneficial ownership is thus under active consideration.”

Obika said with Imbert indicating next month for the roll out of the National Investment Fund if he could give assurance he would return to Parliament before then regarding restriction of beneficial ownership but Senate President Christine Kangaloo said the question does not arise. Obika then asked if Imbert could give any commitment that the restriction would be included but Kangaloo said that question also did not arise.