Activist still waiting on Clico info

In January, the Ministry of Finance agreed to release all documents related to the Clico bailout to public transparency activist, Afra Raymond, as allowed by the Freedom of Information Act (FOIA). Today, ten months later, he’s still waiting.

“This is the largest single expenditure of public money on a single exercise and it is imperative that full transparency is obtained,” Raymond told Sunday Newsday.

In 2009, when Clico, one of the region’s biggest conglomerates, was on the verge of collapse, the TT government stepped in, agreeing to bail out the company. Today, the government has spent about $23 billion, a necessary expense, the country was told, to prevent economic catastrophe.

Raymond has been fighting for this information—specifically the accounts of CL Financial in whatever form they are available; the presentation made by former finance minister Winston Dookeran and former Central Bank governor Ewart Williams in 2011 to lobby support for new laws for the bailout; and payee details for the executive flexible premium annuity (EFPA)—since 2013 when he filed a suit against the Finance Ministry for denying his FOIA requests.

“This is a fundamental matter of economic and social justice. This is important because our hospitals do not have enough bed spaces, soap toilet paper, medicines. The Director of Public Prosecutions does not have enough staff. There is a chronic shortage of affordable housing and yet, amidst all this sacrifice and holding strain, our Treasury could allocate $25 billion to pay the debts of the Caribbean’s wealthiest man. Well I tell you, virtually interest-free too!” Raymond said. The overall interest, according to his calculations, was less than one per cent, he said, when at the time, the average interest rate on a loan for a business would have been 11.8 per cent.

In 2015, High Court Justice Ronnie Boodoosingh ruled that the ministry had to provide the requested information. The state appealed, but in January, Raymond and the ministry settled, and he was granted a consent order. Raymond withdrew his request for the ministry and Central Bank’s presentation and the ministry agreed to provide the CL Financial’s unaudited financial statements from 2008-2011 and any list of CL Financial creditors at the date of the request, the names of the EFPA holders, dates of repayment and identities of those who received payment.

The ministry has complied—but only to an extent. “I have only received summary information so far and the ministry is now refusing to give details of these payees, citing concerns about crime and so on,” he said, calling the ministry’s dodge “unacceptable.”

Sunday Newsday understands that the office of the permanent secretary in the Ministry of Finance is supposed to handle the handover, however, attempts to clarify the status Raymond’s documents were difficult. When contacted for comment, the PS, Vishnu Dhanpaul, dismissed the request, saying he could not comment. When asked why, he said, he would not comment. Asked if he would at least like to hear the reason for the call, he said no.

Finance Minister Colm Imbert, on the other hand, was more accommodating. When asked about the issue, Imbert seemed surprised it was still outstanding. Imbert recalled the case, and that the ministry had agreed to give Raymond whatever they had. “If he says he didn’t get what he asked for, that’s easily rectified…Whatever pertinent information we have at the ministry, I will ask the PS to provide it once I have a better understanding of the issues and what (Raymond) is looking for.”