Raymond: Mr DPP, why no charges in Clico collapse?

CHARTERED surveyor and former president of the Joint Consultative Council for the Construction Industry (JCC) Afra Raymond has expressed "deep concern" over no criminal charges being laid by police, or even an update from the Director of Public Prosecutions (DPP) on the status of investigations into the 2009 collapse of Clico.

Both he and head of the Clico Policyholders Group Peter Permell were contacted on Friday for their response to the Prime Minister saying that the Sir Anthony Colman report on the Clico/HCU commission of enquiry was sent to both DPP Roger Gaspard, SC, and the Attorney General in 2016.

Although Dr Rowley, during the post Cabinet press conference on Thursday, declined to comment on the fact that no charges were laid against anyone arising out of the Colman report – seven years after that report was forwarded to the DPP and AG – Raymond was more than willing to speak.

Admitting the Clico issue still remains a delicate one, 14 years after the conglomerate group's spectacular collapse, Raymond said, "It is a matter of deep concern to me that there have been no criminal charges or even updates on the CL Financial collapse."

He added, "Huge amounts of public money were consumed in that bailout on terms which were frankly scandalous and we are yet to have an update."

Raymond added, "In my view, the DPP needs to give the public an update on this matter which has regional implications and would have an impact on our prospects as an International Financial Centre."

Rowley's comments on Thursday were prefaced by his argument that the criminal justice system has not collapsed and Government is continuing with its efforts to combat white collar crime.

He revealed Government has already spent over $100 million as the agencies responsible for investigating and prosecuting matters continue to look into criminal conduct stemming from Clico’s collapse.

In 2016, Rowley received a copy of the Colman report into the collapse of Clico and copies were forwarded to the DPP and the AG. To date, no one has been charged as a result of that report.

Rowley also disclosed on Thursday that he was approached by someone who wanted payment in respect of work done for reading the reports, totalling some $115 million. Rowley said at the time he was approached, $75 million was already paid.

He added that he sought advice and the DPP told him to pay the $35 million, otherwise it would be equal to ending criminal proceedings into the Clico collapse. He confirmed this sum was paid.

In 2021, then attorney general Faris Al-Rawi said Government paid $134m to the investigating forensic accounting firm Deloitte and Touche, for work done on behalf of the DPP between 2015-2021.

Raymond observed that Rowley was giving a commitment to fighting white collar crime while denying claims that he was undermining or attacking the Office of the DPP.

In that context, Raymond said it would have been difficult for Rowley to criticize a seven-year delay in laying criminal charges "against the CLF (CL Financial Group) chiefs." He spoke of his deep respect for Gaspard as DPP.

When contacted, Permell said, "I like the Prime Minister would prefer not to comment publicly on that vexing matter as it would only serve to distract me from my focus and ongoing efforts at this time."

He added the latter were related to ensuring that "all assenting Clico policyholders are paid the balance of the money that is contractually due to them by Clico."