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CLF records show company unable to pay off $15b debt *

Trinidad Express / CL Financial’s management records show it is unable to pay its $15 billion debt.

The $15 billion is the balance owed to the Government for its bailout of CLF subsidiary CLICO in 2009.

The bailout has cost taxpayers $23 million in total.

At present, CLF’s liabilities exceed its assets by $3.4 billion, according to its 2017 management records.

CLF’s management records for 2015 to 2017 formed the basis of an affidavit submitted by Colin Soo Ping Chow, director of Ernst & Young Services Ltd, in support of the State’s case that the conglomerate is in­sol­vent and should be wound up to pay taxpayers.

CLF has not produced financial statements from 2008-2016.

 

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