T&T gov’t ends civil lawsuit involving CL Financial

The Trinidad and Tobago government has decided to end its long-running civil lawsuit concerning the 2009 collapse of CL Financial Group, citing billions of dollars spent on attorney fees with little progress. Attorney General John Jeremie criticized the previous handling of the case as a “joke” investigation and a “legal feeding frenzy,” highlighting that funds were spent on expensive lawyers without sufficient investigation. The government had already spent TT$28 billion rescuing CL Financial, with an additional TT$3-4 billion spent on related legal matters, plus nearly TT$400 million paid to Deloitte and Touche. Despite a comprehensive report by Sir Anthony Colman detailing potential fraud and complex financial transactions – including evidence of a possible Ponzi scheme – few criminal charges have been filed. The Central Bank of Trinidad and Tobago assumed control of CL Financial during the crisis and relinquished control in December 2022 after a long restructuring process. Jeremie emphasized the need to prioritize public funds and end the costly legal proceedings, while noting that criminal investigations remain the responsibility of the Director of Public Prosecutions.

(Source：Jamaica Observer)