Trinidad Gov’t reaches settlement with Proman over Clico Energy
The Trinidad and Tobago government reached a favorable settlement with Proman regarding the Clico Energy case, potentially involving over US$150 million.Summary
The government of Trinidad and Tobago has reached a settlement with Proman concerning the Clico Energy case, deemed favorable to the country. The dispute stemmed from the 2009 sale of CL Financial’s 51% stake in Clico Energy to Proman for US$46.5 million, a transaction challenged in court. A 2021 High Court ruling ordered Proman to return the shares, account for dividends with interest, and repay the initial consideration. While Proman appealed, the Court of Appeal did not uphold the initial judgement. The settlement reportedly involves Proman withdrawing its appeal to the Privy Council and is estimated to involve a payment exceeding US$150 million to the government. The case arose following the government’s bailout of Clico and related companies during the 2009 CL Financial collapse, and involved assets including shares in ammonia and methanol plants.
(Source：Stabroek News)