Former Central Bank governor Winston Dookeran has taken Government and other economic players to task, following emergence of the Clico crisis yesterday. In a statement soon after news of the development broke, Dookeran said: “In stunned amazement, we listened to four of the main players in the management of the T&T economy engage in a startling expose of the ills afflicting our economy and the depth of their mismanagement, as illustrated by the sad tale of Clico’s failure.”

He said the Central Bank governor, the CEO of FCB, the Clico chairman and the Finance Minister delivered “a damning indictment of their collective stewardship, while trying to distract the nation with a pathetic display of self-congratulation at their ability to speak with the same forked tongue.”
“Clearly, the impact of the global economic crisis on T&T is deepening and the Government’s response is partial and superficial,” Dookeran said
“Sadly, the only clear element of their plan will be to effectively nationalise the Republic Bank, through the distressed acquisition of 55 per cent of its shares.

“While such a sale might be a viable way to address Clico’s liquidity problems, we must be concerned and vigilant in the way this sale is handled by this administration that gave us the as yet unresolved Monteil affair.”
Dookeran said the Central Bank governor was unable to state the size of the financial hole to be plugged at Clico.