Finance Minister Winston Dookeran says his Government acted within the law with regards to paying out Clico depositors, so he was not worried about facing legal action from former Attorney General Ramesh Lawrence Maharaj. In a letter sent to Central Bank Governor Ewart Williams on Thursday, Maharaj said the Dookeran's plan for Clico was illegal and would deprive the policyholders of property. He also said he would challenge Dookeran's plan legally as it was against the Central Bank Act of 2009 for Government to decide when and how policy investors would recover their investments in Clico.
But speaking to reporters after attending an Eid celebration yesterday, Dookeran said Government acted within the law. He also said that some attorneys had to resuscitate their careers and would use the Clico issue to do this. "A lot of people will try to promote their careers as a result of the situation," he said. "I believe the Government had a fundamental right to deal with this matter and it has done so within the context of the laws of the country." With regards to Maharaj's assertion that the Government's decision was a clear contravention of the Central Bank Act, Dookeran responded: "I have not seen the allegations that have been made, I've just heard of it, so I will obviously look at it to see what if there is any merit in it at all."
He said that he did not think that the argument put forth by Maharaj was credible. Asked whether he believed that Maharaj's threat of legal action could create an overhaul of the budget, Dookeran said: "I rather don't think that would not be so. It's only one government in Trinidad and Tobago. So no, absolutely not! (I am not worried about legal action)." He said people had to make their careers and resuscitate their careers and this was probably why Maharaj had jumped on board the Clico issue.