Bring it on! This is the view of Opposition Leader Dr Keith Rowley, who believes the move to appoint a Commission of Enquiry into CL Financial and the Hindu Credit Union is long overdue. Similar sentiments are also being echoed by Clico policyholders and several members of the legal fraternity. The inquiry is the second investigation being launched into the mismanagement of CL Financial. A forensic investigation was conducted under the People's National Movement by forensic expert, Bob Lindquist. "I know there was a Bob Lindquist Report but I have not seen it in Government or now," Rowley said yesterday. "The Government has access to the report but I do not know what the report contains. "I have no issue with the inquiry; this matter is a serious matter and it is growing day by day. When the inquiry is completed, only then we would be able to compare it to the Bob Lindquist Report to know if it was justified. As of now, Government has information and we would be guided by them in this matter."
But while Rowley welcomes the move, he said the inquiry was prompted because of the public's objection to Finance Minister Winston Dookeran's handling of the matter. "The inquiry only came after Government's decision was beginning to create a political stir. It was not their intention to call for an inquiry, but I am tempted to believe it is a move to deflect from the reaction to the Government's solution that was offered in the budget," Rowley stated. Meanwhile, a senior legal source, who did not want to be named, said, "The Bob Lindquist report exists and the appointment of a commission of enquiry would complicate the potential police action when matters are being heard during the inquiry." According to the source, when the evidence is being led before the inquiry in the public domain, it will affect the flow of the criminal proceedings.
This has happened in the Piarco Airport inquiry when then DPP, Geoffrey Henderson was forced on several occasions to caution the commissioners as to the existence of a police probe. Diverting from the Lindquist report will affect the flow of the criminal proceedings, the source added.
Elias: Lindquist report secretive
Echoing similar sentiments was chairman of NH International Emile Elias, who said the inquiry would reveal the significant failure of the Central Bank in respect of its oversight in the handling of Clico Investment Bank and its subsidiaries. In addition, Elias said the inquiry would reveal the failure of the Central Bank to carry out its statutory obligations in respect of supervising CL Financial since 2004. "The public would definitely be enlightened by the proceedings of the inquiry rather than by the more secretive investigations conducted by Bob Lindquist," Elias stated.
Mahabir: Seek volunteers for inquiry
Economist Dr Dhanayshar Mahabir, while welcoming the inquiry, is recommending that Government seek the assistance of volunteers to ease the cost of the commission of enquiry. "This fiscal year warrants penny pinching. The Minister of Finance has a huge debt to juggle. He has to look at his finances carefully. The commission of enquiry may cost a few million dollars which could have been spent on hospitals, schools and police stations. The Government needs to identify a pool of civil minded retired individuals with experience using in-house or home grown talent at very low costs instead of hiring foreign consultants and paying huge fees."
Khan: People will be exposed
Warning that the inquiry would expose evidence the Bob Lindquist Report failed to unearth, attorney Israel Khan, SC, said people who may have acted wrongly would be penalised. "The enquiry would expose things that the Bob Lindquist did not do. It would not contaminate the report because this would be done in a public domain. Something is definitely wrong somewhere and we have to know who benefited. I think it is a sagacious move and I welcome it. Many people would be in trouble if there is evidence to charge people with offences," Khan warned.
PNM official: No elite friends benefited
A former high ranking government official of the People's National Movement is denying that "elite friends" benefited from the $7.3 billion CL Financial bailout. "A decision was taken that the chairman, directors or senior officials in any of the CL Financial organisations was not going to be assisted with taxpayers dollars," the official said, responding to queries raised by Prime Minister Kamla Persad-Bissessar that 'chosen people' were the recipients of the payments. Daring the PM to name the policyholders who benefited, the official said, "We want her to name the people because many people are being accused. You cannot make such statements without producing the facts."
Commission of enquiry vs forensic investigation
According to Independent Senator Dana Seetahal, a forensic investigation forms part of a police investigation while a commission of enquiry is appointed by the President and the terms of reference has to be in the public's interest. On the completion of the inquiry, wide ranging recommendations are made which may result in persons being charged with offences, laws being passed and systems being implemented.