(Trinidad Express) “Serious concerns” were raised about the suitability of Lawrence Duprey and Andre Monteil to manage the affairs of Republic Bank Limited 15 years ago.
And if these “warnings” were heeded the collapse of CL Financial could have been avoided, Afra Raymond president of the Joint Consultative Council (JCC) stated on Thursday.
Raymond made the statement as he testified as a “citizen and a taxpayer” in the Commission of Enquiry into the collapse of CL Financial and the Hindu Credit Union at the Winsure Building, Richmond Street in Port of Spain. On July 15, 1996 the Frank Barsotti-chaired Republic Bank Limited Board of Directors sent out a letter to shareholders calling on them to reject the takeover of the bank by CL Financial/CLICO.
The main concern raised by the Board for the takeover to be rejected was the fact that the “CLICO/CL Financial group are not fit and proper persons to hold a controlling interest in the bank”.
Queen’s Counsel Peter Carter, counsel to the commission, described the letter from the board as “an attempt to sound some kind of warning”.
“When I look at this page….I do reflect that we were warned about all of this 15 years ago.
We would not have been sitting here. But here we are,” Raymond said.
“Persons who become directors and senior managers are required to pass muster as to their personal integrity, probity and past record of commercial dealings. In this regard banks are far more rigidly controlled by law than state agencies and most other types of business.