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Noble: Trying a thing like a Trini; the problem with our pension plan
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Noble: Trying a thing like a Trini; the problem with our pension plan
There is a quintessential Trini way to do business: we have enough of a façade to look professional, but we do things by vaps while the professionals stew silently. This tendency puts us into a weird space where the principals can vehemently protest that they follow the ‘science’.
Meanwhile, the professionals can only mutter
sotto voce while the principals take breathtaking, reality-defying positions. This scenario sums up the unfolding mess of the National Insurance Scheme (NIS).
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Andre Monteil, Clico Investment Bank ex-CEO ordered to repay bank $78m plus interest
Former CIB chairman Andre Monteil.
FORMER Clico Investment Bank (CIB) chairman Andre Monteil, his company Stone Street Capital (SSC), and the bank’s former CEO Richard Trotman have been ordered to repay a whopping $78 million, plus almost $20 million in interest, to the bank.
In a recent decision, Justice Avason Quinlan-Williams also gave CIB permission to trace assets owned by the two men and SSC from a $78 million loan agreement back in 2007.
The CIB – which is currently in compulsory liquidation and therefore under the management of the Central Bank (CB) sued Monteil. It alleged that a $78 million loan paid out in 2007 to facilitate Stone Street Capital’s acquisition of Clico’s 43.8 per cent interest in the Home Mortgage Bank (HMB), of which he was chairman until April 2008, breached the bank’s internal controls and was an act of “self-dealing.”
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