http://www.trinidadexpress.com/index.pl/article_news?id=161450216Finance Minister Karen Nunez-Tesheira says that the CLICO Investment Bank (CIB) accounts which she closed on December 31 last year, before they matured later this year, had actually matured previously and were "rolled over".
As such, Nunez-Tesheira said she did not realise and was not informed by anyone at CIB that she was, in fact, breaking the accounts.
"The request was first made verbally. In that initial discussion, no one said to me that what I was doing I was breaking an account," Nunez-Tesheira said.
She made the comments in a telephone interview with the Express last night, in response to questions about new CIB documents that show she had broken two US dollar accounts with the bank, before they matured on April 30, 2009 and August 13, 2009 respectively.
"Both accounts, as far as I am aware, they (CIB) asked me what I wanted to do with it, whether I wanted to roll it over. I rolled it over, and if I am asking for it after (they rolled over), means that I am breaking it, that is not my understanding," Nunez-Tesheira said.
She was questioned specifically about the CIB fixed deposit break-request form dated December 31, 2008, to the CIB manager, Fixed Deposit Department.
That form contained a typewritten request as follows: "Please be advised that I/we wish to break the captioned deposit."
"As far as I am concerned, I am saying to you and that would be the end of it, I did not consider...I was asked to roll it over, if that is what the document says, that is what the document says, what difference does it make? I do not know?" Nunez-Tesheira asked.
She had told the Express on Sunday that when she signed the Memorandum of Understanding (MOU) with CL Financial chairman Lawrence Duprey on January 20, there was no conflict of interest given the terms and conditions of the document and, therefore, she did not benefit from it in any way at all.
"What I did in my capacity in the Ministry of Finance is make CL Financial assets available to liquidate CLICO's debt," Nunez-Tesheira said of the MOU.
http://www.trinidadexpress.com/index.pl/article_news?id=161450212Finance Minister Karen Nunez-Tesheira was in direct breach of the law when she presided over the CLICO bailout and failed to publicly declare her assets in CL Financial, says UNC deputy political leader Kamla Persad-Bissessar.
She said if the Minister does not resign or is not fired by Prime Minister Patrick Manning, the Opposition will file a substantive motion in Parliament to call for her removal and also pursue legal action.
At a media conference at the Office of the Leader of the Opposition yesterday, Persad-Bissessar said the Government bailout "provided effective security for the shares of CL Financial by preventing the company from bankruptcy, collapsing and falling".
She added that if CL Financial was wound up, Nunez-Tesheira would have suffered a huge loss as her 10,410 shares in the company would have likely been worth nothing given the apparent lack of financial viability of CL Financial.Â
Persad-Bissessar said that the Minister by presiding over the bailout while at the same time having an interest in the company being bailed was in breach of the Integrity in Public life Act.
She quoted part five, section 29 (1) of the Act which states: "For the purposes of this Act, a conflict of interest is deemed to arise if a person in public life or any person exercising a public function were to make or participate in the making of a decision in the execution of his office and at the same time knows or ought reasonably to have known, that in the making of the decision, there is an opportunity either directly or indirectly to further his private interests or that of a member of his family or of any other person."
Persad-Bissessar alleged that the Minister was in direct contravention of this clause. Â
"The issue then is not whether the Minister furthered her interests but whether she knew or ought to have known that there is an opportunity so to do. In the circumstances, the Minster must have known that there was and is such an opportunity since bailout of CL Financial is to bring the company back on its feet. Such bailout could increase the value of the Minister's shares," she said.
She also pointed to section 29 (2) of the Integrity in Public Life which states: "Where there is a possible or perceived conflict of interest, a person to whom this part applies, shall disclose his interest in accordance with prescribed procedures and disqualify himself from any decision-making process."
Persad-Bissessar said Nunez-Tesheira had a legal duty to disqualify herself from the CLICO bailout.
She noted that under the law, if the Integrity Commission determines that there is a conflict of interest, it can order that a person place their assets in a blind trust. "Certainly the Minister, who is a lawyer, should have known or ought to have known that she should have placed these assets in a blind trust before she even started to make decisions on CL Financial in her official capacity," said Persad-Bissessar.
Persad-Bissessar said even if the Minister disclosed her shareholding and dividend income from CL Financial in her Declarations, Form A, to the Integrity Commission, this is not public disclosure since Form A is not open to examination to the public.
"The Minister of Finance has therefore made no public disclosure of her interest in CL Financial since the Register of Interests and the Form B is the only document which is open to examination by the public," she said.
