Port-of-Spain: The Commission of Inquiry into what caused the collapse of CL Financial and Clico has learnt that former CL Financial Chairman Lawrence Duprey was given a $78 million loan with no security from Clico Investment Bank and the loan was linked to CL Financial's former director Andre Monteil.
The third day of this session of the Commission of Inquiry continued with the cross-examination of the compnay's former Chief Financial Director Michael Carballo, by several attorneys representing various interested parties.
They all tried get Carballo to reveal who was responsible for the financial failure of the CL Financial Group and what was his role, or how much knowlege did he have of how policy holders monies were being spent on various projects.
One issue that was raised by the attorney for the Clico Policyholders Group was that of a $78 million loan the group's former chairman got from Clico Investment Bank without any security.
Attorneys tried to get Carballo to explain where Clico policy holders monies they were going-from real estate developments in Florida to the Bucco Trust, an environmental group in Tobago.
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