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CL Financial returning to shareholders

PORT OF SPAIN — Some four and a half years after government took charge, CL Financial is to return to shareholders, but not to the perceived wrong-doers who were there when the company went belly-up.

This according to the framework for a new agreement between government and the financial giant, a copy of which was obtained by the Express.

The framework for the new agreement is currently being considered by the Cabinet, but most significantly, Government, or rather the taxpayer, would recover every cent of the $23.3 billion it put into rescuing the company.

CLF chairman Gerald Yetming, while not wanting to say anything about the framework until discussions were complete, stressed yesterday the taxpayers would get back every cent.

The framework for the new agreement, which takes the form of a “letter of intent”, states none of the direc

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