C L Financial woes point to serious regulatory gap –Bourne

(BBC) The president of the Caribbean Development Bank, Compton Bourne, said Friday that the problems facing conglomerate CL Financial point to a serious gap in the region’s regulatory system.

The Trinidad government announced a bail-out of the entity in January, after it was revealed that the company was facing financial difficulties.

CL Financial’s troubles have affected its subsidiaries throughout the region, where its assets have been taken over or liquidated.

Professor Bourne told a news conference in Trinidad that he took a dim view of the fact that the company could not meet its statutory liabilities for years and nothing was done to rectify the situation.

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