(Trinidad Guardian) – The Central Bank suffered a setback on Tuesday in its legal battle with CL Financial Limited when a judge blocked the bank from accessing information on the group and using it outside of the present case before the court. Both sides had been arguing this issue over the last two months.
In an oral judgment in chambers on Tuesday, Justice Judith Jones ruled that Central Bank cannot use information on the group outside the present case, which deals with the operations of the financially-strapped company.
Reginald Armour, SC, lead attorney for the Central Bank, gave verbal notice of his client’s intention to appeal and he is hoping to be before the Court of Appeal by the end of the week. In the meantime, Justice Jones granted a stay of her order until the appeal court deals with the issue. Justice Jones also continued the injunctions against CL Financial, which Justice Gregory Delzin had originally granted ex parte on February 22 this year. Appearing with Armour were Simon de la Bastide and Elena Araujo, while attorney Farees Hosein, who is being led by Russell Martineau, SC, represented CL Financial.
During the past months, both sides had also been dealing with the language and scope of the orders granted by Delzin. CL Financial felt that the orders were too wide and left little scope for the company to operate without the interference of the Central Bank. On the other hand, the Central Bank was pleased with the original orders and kept insisting that the injunctions be kept in place. During these numerous court sessions, submissions were held in camera before Jones. Even the decision was given in chambers in the Port-of-Spain High Court. During the hearing, officials of CL Financial were in court.
Jones ordered that the injunctions be continued:
• CL Financial be restrained from dealing with/or selling, assigning, mortgaging, transferring, divesting, or diminishing the value of the assets of Clico held by the group, wherever located.
• A mandatory order is granted against CL Financial to disclose to the Inspector of Financial Institutions, or his designated officer, the identity and location of all of the assets of Clico in and out of the jurisdiction of T&T and to provide a sworn affidavit to the chief executive officer or chairman of CL Financial.
