(Trinidad Guardian) Sir Anthony Colman, QC, has made it clear that that while his Commission of Enquiry will make findings and recommendations, it cannot order compensation “even if it finds that financial loss has been due to the fault of particular individuals, companies, firms of government bodies.” Colman, the sole commissioner, was speaking at the opening of the Commission of Enquiry into the failure of CL Financial Limited (CLF), Colonial Life Insurance Company (Trinidad) Limited (Clico), Clico Investment Bank (CIB), British American Insurance Company (Trinidad) Limited (BAT), Caribbean Money Market Brokers Limited (CMMB) and the Hindu Credit Union Co-operative Society Limited (HCU) yesterday at Winsure Building, Richmond Street, Port-of-Spain.
Thousands of policyholders and depositors have been affected by the collapse of Lawrence Duprey’s CLF empire and the Harry Harnarine-led credit union over the past three years. Even while Government has moved to provide a form of financial relief, the Prime Minister in October 2010 had announced the need for Enquiry to examine the causes of financial collapse. To this end, there are 14 parties to this COE represented by 28 attorneys. (see sidebar) Colman urged people who had information or evidence, which is likely to be helpful, to step forward and be part of the Enquiry. He stressed: “But I do want it to be clearly understood that whereas I do have the greatest sympathy for those thousands of people whose pensions and investments have been exposed to destruction, there can be no question of that fact alone entitling each of such people to be made parties or even to give evidence.”
He acknowledged the “very large constituency” represented by the Clico Policyholders Group and described as “unfortunate” that HCU depositors were not similarly represented. He urged the establishment of a body to represent the HCU depositors as he believes they will not get a fair hearing otherwise. Senior Counsel Reginald Armour raised the question of managing the time allocated in the enquiry to ensure that both the HCU and the Clico/CLF issues got proper treatment. But Colman contended that while he had thought about doing that, there was “evidential overlap” among the parties involved. For that reason, he said he’ll “play it by ear” for the moment. Furthermore, he sounded a stern warning that all witnesses summoned to appear at the Commission of Enquiry must attend “as if they had been summoned to attend a criminal trial in the High Court.”
Colman, in his opening statement, said he was tasked with evaluating the facts in the enquiry for two basic purposes: “Whether there are any grounds for criminal and civil proceedings against any person or entity; whether to recommend criminal proceedings to the Director of Public Prosecutions for his consideration and whether civil proceedings should be recommended to the Attorney General for his consideration,” and to make recommendations aimed at preventing a recurrence of the circumstances.
Challenged by Armour on the standard threshold the Commissioner would be setting before he recommended either criminal or civil proceedings, Colman responded: “There will be a case to answer for the purpose of criminal proceedings.”
The lone Commissioner warned that “individuals, companies and bodies are unlikely to be subject to criticism for the part which they played in events whereas others can be seen from the outset to be at least at risk of criticism, in some cases serious criticism.” Colman announced that the Enquiry’s First Directions Hearing will be on April 6-7 with the First Evidence Hearing from May 9-20.
