Caribbean Resources Limited (CRL) is in liquidation and its 25-acre property at Houston on the East Bank of Demerara is up for sale.
CRL, a subsidiary of CLICO’s parent company, CL Financial, was caught up in the vortex of the 2009 financial woes of its T&T-based group. Prior to that, the forestry-based business had also been experiencing difficulties.
In an advertisement in today’s Sunday Stabroek, the property is described as 25 acres in a single contiguous plot with wharf facilities and direct access to the East Bank Demerara Highway. The property is transported and there is an internal network of roads. It was described as ideal for large scale industrial and commercial activity.
Interested persons must register with Caribbean Resources Limited at Maurice Solomon and Company, the liquidator Lot 92 Oronoque Street, Queenstown, Georgetown. Applicants have to fill out the requisite forms and deposit the tender at the above mentioned address no later than Friday August 16 at 2 pm.
Amid the fallout from CL’s financial plight where it had to apply for a bailout from the Trinidad government, CRL came under scrutiny by the authorities here as they attempted to recover monies owed to investors here by the CLICO group. CLICO (Guyana) Limited also went under and CRL’s assets were targeted to cover the outstanding amounts.
In April 2009, CLICO (Guyana’s) Judicial Manager, Maria van Beek had secured High Court orders locking down the assets of CRL and another CL Financial subsidiary. The intention was to prevent CRL from remitting any monies to CL Financial. CRL had borrowed approximately $1.5 billion from CLICO (Guyana) and that the sum was supposedly guaranteed by CL Financial Ltd.
It is unclear whether the disposal of CRL assets will be used to offset the outstanding amounts due to investors in CLICO (Guyana) . The local National Insurance Scheme, institutional investors and others are still to recover investments that they had with CLICO (Guyana) at the time that it crashed.