(Trinidad Express) The creditors of CL Financial (CLF) are calling in their debt.
First Citizens Investment Services (FCIS) and CLICO Investment Bank (CIB), which is in liquidation, have both written to CLF demanding that their debt which totals about $2 billion be repaid by this week.
The demand letters come after the Government lost its petition to appoint joint provisional liquidators to CLF, claiming it was insolvent and could not repay its debt.
First Citizens Investment Services (FCIS), formerly Caribbean Money Market Brokers (CMMB) which was acquired from CLF for $1, is a subsidiary of banking group First Citizens which is majority owned by the State.
CIB is currently in liquidation by the Deposit Insurance Corporation (DIC).
The Minister of Finance appoints the board of management of the DIC.