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New Trinidad government looking at Air Jamaica deal
2010-06-10 15:45:39 | (0 Comments)
PORT OF SPAIN, Trinidad, CMC – Finance Minister Winston Dookeran said that the new government was concerned over the operations of the national airline, Caribbean Airlines(CAL)and its recent agreement with Air Jamaica.
Under the agreement, the Jamaica government will own 16 per cent of CAL as part of the conditions for the local airline taking over the lucrative routes of the cash-strapped Air Jamaica.
Dookeran told reporters that the Ministry of Finance would be called upon to take a position on “many financial challenges ahead of us in that particular arrangement."
“To that end I have also advised the Cabinet of the appointment of an appraisal committee headed by Mr. Conrad Aleong (former airline executive)…to do an immediate appraisal ….and the directions that we must set as we tackle that problem”.Thursday said he had appointed a three-member team to prepare an appraisal report on the operations of the cash-strapped Port of Spain-based regional conglomerate, CL Financial.
Dookeran on Thursday also said he had appointed a three-member team to prepare an appraisal report on the operations of the cash-strapped Port of Spain-based regional conglomerate, CL Financial.
Dookeran, a former Central Bank governor, said that the team would include former finance minister Wendell Mottley and had been tasked with undertaking “an appraisal report on what is at stake, what is the size of the problem and what are the possible options for the future”.
“They will then advice me and through me the Cabinet as to how we shall proceed to stop the bleeding from this particular area,” he told reporters at the end of the weekly Cabinet meeting of new Prime Minister Kamla Persad Bissessar.
“We are very concerned about the protection of the depositors and that will definitely be one of our concerns as we address the issue of CLICO and CL Financial,” he said.
In 2009, the then Patrick Manning government announced a major bailout package to assist the CL Financial Group, out of serious financial trouble.
Under a Memorandum of Understanding (MOU) signed between the parties, the government will provide funding to the company in exchange for collateral and an equity interest in the Colonial Life Insurance Company (CLICO), the flagship of the cash-strapped company.
The licence of the CLICO Investment Bank (CIB) was revoked and CL Financial had to divest itself of 55 per cent holdings in Republic Bank Limited and shares in Methanol Holdings Trinidad Limited (MHTL).
Central Bank Governor Ewart Williams said the bailout amounts to “a lot of money” running into billions of dollars.
2010-06-10 15:45:39 | (0 Comments)
PORT OF SPAIN, Trinidad, CMC – Finance Minister Winston Dookeran said that the new government was concerned over the operations of the national airline, Caribbean Airlines(CAL)and its recent agreement with Air Jamaica.
Under the agreement, the Jamaica government will own 16 per cent of CAL as part of the conditions for the local airline taking over the lucrative routes of the cash-strapped Air Jamaica.
Dookeran told reporters that the Ministry of Finance would be called upon to take a position on “many financial challenges ahead of us in that particular arrangement."
“To that end I have also advised the Cabinet of the appointment of an appraisal committee headed by Mr. Conrad Aleong (former airline executive)…to do an immediate appraisal ….and the directions that we must set as we tackle that problem”.Thursday said he had appointed a three-member team to prepare an appraisal report on the operations of the cash-strapped Port of Spain-based regional conglomerate, CL Financial.
Dookeran on Thursday also said he had appointed a three-member team to prepare an appraisal report on the operations of the cash-strapped Port of Spain-based regional conglomerate, CL Financial.
Dookeran, a former Central Bank governor, said that the team would include former finance minister Wendell Mottley and had been tasked with undertaking “an appraisal report on what is at stake, what is the size of the problem and what are the possible options for the future”.
“They will then advice me and through me the Cabinet as to how we shall proceed to stop the bleeding from this particular area,” he told reporters at the end of the weekly Cabinet meeting of new Prime Minister Kamla Persad Bissessar.
“We are very concerned about the protection of the depositors and that will definitely be one of our concerns as we address the issue of CLICO and CL Financial,” he said.
In 2009, the then Patrick Manning government announced a major bailout package to assist the CL Financial Group, out of serious financial trouble.
Under a Memorandum of Understanding (MOU) signed between the parties, the government will provide funding to the company in exchange for collateral and an equity interest in the Colonial Life Insurance Company (CLICO), the flagship of the cash-strapped company.
The licence of the CLICO Investment Bank (CIB) was revoked and CL Financial had to divest itself of 55 per cent holdings in Republic Bank Limited and shares in Methanol Holdings Trinidad Limited (MHTL).
Central Bank Governor Ewart Williams said the bailout amounts to “a lot of money” running into billions of dollars.
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