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FORMER FINANCE MINISTER TESHEIRA EXPLAINS

Former Finance Minister, Karen Nunez Tesheira, has told the nation of why the then PNM administration decided to bail out the CL Financial conglomerate

Mrs. Tesheira told the commissioners that she first learned of the crisis at Clico through a letter that was sent to Central Bank Governor Ewart Williams by CL Fincial chairman Lawrence Duprey

It was then that she brought the matter to the attention of then Prime Minister Patrick Manning

Nunez-Tesheira said the government decided to give liquidity support to CL Financial because of the inter-company dealings which left the conglomerate open to risks for Clico and all of its subsidiaries

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