Government will hire the services of professionals to carry out an audit to find out how much is owed to the state following the bailout of Colonial Life Insurance Company a subsidiary of CL Financial.
Finance Minister, Colm Imbert, explains that the move is necessary to get the facts as there is a lot of confusion surrounding the exact amount of tax payer’s money put into the bail out.
Speaking at the weekly post cabinet media briefing at the Office of the Prime Minister, St Clair , Minister Imbert said the forensic audit will also help reveal how much of the money has been paid back as government tries to recover the funds in the public’s interest.
Minister Imbert noted that the Central Bank is pursuing the disposal of Colonial Life assets in order to repay creditors.
Finance Minister, Colm Imbert