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Finance Minister says allegations of $3.5 B in legal fees for CL Financial bailout are reckless

Reckless – this is how Finance Minister Colm Imbert described an allegation that the government is claiming 3.5 billion dollars in legal fees for the Clico/CL Financial bailout.

Mr Imbert says he first heard this astonishing figure when Mr Lawrence Duprey, shortly after the presentation in parliament of the mid-year review in May, said that the state had spent 3.2 billion dollars in fees and that was one of the reasons why shareholders were of the view that they had to take back the company.

The Minister labeled the claim as untrue while speaking at the weekly post cabinet media briefing this afternoon