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Gov’t says CL Financial shareholders group’s valuation figures are flawed

The government says valuations done by three credible valuators on Bucco Estate in Tobago and Golden Grove Estate reveals far lower figures when compared to what was indicated in a document named by Project Rebirth of the CL Financial shareholders group, which was submitted in January 2017.

Finance Minister Colm Imbert made the revelation while speaking at the weekly post cabinet media briefing, at the Diplomatic Center in St Ann’s.

He said figures revealed by the valuators, both locally and regionally, with impressive track records gave figures 75 and 174 million dollars respectively as opposed to the 867 and 960 million dollars stated by the shareholders.

Minister Imbert said the draft report on Page Two by the shareholders contained a statement which raises serious concern about its integrity.

Mr Imbert said the government is determine to ascertain the whereabouts of funds transferred from CL World Brands in which Angostura , Colonial Life and the public had input in.