The CL Financial Bailout – CMMB press release

PRESS RELEASE
Verbatim, statement issued Jan 30

CMMB Assures Clients Their Investments are Safe

In light of the announcement today by the Central Bank regarding the CL Financial Group, CMMB wishes to reassure its clients that their investments with us are safe. CMMB continues to operate as an independent entity separately from Clico and Clico Investment Bank. We are the largest full service securities company in the Caribbean and have been in operation for over eight years. During this time CMMB has operated as a profitable company continuing to offer
safe and profitable investments to clients.

CMMB has met all commitments to our clients and will continue to do so. We will provide further details regarding the arrangement with First Citizens Bank butclients should be assured by the First Citizens’ proposed acquisition of CMMB.
First Citizens is wholly owned by the Government of Trinidad & Tobago and has the strongest rating of any financial institution in Trinidad & Tobago. Further assurance should be taken from the Governor of the Central Bank comments
that the objective of the Central Bank and the Government of Trinidad and Tobago is to ensure that all investors are protected.

For further information please contact:

Mr. Ram Ramesh – Managing Director & CEO, CMMB Limited
Tel: 623-7815 ext 2000 Email: ram.ramesh@mycmmb.com

Mr. Ramcharan Kalicharan – Chief Operating Officer, CMMB Limited
Tel: 623-7815 ext 2094 Email: ramcharan.kalicharan@mycmmb.com


  • H Ethelbert Mc Dowell

    It would be interesting to know whether any owners, directors,managers or large depositors withdrew their money or most of it from CIB in the weeks prior to the government take-over. These “honchos” must have known before any one else, of the banks demise of course, so there must have been a high degree of capital flight – so much for us who are not supposed to panic. What is also interesting (polite word) is that the central bank and government who has been continually assuring us – no problem, tings good – now annouces that CLICO's contribution to our GDP is 25%, Methanol prices have been going down, didn't they know about the signigicance of CLICO when the run on Methanol prices began – no problem. CLICO did nothing wrong in the way that they extended themselves – they say. The manner in which there was interelationship between their companies becomes questionable only now, they broke no laws – because we have none that prevents this sort of business arrangement. We now end up holding the rotten stick. We have no laws to prevent this, WHY? because our elected leaders only in the parliament to argue about what PNM do and what UNC didn't do, who still “tiefin' and who did so in the past, who black and who is indian, who have one kidney and who have two, which laptop to use and what to use it for and who dress up pretty for divali or emancipation, should we buy Toyota, BMW or Benz (ah just get ah minister wuk) – tourism on de up up look four cruise ships in de habour for de conferences buh we payin' fo dat – free meals, endless grog (mornin, noon and night). Trinidad is ah paradise.

  • H Ethelbert Mc Dowell

    It would be interesting to know whether any owners, directors,managers or large depositors withdrew their money or most of it from CIB in the weeks prior to the government take-over. These “honchos” must have known before any one else, of the banks demise of course, so there must have been a high degree of capital flight – so much for us who are not supposed to panic. What is also interesting (polite word) is that the central bank and government who has been continually assuring us – no problem, tings good – now annouces that CLICO's contribution to our GDP is 25%, Methanol prices have been going down, didn't they know about the signigicance of CLICO when the run on Methanol prices began – no problem. CLICO did nothing wrong in the way that they extended themselves – they say. The manner in which there was interelationship between their companies becomes questionable only now, they broke no laws – because we have none that prevents this sort of business arrangement. We now end up holding the rotten stick. We have no laws to prevent this, WHY? because our elected leaders only in the parliament to argue about what PNM do and what UNC didn't do, who still “tiefin' and who did so in the past, who black and who is indian, who have one kidney and who have two, which laptop to use and what to use it for and who dress up pretty for divali or emancipation, should we buy Toyota, BMW or Benz (ah just get ah minister wuk) – tourism on de up up look four cruise ships in de habour for de conferences buh we payin' fo dat – free meals, endless grog (mornin, noon and night). Trinidad is ah paradise.

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