The Lede
After 15 years, the Central Bank/CLICO civil suit against the late Lawrence Duprey’s estate and former CLF insiders is finally in open court. It matters now because proceedings began on January 6, 2026, and the State is eyeing a sale of its 49% stake in CLICO while saying about TT$13 billion from the bailout is still outstanding. Opening-day courtroom report; Central Bank’s 2022 exit context.
The Report
Who/What/Where/When.
The Central Bank and CLICO are suing Duprey’s estate, Andre Monteil, CL Financial, Dalco, Stone Street, and Gita Sakal for alleged mismanagement and misuse of funds that destabilised the system in 2009. The case is before Justice Robin Mohammed in Port of Spain; the first witness was former Central Bank governor Ewart Williams. Newsday’s day-one account.
“The Central Bank will take control of CIB under section 44D of the Central Bank Act.” — Governor Ewart Williams, at the January 30, 2009 media conference.
Timeline, crisp and sourced:
- Jan 30–31, 2009: Regulators shut Clico Investment Bank and activate depositor protection. DIC notice to CIB depositors.
- 2011–2013: Civil claim filed and amended against Duprey and others (procedural history reflected in current pleadings). Court report.
- Dec 1 & 22, 2022: Central Bank relinquishes emergency control of CLICO and BAT. CLICO exit; BAT exit.
- July 31, 2023: Appeal Court upholds ruling and finds the Clico Energy–Proman share sale fraudulent. Appeal decision coverage.
- June 2023: High Court orders Duprey to reimburse US$139.4 million tied to that deal. CMC/Nation News recap.
- Sept 30, 2024: Budget signals intent to divest the State’s 49% of CLICO. Budget Statement 2025 (PDF); ICATT budget review. turn0search6
- Oct 2024–Jan 2026: Government reiterates ~TT$13 billion still owed from the rescue. AMCHAM budget reaction.
- Aug 24, 2024: Duprey dies at 89; estate substituted in the case. Obituary note.
Why 2009 still matters.
Williams and Central Bank records flagged related-party risks, statutory-fund concerns, and systemic exposure before intervention. His archived remarks and BIS reviews outline the risk logic regulators faced at the time. Governor’s media-conference paper; BIS Review.
The Take
Divestment before restitution sends the wrong signal. If the State sells its 49% of CLICO while billions are still unsettled, we risk institutionalising the oldest Caribbean playbook: socialise losses, privatise rebounds. Tie any sale to court-validated recoveries, related-party firewalls, and a live statutory-fund test (simple rule: assets must cover liabilities, always, not only at year-end). Otherwise, the next “cash engine” runs hot until taxpayers become the coolant—again. Appeal Court’s fraud finding underscores the stakes.
The Evidence
- In Newsday’s Jan 6, 2026 report, the case officially opened, and Ewart Williams took the stand—confirming the suit’s scope and defendants. Opening-day report.
- The Central Bank’s own releases show the regulator exited emergency control of both CLICO and BAT in December 2022. CLICO exit note; BAT exit note.
- The Appeal Court (July 2023) upheld the voiding of the Proman sale and found fraud, while a High Court order (June 2023) pegged US$139.4 million in reimbursement. Appeal coverage; US$139.4M ruling recap. turn2search1
- Budget 2025 materials and professional reviews document the Government’s plan to sell its 49% shareholding in CLICO. Budget Statement 2025 (PDF); ICATT commentary.
- Business groups and coverage around the 2025 cycle note ~TT$13 billion still owed from the bailout, raising policy questions that linger into 2026. AMCHAM reaction piece.
- For the original intervention, the regulator’s primary source record and depositor notice lay out the Section 44D context and the CIB closure. Williams’ media-conference file; DIC notice.
The Big Question
Should the Government pause any sale of its CLICO stake until repayments hit clear targets and hard governance rules are in force—or exit now and let markets, and memory, do the rest?
