I would like to publicly applaud the authorities for beginning action against Dupreay, Monteil and their accomplices in the mismanagement of assets that led to the biggest bail out in this nation's history.
Everything i ever wrote and said on the CLICO/CL matter called for a government investigation and prosecution of these people before a cent of taxpayer money was used because someone had to know that the cashflow was being redirected deliberately for some time.. My idea was to harness the passion and the outcry from all the depositors/investors/policy holders who lost their hard earned money to force a decision in this matter, secure effective prosecution of the offenders and repatriate the loot.
That the companies became part of an elaborate ponzi scheme in their final days under the bandit bunch is clear to all despite the companies' stellar assets, and using Peter's money to pay Paul until the bottom fell out still remains the most glaring example of this, again despite those who want to quickly get beyond legalities and use politics as a means to get their hands on the treasury.
This must be discouraged always as it would set a trend of corporate raiding, leaving the government holding the bag based on this new 'precedent,' a very dangerous thing to do legally.
Everything i ever wrote and said on the CLICO/CL matter called for a government investigation and prosecution of these people before a cent of taxpayer money was used because someone had to know that the cashflow was being redirected deliberately for some time.. My idea was to harness the passion and the outcry from all the depositors/investors/policy holders who lost their hard earned money to force a decision in this matter, secure effective prosecution of the offenders and repatriate the loot.
That the companies became part of an elaborate ponzi scheme in their final days under the bandit bunch is clear to all despite the companies' stellar assets, and using Peter's money to pay Paul until the bottom fell out still remains the most glaring example of this, again despite those who want to quickly get beyond legalities and use politics as a means to get their hands on the treasury.
This must be discouraged always as it would set a trend of corporate raiding, leaving the government holding the bag based on this new 'precedent,' a very dangerous thing to do legally.
While we are on this I also want to know, was there a dereliction of duty under present and past Insurance Supervisors and Central Bank Governors with regard to this matter? What about the chartered accounting firms that assisted in this hoodwinking through creative bookkeeping, are they still allowed to practice? And the banks that laundered the loot, are those managers getting off scott free? And former Ministers of Finance, what role did they play if any in protecting either the country or the looters? Will they be brought to justice?
These are the questions a grown up nation asks, not just to recover from the sins of the past but to protect itself in the future against people of this ilk bent on self enrichment at whatever cost.
While I applaud the effort being taken now, two years lead time to bury your loot and cover your trail is too much of a head start and I hope that this is not just a show. If the purpose of this is not to recover the billions pilfered then it is just another wasted lawyer enrichment exercise and I have no interest in that.
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