Wednesday, January 11 2012

THE CL Financial group was like a giant ship at sea, doomed because of weaknesses in its hull and also because of the poor navigation which steered it into rough waters, chairman of the Clico Commission of Inquiry Sir Anthony Colman, suggested yesterday.

As he closed off a second day of cross-examination of Planning Minister Dr Bhoe Tewarie at the Winsure Building, Richmond Street, Port-of-Spain, Colman asked Tewarie for his views on the causes of the collapse of CLF. 

“My career has been in the past one of a shipping lawyer,” Colman noted. “Very often, large ships are sometimes very sadly lost at sea. They are lost for all sorts of reasons, and they are also lost in very heavy seas indeed.” 

“The loss of such ships is triggered by water entering the hull and the water enters the hull because of some weaknesses in the welding or because something has been wrongly left open and sea water has been allowed to get in and cause disturbance.” More.