Motions

WHEREAS the Central Bank’s CLICO Resolution Plan, 2015 identified the sale of the Colonial Life Insurance Company’s (“CLICO”) shareholding in Methanol Holdings (International) Limited (“MHIL”) as a means of settling the Company’s outstanding debt to the State, which totals approximately TT$1.1B as at December 2023;

AND WHEREAS MHIL was jointly owned by CLICO and Consolidated Energy Limited (CEL), whereby CEL held the right of first refusal to purchase the MHIL shares, pursuant to the Shareholders’ Agreement;

AND WHEREAS CEL initially refused offers by CLICO to purchase said shares in 2017, 2018 and 2022, and the shares were subsequently sold to CEL in the last quarter of 2023 at approximately US$337M;

BE IT RESOLVED that the Senate call on the Government to table, within fourteen (14) days, all documents relevant to the agreement between CLICO and CEL for the sale of the MHIL shares, including, but not limited to, any acquisition agreements, valuations and legal opinions;

AND BE IT FURTHER RESOLVED that the Senate call on the Government to commission an independent forensic audit into said sale agreement, should these documents not be provided within the above stated period.

(By Senator Wade Mark)