Former corporate secretary of CL Financial, Gita Sakal, at yesterday’s hearing at the Clico Commission at Winsure Building, Port-of-Spain. Gita Sakal, a teacher, turned lawyer, into a million-dollar lady. As former corporate secretary, she earned a multi-million dollar salary and multi-million newest no deposit bonuses forex bonuses.
Sakal, at yesterday’s hearing of the commission of enquiry into the collapse of Clico and the Hindu Credit Union admitted that she approved payments, which ranged from hundreds of thousands to millions, to herself. That, she said, was the practice at CLF, observing that while he was finance director at CLF, Andre Monteil also paid himself. 17 million a year, tax-free, from the Lawrence Duprey-led conglomerate. Sakal, who explained to the commission she earned her salary by providing legal services to CLF and its subsidiaries on demand, said she did not understand why her salary was made an issue as they were in line with other CLF executives. Sakal’s revelations, though, did not distract from being probed on whether she thought she deserved such lucrative compensation, Sakal directed that question to CLF, pointing out that it agreed to retain her services. 30 million Republic Bank cheque, Sakal said it was her practice to deposit several at a time.
Colman ruled that material could be admitted by establishing a relevant evidential premise. 2,000 fine and buying tickets to go out of the country. Sakal told the commission she was approached by Duprey to initiate talks with Joseph Cassidy for the sale of CEL. She explained that CLF was facing a liquidity crisis and, pursuant to the MOU, she was comfortable with the asset sale.
Clico Energy shares were the only asset of any real value that I knew of which CLF could sell almost immediately. Proman had a right of first refusal under the terms of the shareholders agreement. I had no issue with CLF’s sale of its 34 per cent. The final decision, she said, belonged to Duprey. The chairman asked that I keep the matter of the proposed sale of CEL shares confidential, which I did.
I complied with Mr Duprey’s request for confidentiality on this basis. I was working on instruction from Mr Duprey. She maintained it was her suggestion to open an escrow account to protect Clico’s 17 per cent interest. Of course, there were little breeches with the MOU. Guardian Media Limited accepts no liability and will not be held accountable for user comments. Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.