Trinidad’s High Court has been requested to postpone a landmark lawsuit against former CL Financial executives following the parliamentary submission of a long-awaited commission of enquiry report into one of the Caribbean’s most devastating financial collapses.
The Central Bank formally sought an adjournment of its protracted legal battle against former CL Financial chairman Lawrence Duprey and other directors, citing the need to thoroughly analyze the newly released Colman Report. This 676-page investigative document, laid before Parliament on January 16, 2026, details the catastrophic 2009 collapse that necessitated a massive government bailout exceeding $28 billion.
Attorney Elena Araujo, representing the Central Bank, communicated to Justice Robin Mohammed that claimants require until January 26 to review the voluminous report and assess its implications for the ongoing proceedings. The lawsuit, originally filed in 2011, alleges severe mismanagement and financial misconduct within Colonial Life Insurance Company (Trinidad) Ltd and its parent conglomerate CL Financial.
Attorney General John Jeremie revealed the staggering scale of the financial disaster, noting that beyond the direct bailout costs, an additional $3-4 billion was incurred in legal and administrative expenses. The report concludes that the rescue operation created a significant long-term burden on public finances, constraining government spending on infrastructure and social services for years.
Despite over a decade of investigations and hundreds of millions in professional fees, no criminal charges have resulted from the collapse. Jeremie indicated the state would seek to terminate costly civil proceedings that have failed to deliver meaningful outcomes.
The trial, which commenced earlier this month, involves allegations that CL Financial executives operated without proper governance, using policyholder funds to finance personal lifestyles and private companies. The conglomerate’s failure threatened national economic stability and wiped out millions in investor savings.
Former Central Bank governor Ewart Williams is among dozens of witnesses expected to testify in what was anticipated to be a month-long trial before the report’s emergence delayed proceedings.