A landmark legal battle stemming from Trinidad’s massive financial collapse has been temporarily suspended as authorities examine a long-awaited official report. The Central Bank of Trinidad and Tobago has secured an adjournment until January 26 in its billion-dollar lawsuit against former CL Financial directors, including late chairman Lawrence Duprey, to review the recently published Colman Commission report.
The 676-page document, tabled in Parliament on January 16 after eight years in preparation, details the catastrophic failure of Colonial Life Insurance Company (Trinidad) Ltd and its parent conglomerate CL Financial. Attorney General John Jeremie revealed the state has expended approximately $28 billion in bailout funds plus $3-4 billion in associated costs since the 2009 collapse that threatened national economic stability.
Despite the enormous expenditure and decade-long investigation, no criminal charges have resulted from the failure that wiped out millions in policyholder investments. The civil case alleges gross mismanagement, misappropriation of funds, and improper governance within the insurance giant that served as CL Financial’s ‘cash engine.’
The suspension comes as the Central Bank evaluates whether the commission’s findings—based on millions of emails, forensic accounting records, and over 1,600 document boxes—could impact ongoing litigation. The bank acknowledged the ‘voluminous’ nature of the report and the ‘protracted’ process while promising independent consideration of its implications.
The case represents one of several legal actions stemming from the collapse that absorbed more than $5 billion in taxpayer funds during initial rescue efforts. With Duprey’s passing in August 2024 at age 89, the proceedings continue against remaining defendants including former corporate secretary Gita Sakal and companies linked to former executives.