1 month ago
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Finance Minister Colm Imbert. - File photo by Angelo MarcelleFINANCE Minister Colm Imbert says Opposition Senator Wade Mark is asking questions he already knows the answers to.
Imbert was responding to a question from Mark in the Senate on September 9.
Mark asked Imbert for details of the status of the sale of Clico's 56.53 per cent shareholding in Methanol Holdings (International) Ltd (MHIL) to the Proman Group last December.
Imbert referred to information on his cellphone as he responded to Mark.
"The information in answer to this question has been in the public domain for almost one year and the matter has already been extensively addressed, inside and outside of the Parliament."
Imbert found it curious, against this background, that Mark continued "to beat this dead horse."
He repeated what has already been stated publicly.
"As at April 2023, Clico's remaining liability to the government for the Clico bailout was $1 billion.
"Clico had a statutory obligation under the Insurance Act, to reduce its interest in MHIL to less than 20 per cent."
Last July, Imbert continued, "The other shareholder in MHIL, Consolidated Energy, approached Clico to acquire the full 56.53 per cent of Clico's interest in MHIL."
He said a sale price of US$337 million for the shares was agreed to "based on an evaluation done by independent and reputable global valuation consultant Charles Rivers Associates, plus an additional US$10 million as Clico's share of dividends for 2023."
Imbert told senators, "All issues were thus satisfactorily addressed."
Mark asked when government received the outstanding $1 billion which Clico owed it for the bailout in 2009.
The total amount of government's bailout of Clico was $30 billion.
Imbert replied, "In 2023."
Mark asked for a specific month when government received that payment.
Imbert said, "When I come to this place (Senate), I have to expect strange questions from Senator Mark."
He added that Mark's original question asked nothing about the repayment of any money by Clico to government.
Imbert said, "That is not part of the question.
"All that Senator Mark complained about was the sale of MHIL's shares by Clico. He said nothing about any debt owed by Clico to the government.
"It is therefore absurd to expect me to walk with that date."
Government senators thumped their desks as Imbert sat down.
Mark hesitated as he prepared to ask Imbert another question.
Imbert told him, "Get on with it, nah, man. Get on with it."
Senate President Nigel de Freitas advised Mark not to make additions but to pose a direct question to Imbert.
Mark replied, "I'm trying to, sir."
De Freitas disallowed Mark's request for a copy of the valuation report by Charles Rivers Associates on Clico's MHIL shares to be laid in the Senate.
Mark asked if Imbert had any direct role with respect to the valuation of Clico's MHIL shares
De Freitas disallowed this question as well.
He then told Mark he had exhausted all his supplemental questions on the matter.
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