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Saturday, 29 July 2017 18:51

Finance Ministry Takes Note Of “Misleading Statements” By Mariano Browne

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The Ministry of Finance says it has taken note of misleading statements made by former Minister in the Ministry of Finance Mariano Browne on a radio programme on Friday.
 
The statements were regarding the reason why the CL Financial shareholders refused to extend the shareholders' agreement with the government. 
According to the ministry, Mr. Browne incorrectly alleged that the shareholders refused to extend the agreement. He had said the agreement would have maintained the status quo in terms of the composition of the board of CL Financial. And thus maintained government's control of CL Financial, because the government refused to respond to a plan from the shareholders for repayment of money owed by CL Financial for the "Clico bailout". 
 
The ministry said Mr. Browne's timeline is completely wrong because the last extension to the shareholders' agreement expired on August 31st 2016 and the so-called "plan", Project Rebirth, was only submitted by the shareholders on January 6th 2017, over four months later! 
 
The release ended by expressing regret that a former Minister in the Ministry of Finance would misrepresent the facts in this way.
 
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