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Thread: $5,000.000.00 cheque in her drawers

  1. #1
    dev
    Registered User dev is offline
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    $5,000.000.00 cheque in her drawers

    AND she wants us to believe she never rushed out and deposit the cheque. The LIES AND CORRUPTION are unnerving to say the least.



    GITA SAKAL, former corporate secretary of the collapsed CL Financial empire, said yesterday she kept a US$5 million cheque tucked inside her desk drawer for almost two months because she received a "significant pay" and did not need to run to the bank to deposit money every month.

    Sakal made the statement yesterday while being cross-examined by Terrence Bharath, the legal representative for policyholders of failed insurance giant CLICO.

    CLICO is a subsidiary of CL Financial.

    She also admitted it was "regular practice" for executives of the conglomerate to approve payments to themselves.

    Sakal yesterday took the witness stand for the second successive day at the Commission of Enquiry into the collapse of CL Financial and the Hindu Credit Union (HCU) at the Winsure Building, Richmond Street in Port of Spain.

    In her witness statement Sakal said she received a US$35,000 monthly salary from CL Financial and a monthly retainer of $40,000 from CLICO for legal advice.

    As the corporate secretary of CL Financial, Sakal said she received a US$5,000 fee for every board meeting she attended.

    Sakal was paid more than $27 million from CL Financial the year before the cash-strapped conglomerate approached the State for financial assistance, Bharath said.

    CL Financial received a financial rescue from the then PNM government after depositors requested hundreds of millions of dollars back from CLICO.

    In 2008 Sakal was paid $12.2 million through her consultancy firm Discreet Logic Ltd and a further $14.9 million through her second consultancy firm Corporate Consultants, Bharath said.

    On January 30, 2009 a bailout of the conglomerate was announced by the Central Bank at a press conference in Port of Spain.

    In March, 2009 Sakal was paid a US$5 million cheque out of the accounts of CL Financial.

    It was a "part payment of her contractual termination package", Sakal said.

    Asked who approved that payment, Sakal said the cheque which was made payable to Republic Bank Ltd was signed by Lawrence Duprey and herself.

    Sakal said it was "nothing out of the ordinary" for executives to approve their own payments.

    "It was the practice. It was not good corporate practice but there was no other practice to follow," Sakal said.

    Commissioner Sir Anthony Colman, described the policy adopted by CL Financial as a "private payment system".

    Bharath described the US$5 million payment to Sakal approved by herself in the midst of the financial difficulties of CL Financial as "the worst infraction of corporate governance".

    Asked by Bharath what she had done with the US$5 million cheque, Sakal said she kept it in her desk drawer.

    "I placed it in the drawer of my desk and left it there. If you look at my pattern of deposits you will see not every month I make deposits because if you check my salary you will see I got a significant pay every month and I am not the type of person every month to take a cheque and run to the bank," Sakal said.

    "You will see sometimes I will have about three or four (cheques) and put it in the bank. I am not the person to go every month to the bank. This (the US$5 million cheque) was no different. It was there, it was handed to me, it was there. I did not go to the bank," she said.

    "I think you are one of the few people in this country who would keep a $30 million cheque for such a long time without seeking interest on it," Bharath said.
    "What kind of mirror image do you have of yourself?"


    "TAWK YUH TAWK, DOAN BODDER ME. TAWK DOAN BUY GROCERIES."

  2. #2
    sharkie
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    Shit, daiz money.

    Btw, title is misleading...lol.

  3. #3
    dev
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    Quote Originally Posted by sharkie View Post
    Shit, daiz money.

    Btw, title is misleading...lol.
    It is not misleading..think about it.
    "What kind of mirror image do you have of yourself?"


    "TAWK YUH TAWK, DOAN BODDER ME. TAWK DOAN BUY GROCERIES."

  4. #4
    Sweetness4life Mrs. Yankee Doodle's Avatar Mrs. Yankee Doodle is offline
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    cause deep down she knew she would get questioned and dais why she eh deposit the check.
    Live life in concert with your values!
    Never be paralyzed!
    Don't wait for people to change! - Dr. Robert Brooks

  5. #5
    Imix Bad Man Mayak is offline
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    ughh.... that's just nasty.. all kinda puzzy stain probably got on the damn coat.

    i woulda just leave she with it

  6. #6
    NaturalBornRidah
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    Sakal was paid more than $27 million from CL Financial the year before the cash-strapped conglomerate approached the State for financial assistance, Bharath said.

    On January 30, 2009 a bailout of the conglomerate was announced by the Central Bank at a press conference in Port of Spain.
    T&T government is bailing out these firms like the US gov is doing for Wall Street too?

  7. #7
    TC
    Steuuuupssss! TC is offline
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    These thiefin fokin people,how dmc did they sleep at night? No conscience! Jail deh skünts! Didn´t she stop to think for one moment that that is people´s hard earned money them was stealing out! Steups!

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