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  • 1 year ago
Lawrence Duprey has died.
He would have celebrated his 90th birthday next month.
While the exact details surrounding his death are still emerging, we look back on a life that impacted the country....moreso the financial sector.
Joel Julien Business Editor of the Express reports..
Transcript
00:00Lawrence Dupre's name may evoke different sentiments from different people but his
00:06impact on this country's business landscape is undeniable. His journey into
00:10the spotlight began with his uncle Cyril Dupre. In 1936 Cyril Dupre founded the
00:16country's first locally owned insurance company, Colonial Life Insurance Company.
00:21What started as a life insurance provider grew into a major player in the
00:26Caribbean financial sector. Following Cyril Dupre's death in 1988, his nephew
00:32Lawrence inherited Clico. In 1993 Lawrence Dupre formed CL Financial, a
00:39conglomerate that initially served as a holding company for Clico. At its peak, CL
00:45Financial boasted more than 65 companies across 32 countries with assets
00:50exceeding 100 billion US dollars. However in January 2009 things changed when
00:56then Finance Minister Karen Nunes Tichera, with Lawrence Dupre present, announced a
01:01major crisis in the CL Financial group, necessitating intervention by the
01:05Central Bank and the government. On February 13, 2009 the Central Bank of
01:11Trinidad and Tobago took control of Clico under Section 44D of the Central
01:16Bank Act to protect policyholders and prevent significant disruption to the
01:21financial system. The state initially pumped some five billion dollars into
01:26Clico. In October 2010, Prime Minister Kamala Prasad Bisesa ordered a
01:31commission of inquiry into the failure of CL Financial and the Hindu Credit
01:35Union Cooperative Society. Lawrence Dupre submitted a witness statement but did
01:40not attend the inquiry. In his statement he described himself as a hard-working
01:45individual who contributed to job creation and wealth generation. Harry
01:51Harnarine, the former president of the Hindu Credit Union, agrees with that.
01:56Harnarine, who said he spent half his life in Clico, described Dupre as a
02:01visionary leader. I can tell you that I have not seen and I don't expect to see
02:06anybody that is visionary and patriotic like that of Mr. Lawrence Dupre. Nunes Tichera
02:12has called for full disclosure of the Commission's report. Whilst he said she
02:16did not have a close relationship with Dupre, she acknowledged his role in
02:19improving living standards for many. Nunes Tichera said, quote, Mr. Dupre's
02:25passing is indeed sad and it is also a loss. On November 27, 2019, Finance Minister
02:33Colm Imbod told the House of Representatives that CL Financial and
02:36Clico owed the state about 23.1 billion dollars. By September 2020, Imbod placed
02:43the amount owed by CL Financial to the government at 30 billion dollars.
02:47Additionally, Dupre was involved in a controversial issue regarding a 1.3
02:52million dollar scholarship for former Prime Minister Bastio Pandey's daughters
02:55studying in London. Pandey was later acquitted for failing to declare his
03:00assets. Lawrence Dupre's passing marks the end of an era for the country's
03:05financial sector. We will continue to follow this story and provide updates as
03:10they become available. Joel Julian, TV6 News.
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