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Trinidad & Tobago: Gov’t acquires CL Marine Ltd, creates a State company

Finance Minister Colm Imbert has disclosed that Government has completed the acquisition of CL Marine Limited and its subsidiaries, a commercial drydocking facility located in the Western Coast of Chaguaramas, from CL Financial Limited – In Liquidation.

In a statement on Thursday, Imbert reminded that the Government bailed out the CL Financial Limited Group of Companies to the tune of in excess of $28 Billion and it being the largest creditor, filed a winding up petition in the High Court in July 2017.

Following this, in September 2017, the High Court ordered that CL Financial Limited be wound up under the provisions of the Companies Act and that the international accounting firm, Grant Thornton, be appointed Liquidators.

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