CEO of CL Financial Marlon Holder has presented a five-year plan to its shareholders to turn around the financially strapped company. The plan, which is now in the hands of the People’s Partnership Government, was the subject of a three-hour long shareholders meeting at Courtyard Hotel Marriott, Port-of-Spain yesterday. The shareholders met to discuss the board of directors’ plan and current status of the beleaguered company. In January 30 2009, CL Financial appealed to the Central Bank for a financial bailout.
Kirk Carpenter, representing CL Financial Shareholders Association said Holder presented the board’s five-year plan, promising to be more communicative with the company’s developments. Former UNC minister and current shareholder, Mervyn Assam said while the company was in a state of ill health, “we can see a major turn around in two to three years.” Assam said the company went through a lot of restructuring to assist in moving forward.
Refusing to give details of the plan, Carpenter said their biggest concern was the Government’s position into CL Financial. Asked if Government may need to pump more money into the company, Carpenter said no. “Right now the shareholders are in quandary with the company’s future,” said Carpenter. “We need to get some kind of reassurance.” CL Financial has 325 registered shareholders.