Risky CLICO. Former Finance Minister Karen Nunez Reveals Company Predicted Failure

Former Finance Minister Karen Nunez-Tesheira paints a picture of a company facing sure collapse in January 2009 as its executives held back “the complete story” of the state of affairs at CL Financial (CLF) to the PNM government.

She reveals that there was a view that the CLF meltdown would have threatened the stability of the country’s largest bank and would have had severe implications for companies with “tremendous exposure” such as First Citizens Bank Limited, Unit Trust Corporation, National Insurance Board and National Gas Company.