(Trinidad Guardian) Former Clico Investment Bank (CIB) chairman Andre Monteil and former CIB President Richard Trotman have been ordered to pay almost $100 million in restitution to their former employer over a controversial unsecured loan to Monteil before the bank’s collapse.
Delivering a 129-page judgement, last week, High Court Judge Avason Quinlan-Williams said that both Monteil and Trotman were responsible for the unpaid $78 million loan as they breached their fiduciary duties to the bank in facilitating it, well over a decade ago.
Quinlan-Williams said: “I have found that the first and second defendants (Monteil and Trotman) to lack credibility and in many respects to be untruthful witnesses.”
“I make this statement because those findings were critical in the court’s fact-finding exercise and in coming to the conclusion that the claimant (CIB) has successfully met their burden in proving the case against the defendants,” she added.
In the lawsuit, CIB was claiming that Trotman and Monteil breached their fiduciary duties through the deal which left the bank unpaid and without sufficient security to cover the loan.
The deal consisted of a series of complex financial transactions done between 2007 and 2008.