Dear Unitholders of the Unit Trust Corporation:
A paid advertisement in the form of a letter addressed to the Unit Trust Corporation (UTC) in the Sunday Guardian of October 9th 2011, was misleading and inaccurate, and deliberately calculated to cause mistrust in the minds of Unitholders.
Contrary to the allegations made in the advertisement, whose signatories chose not to reveal themselves, the UTC has not received an offer for the purchase of the CL Financial notes. If such an offer were made, the UTC would of course consider it.
Instead, the only offer that the UTC is aware of, is fraught with contingencies and uncertainties that we believe would result in years of costly litigation. Furthermore, the group that made the offer is already facing litigation regarding this matter before the Jamaican High Court.
In the absence of an offer to purchase the notes, the UTC is working to secure the full repayment of the CL Financial Notes, including all interest and principal.
The CL Financial notes held by the UTC are fully secured and constitute less than 2 percent of our more than $18.3 billion in assets under management. To date, the UTC has been paid all of the interest due from the notes and we are working to ensure that all of the principal will be repaid in the near future.
As stewards of Unitholders’ investments, and as an indigenous institution of Trinidad and Tobago, we will continue to exercise our fiduciary responsibility to safeguard our Unitholders’ interest and to ensure that your investments remain safe, stable and secure.