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CLICO Bailout.

CLICO Bailout.

clicologoCLICO policyholders are set for another positive step in retrieval of monies outstanding to them since the Central Bank of Trinidad and Tobago took control of CLICO’s Investment Bank and its subsidiary British American Insurance Company Trinidad Limited IN 2009.

 

Colm Imbert

Minister of Finance Colm Imbert

In a statement to be presented in the Senate by Minister of Finance and the Economy Colm Imbert, it was indicated that all outstanding resident Statutory Fund Short Term Investment Products holders are to be paid in full while other policyholders are to figure in payouts estimated at 100million Tt dollars.

The cash payment for Statutory Fund Short Term Investment Products holders has been put at 1.3 billion TT dollars.

Saying that the not withstanding the fact that not all of the assets of CLICO have been disposed of, the Minister of Finance stated that the respective payouts proposed have the advantage of resulting in a positive cash flow for the Government while also enabling positivity that all outstanding resident Statutory Fund Short Term Investment Products policyholders will now be able to access all their funds.

Minister Imbert stated that there remain two categories of third party policyholders who have yet to receive any payment – these the non-residential Short Term Investment Products holders who did not accept Government’s buyout offer and the mutual fund policyholders who also did not accept the Government’s offer.

These two groups, the Minister pointed out, amount in value to approximately 400-million.

The Minister of Finance said Government has outstanding policies of approximately 2 point one billion dollars in respect of the non-residential and mutual fund policyholders that accepted the offer at this time.

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