A great betrayal. This is how the Clico Policyholders group views the statement made by Finance Minister, Colm Imbert, who yesterday said the assenting policyholders took advantage of the government’s 2011 offer to transfer their policies to the Government and accepted zero coupon bonds and CLICO Investment Fund shares in exchange.
The Minister then said the group had given up their right to accrued interest, adding that they no longer had a contractual arrangement with CLICO and are no longer a part of the resolution plan. He noted that Government is not entitled to any interest on its acquired policies and that it will only be repaid by CLICO exactly the amount that it paid to the “Assenting” policyholders.
Mr. Imbert said as a consequence, the Government has not received any interest for the period between the offer and now, and no claim for interest can now be made on CLICO on behalf of the “Assenting” policyholders.