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CLICO owes Government 12.8 Billion Dollars

by | May 11, 2015

Ministry of Finance and the Economy, Rudy Indarsingh,

Ministry of Finance and the Economy, Rudy Indarsingh,

The Parliament is told by Minister of State in the Ministry of Finance and the Economy, Rudy Indarsingh, that Colonial Life Insurance Company still owes the Government over twelve billion dollars.

In March this year the Central Bank said six years after CLICO collapsed, the company was in a position to make its first payment of just over 7 billion dollars to its single largest creditor the Government of Trinidad and Tobago.

It said Central Bank’s CLICO Resolution Plan was developed to repay all creditors and policyholders and to facilitate the transfer of CLICO’s traditional insurance portfolio to a suitable buyer by ensuring that enough appropriate assets are put aside.

However, Minister Indarsingh speaking during the question and answer segment in the House of Representative recently said outstanding funds owed to the state stands at around 12.8 billion dollars.

Minister of State in the Ministry of Finance and the Economy, Rudy Indarsingh

 

 

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