The Trinidad and Tobago Government’s stance about beleaguered insurance company CLICO will be made known in statements to be presented shortly by Prime Minister Dr Keith Rowley and Minister of Finance Colm Imbert.
On Tuesday the insurance company hit the headlines as the judicial review committee of the Privy Council in the UK dismissed an appeal by a United Policyholders Group (and others) against the Attorney General of Trinidad and Tobago with respect to the Group’s claim for financial relief following the collapse of the company.
The appellants, who are all residents of Trinidad and Tobago, and holders of life policies issued by (CLICO) had claimed that based on assurances of support for CLICO given by the then Government in power in 2009 they had a “legitimate expectation” enforceable in law of relief.
They asserted that, following the elections in May 2010, the new government failed to honor that expectation, and that they are entitled to relief accordingly.
Their claim succeeded in the High Court in Trinidad but failed in the Court of Appeal.
On November 3RD 2014 the Court of Appeal gave final leave to the appellants to appeal to the Privy Council.
At Thursday ‘s POST-CABINET MEDIA Briefing, Prime Minister Dr Rowley gave his Government’s view on CLICO’s issues.
The Prime Minister then indicated what was ahead, as it relates to the company.
Prime Minister, Dr. Keith Rowley