Yesterday, attorney for the group, Ramesh Lawrence Maharaj said he will file an appeal with the Privy Council in the next few days
He made the statement following a judgment by the Court of Appeal stating that the Government is not obliged to pay shareholders all of their money.
Mr. Permell said it is not a time for any victory celebration.
He is also concerned that assets from CLICO are being sold off and no information is being made available to the public.
Mr. Permell said the sale of CLICO assets should be conducted with transparency since taxpayers have a right to be well informed.