CIL hope
(FP)
By Gercine Carter | Sat, January 28, 2012 - 12:10 AM
There may be light at the end of the tunnel for CLICO International Life’s (CIL) policyholders and investors.
CLICO’s judicial manager Deloitte Consulting said yesterday it was at the “first stage of the investor identification process” to find a deep-pocket, experienced investor for the local CL Financial subsidiary.
In a Press release, the judicial manager said: “The objective of this process is to identify an investor with depth of management and the financial capacity necessary to provide greater confidence to policyholders and regulators as it relates to the viability of any new entity which may emerge from the existing operations of CIL.”
CIL, owned by CLICO Holdings Barbados, whose parent company CL Financial of Trinidad and Tobago, collapsed in February 2009, has hundreds of policyholders and investors anxiously awaiting settlement.
Read the full story in today's SATURDAY SUN.
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I asked myself each time how many more Barbadians going to keep investing in these Trinidad companies that seems to have management problems that after a few years, they have a trend of going into Bankruptcy leaving their policy holders broke. Do we not have a watch dog in government who investigate these companies that keep taking money from the people of this country with no guarantee whatsoever? We are all natives of the Caribbean but it cannot be that each time we read a company from Trinidad keeps doing this to us, or have we not learned a lesson.
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Comment LinkCaveat Emptor. Like morality, it is difficult to legislate where a citizen chooses to place their savings/investments. BTW, there have been an impressive tally of failed bajan enterprises also, if one cares to look. I can cite , with certainty, the strange and sad case of a former (and since passed) Director of National Insurance, who on retirement placed his entire Government gratuity on deposit with a private Bajan company which shortly thereafter, went belly up. Caveat Emptor applies to most things in life..including choosing carefully one’s friends.
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