A?number of employees of the embattled insurance company CLICO International Life Insurance (CIL) are to be made redundant.
Deloitte Consulting Inc., the judicial manager for CIL, confirmed the plan in an interview with Starcom Network News yesterday, saying it was a part of a wider plan.
Patrick Toppin, the representative of Deloitte Consulting Inc., confirmed that between 15 and 20 of the more than 100 remaining Barbados employees, along with an undisclosed number of workers across the Eastern Caribbean, were to be made redundant. He did not say when.
Last month Deloitte announced that CLICO Holdings Barbados had been placed under receivership with immediate effect, saying the decision was in keeping with the basis of its appointment to act in the interest of policyholders.
Toppin said that with the approval of the court, they had put forward some recommendations which had already received the support of the Barbados Government and which they were now discussing with nations of the Organization of Eastern Caribbean States.
Toppin said the restructuring meant they had to cut costs, including staff in Barbados and elsewhere. (MM)
