OECS leaders to meet on CLICO

Trinidad and Tobago’s Prime Minister Kamla Persad Bissessar

Thu, May 24, 2012 - 5:36 PM

BASSETERRE, St. Kitts – Leaders of the Organisation of Eastern Caribbean States (OECS) whose citizens are affected by the collapse of the Trinidad-based regional conglomerate, Colonial Life Insurance Company (CLICO) and its subsidiary British American Insurance Company (BAICO) are likely to meet with Trinidad and Tobago’s Prime Minister Kamla Persad Bissessar next month to discuss the issue.

Prime Minister Dr. Denzil Douglas said the meeting, for which no specific date has been released, is expected to “thrash out details of an agreement in relation to the CLICO debacle”.

He said he and other OECS leaders met with Persad Bissessar during the Summit of the Americas in Colombia and had agreed that Trinidad would “definitely meet the commitments that were previously identified when (former prime minister) Patrick Manning was in office.”

Dr. Douglas said this needed to be clarified to some extent and consolidated.

The Manning administration had made efforts to establish a new insurance company, NEWCO that would have together several investors, including Trinidad and Tobago, with an investment of US$100 million.

But the initiative hit a snag after the coalition People’s Partnership government, which Persad Bissessar heads came to power on May 24, 2010.

Policy holders in the Eastern Caribbean are owed millions of dollars by the cash strapped CLICO that received a multi-billion dollar bail out from the governments in Port of Spain. (CMC)