BIPA active and waiting
By – JUNE FOWLER, Barbados Investors & Policyholders Alliance Inc. | Tue, May 01, 2012 - 12:00 AM()
The Barbados Investors & Policyholders Alliance (BIPA) would like to thank Mary Antoine of St Lucia for her constructive comments and suggestions in the DAILY Nation of April 26, which have been noted.
We would also like to reassure Ms Antoine that, far from dropping “hints”, BIPA is already working through the courts to achieve one of a number of its objectives on behalf of its policyholding members, and that a great deal of other “real work” is going on behind the scenes, as well as in the public domain.
BIPA continues to monitor closely the work being done by the judicial manager. Given the millions of dollars in fees already paid and the granting by the court of what amounts to a “blank cheque” for its continuing costs, BIPA fully anticipates and expects the judicial manager to present an all-encompassing resolution for the 25 000 Barbadians and thousands more Eastern Caribbean people who are disastrously affected by this debacle.
The alliance also expects the timely commencement of legal proceedings against any and all of CLICO’s officers and directors who are found to have broken the laws of the land and/or failed to perform their fiduciary duties.
In the meantime, BIPA eagerly awaits the announcement of details of the proposals by the Barbados Government presenting a solution to the CLICO situation, which has been promised by the Minister of Finance to be delivered in the next eight weeks.
If necessary, BIPA will challenge or counter the proposals on behalf of its members, but for the time being, does not seek to make specific proposals of its own, and trusts that the final proposals made resulting from the various judicial manager’s reports will be inclusive of and satisfactory to all policyholders.
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