Parties tightlipped after meeting

CLICO MANAGEMENT had sought a meeting with the Insurance Corporation of Barbados Ltd (ICBL) to discuss the now contentious confidentiality agreement that proved a stumbling block in a proposed arrangement.

That's according to a statement issued yesterday by CLICO Holdings Barbados Ltd which stated: "CLICO Holdings sent written correspondence on April 29, 2009 to ICBL proposing that the parties meet to settle the confidentiality agreement.

"There was no response to this correspondence until CLICO Holdings was advised on May 6, 2009 by the chairman of ICBL John Wight that ICBL would no longer be pursuing the purchase of subsidiaries of CLICO Holdings."

ICBL's position on the issue became clear on Thursday when the company issued a Press statement stating that the "process" of reaching a confidentiality agreement "was simply taking too long to come to any natural conclusion".

With the discussions having broken down, Prime Minister David Thompson yesterday held a meeting with CLICO Holdings Barbados Limited board of directors with the aim of paving the way forward.

Chairman Leroy Parris, along with a number of directors including Anthony Ellis and Leslie Haynes, were among the first to be ushered to the third floor at Government Headquarters, Bay Street, for the meeting. None of them shed any light on the matter, nor did the Prime Minister.

Recent developments have come on the heels of reports that a Venezuelan company, a Trinidadian concern, as well as a consortium of Barbadian companies had expressed interest in buying the CLICO insurance portfolio from the CLICO Holdings Barbados group.

Meanwhile, yesterday's meeting, which was called by the Prime Minister, lasted more than an hour before Thompson left to attend another meeting at about 12:45 p.m.

Parris and 11 other board members left 15 minutes later.

When contacted later in the afternoon, CLICO Holdings president and director Terrence Thornhill said he was unable to comment on the morning's meeting.

CLICO is $54 million in deficit of its statutory reserve requirement. The company is a subsidiary of CLICO Holdings Barbados. (TM)