A MULTIMILLION-DOLLAR solution to the CLICO (Barbados) International Life debacle has been carved out, but full details are expected later this week when the final report of the company’s judicial managers goes before the court.
Judicial manager Oliver Jordan of Deloitte Consulting Limited yesterday confirmed the upcoming court appointment but was tight-lipped about the contents of the much anticipated CLICO document.
All he would say is that “once the report is laid we [Deloitte] intend to have wide-ranging consultations with policyholders in Barbados and the Eastern Caribbean”.
However, the SUNDAY SUN has been reliably informed that the new plan makes provision for the Barbadian-based regional insurance company, with assets totalling over $802 million and liabilities of $768.4 million, to remain in business.
There are no immediate plans for the sale of its lucrative assets in settlement of the outstanding local and regional liabilities, but well-placed sources say a new legal entity is to be established in keeping with the recommendations of a regional technical committee that included Central Bank Governor Dr DeLisle Worrell, as well as Timothy Antoine, permanent secretary in the Ministry of Finance in Grenada, and other leading finance and insurance officials.
Full story in today’s SUNDAY SUN.