Sinckler clears air on CLICO
EVEN IF an attempt is made to sell CLICO’s assets, they are unlikely to earn full value in a depressed market and Barbadian taxpayers will be left to bear the burden of the shortfall to pay back the policyholders.
Minister of Finance Christ Sinckler made the observation in response to Barbados Investors and Policyholders Alliance (BIPA) president June Fowler’s charge that he had made misleading comments on the issue at a Democratic Labour Party (DLP) mass meeting last Wednesday night in Passage Road, St Michael.
At the time, Sinckler stated that $837 million had to be found to repay policyholders both here and across the Organization of Eastern Caribbean States.
However, Fowler said, he had made no mention of the company’s assets valued at $441 million, which would have left a deficit of $396 million. (SAT)