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Push for $4 million

by GERALYN EDWARD, Business Editor

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A NEAR-$4 MILLION DISPUTE between CLICO Holdings Barbados Limited and Barbados’ largest credit union could be heading for arbitration.
This next step was being pursued by CLICO even though the Barbados Public Workers Co-operative Credit Union Limited (BPWCCUL) was promising to pay the money withheld from CLICO Holdings following the sale of CLICO Mortgage & Finance (now Capita Financial Inc.) in 2010.
According to information obtained by the DAILY NATION, at issue is approximately $4 million that was held back from CLICO Holdings as part of the agreement on the sale of CLICO Mortgage & Finance to BPWCCUL.
The money was withheld while CLICO Holdings made good on three major commitments in relation to the sale of the non-bank financial institution.