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Payne: $52m Clico injection not enough

Barbados Nation

Payne: $52m Clico injection not enough

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PROPOSED $52 million injection aimed at finding a solution to the CLICO International Life Insurance mess has been given the thumbs down by an Opposition MP.

Instead, St Andrew representative George Payne is suggesting that the company should be liquidated.

Speaking during the debate on the 2015 Financial Statement And Budgetary proposals yesterday, Payne described Government’s handling of the Clico affair as a national tragedy and a crying shame.

During Monday’s Budget, Minister of Finance Chris Sinckler said if the court approved a plan, a replacement company to CLICO, called New Life Investment Company Inc (NLICO), would begin operations with a cash injection that would allow it to satisfy “the immediate cash needs of the policyholders”.

Please read the full story in today’s Daily Nation, or in the eNATION edition.