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Govt takes over two CLICO firms


Govt takes over two CLICO firms

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PORT OF SPAIN – The government has acquired two companies from collapsed insurance giant CLICO – Occidental Investments Ltd and Oceanic Properties Ltd – at no cost.

Instead, these two companies which hold assets that are part of the Golden Grove Estate in Tobago – the area being considered for a Sandals resort – will be offset by the debt owed by CLICO to Government.

The Sunday Express understands the two companies will be transferred to the Golden Grove Buccoo Company Ltd which was formed to negotiate with Sandals.

It is chaired by Neil Wilson.

In response to questions, Central Bank communications manager, Nicole Crooks, said: “The transfer of these subsidiaries to GORTT (the Government) is near completion and will be used to reduce CLICO’s liabilities to GORTT under the CLICO resolution plan.” 

The Sunday Express was unable to determine the valuation placed on the companies and what impact it would have on CLICO’s overall debt to Government. (Trinidad Express)