“$52m injection to replace Clico”

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GOVERNMENT HAS FOUND a solution to the CLICO International Life Insurance mess it hopes will stick this time around.

Minister of Finance Chris Sinckler revealed yesterday during his 2015 Budget in the House of Assembly that if the court approves the plan this week, a replacement company to CLICO will begin operation with a $52 million cash injection.

The new company, called New Life Investment Company Inc (NLICO), Sinckler said, was incorporated by the Ministry of Finance and Economic Affairs since January 26 this year as a regular business company.

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