Guyana has received US$15 million from the CARICOM Petroleum Fund to help reduce the gap between assets and liabilities at CLICO Guyana's investment in CLICO Bahamas.
Trinidad and Tobago established the fund in 2004 to help CARICOM member states deal with economic challenges caused by high international crude oil prices.
However, Guyanese President Bharrat Jagdeo successfully lobbied for an exception to be made for Guyana in this case.
"This is a regional problem and requires a regional solution... I argued for an additional US$15 million to come from that fund (for) Guyana to assist with CLICO," he said in an interview with the Stabroek News.
CLICO Guyana invested roughly $35 million in CLICO Bahamas, or 53% of its assets. These funds were invested in the failed Florida real estate market.
CLICO Guyana was subsequently placed under judicial management following the liquidation of CLICO Bahamas on February 24.
Stabroek News quoted Jagdeo as saying the Guyanese government is monitoring the court case in The Bahamas and is waiting on the chief justice to rule on the liquidation of the Guyanese subsidiary.
In the Bahamas, CLICO Guyana attorney John Wilson told the court on Friday his clients have not yet received any determination with regards to their claim, and that he has not been served documents in relation to the winding up request.
He further noted that he has yet to receive any response from the liquidator on the status of the claim filed by CLICO Guyana, which he said is potentially the largest claimant in the liquidation of CLICO Bahamas.
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