Clico policyholders are demanding that the People's Partnership Government honour commitments made by the previous Manning PNM government and have asked for a meeting with Finance Minister Winston Dookeran to discuss the matter.A new group called Executive Flexible Premium Annuity (EFPA) Policyholders Group met in Port of Spain Tuesday and lambasted the Government’s plan for Clico depositors.
Dookeran has announced a plan to pay a $75,000 initial payment to Clico depositors and bonds of equal amounts over 20 years for the rest of the money with no interest. That's a departure from the commitments made by the Manning administration and guaranteed by the Central Bank.
The new plan puts financial institutions at risk since commercial banks are holding Clico policies as collateral for assets such as mortgages and cars.
Investors, including persons from abroad, are demanding all their money.
Los Angeles investor Christopher Acquart, who said he represents 25 investors from New York, Washington and Los Angeles, told reporters his group has invested millions into Clico.
Acquart said he didn't take his money out of Clico as a result of the Government’s promise made in January 2009.
He said the government's policy on Clico sends the wrong signal to the international community.
“If T&T wants to continue in the international forum, they have to abide by international rules. What they are doing is getting away with highway robbery. I just hope the present Government puts the word ‘integrity’ with transparency,” he said.
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