President Bharrat Jagdeo of Guyana has told CLICO policy holders in the country they would be repaid their investments.He said it will happen within weeks after his administration secure the GUY$3.6 billion (US$14.7 million) for the payout.
“This amount of 3.6 billion dollars will be utilised to finance the payout of policyholders…and we are hoping that within weeks we can start this payout,” he told CLICO investors Thursday.
He said GUY$ 2.7 billion (US$9.8 million) will be used “to payoff in full all holders of investment, annuity policy and other insurance liabilities not in dispute”.
Jagdeo said that he would be working closely with the Guyana Central Bank and other stakeholders to ensure that payments are made to policy holders and other investors.
He has also given the assurance that his government would continue to safeguard policy holders with other insurance companies in the future.
“That is why we fought tooth and nail to get this one resolved now and I am glad we got it within a year and a half.
"We fought for it, I am determined to never let that happen again in this country, that poor people must suffer because some large peoples supported by political consultants that they delay people from getting their money,” Jagdeo said.
Jagdeo said that the insurance company, whose problems are linked to the financial problems plaguing its parent company, the Trinidad-based conglomerate CL Financial, has assets amounting to nearly GUY$800 million (US$3.9 million) which GUY$100 million (US$490,797) had been set aside for a long-term portfolio to sell to another insurance company.
Last week, Trinidad and Tobago’s Finance Minister Winston Dookeran told Parliament that the of June this year, CLICO and British American combined total liabilities were approximately $23.8 billion (US$3.9 billion) with total assets of $16.6 billion (US$2.7 billion).
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