“It is my belief the Cabinet is not unreasonable and therefore if there is a better proposal which doesn’t jeopardise the economic situation then I’m certain Cabinet will consider it,” Bharath told the Trinidad Guardian.
Bharath is chairing a special inter-ministerial committee set up by cabinet to meet with Clico stakeholders to discuss the bailout plan announced in the budget.
That proposal is for persons with investments in Clico to get a maximum of $75,000 in cash and any outstanding balances as government IOUs spread over 20 years at zero per cent interest.
While some people have welcomed it, many others to substantial investments are opposed and have even stated the move is illegal.
Last week Prime Minister Kamla Persad-Bissessar announced that she will set up an inquiry into the CL collapse as well as the liquidation of the Hindu Credit Union (HCU).
Bharath told the Guardian, “My mandate is to meet Clico shareholders and anyone with concerns on the issue to hear what their views and any proposals they may have and take it to Cabinet.
The minister fully supports the government's plan. However he admits that the proposals may not be the final situation. He said that is why the government has decided to go out and speak to the people “on what the actual deal is.”
He added, "We had to be understanding of the fact that there are people who stand to lose money...Also at the same time everyone has to understand the Government’s position and that of the economy.”
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