Clico bailout on hold: Report

The Newsday newspaper reported Monday that the Trinidad and Tobago government has put on hold the bailout plan for Colonial Life Insurance Company (Clico) "until it has reached a consensus with these policyholders and other stakeholders on the way forward", citing top government officials.

Prime Minister Kamla Persad-Bissessar announced on Friday that government officials will hold these discussions with a view to finding a working solution to the problem. However, she was adamant that the CL matter has cost the government billions of dollars and any payout will be coming from taxpayers.

She said cabinet has appointed an inter-ministerial sub-committee team led by Food Production Minister Vasant Bharath to meet with various stakeholders to hear and consider their views.

Newsday said Government officials have said because of the consultations the government would not proceed immoderately with the the bailout announced in the budget. Instead it with until Bharath’s sub-committee reports back to Cabinet.