TT gov't considering 3 plans to fix Clico problem

The government of Trinidad and Tobagio is looking at three alternative recommendations to the Dookeran plan for Clico stakeholders.

JYOTI understands that at least one of the plans will satisfy policholders and investors without the state having to put out any taxpayers dollars.

Cabinet has appointed an inter-ministerial team headed by Agriculture Minister Vasant Bharath to meet with stakeholders to try to find a solution to the Clico problem. 

Prime Minister Kamla Persad-Bissessar made the move after a public outcry against the Dookeran plan announced in the budget on september 8.

That plan would have given a maximum of $75,000 to investors with any balance to be paid over a 20-year period in equal instalments with no interest. Both Dookeran and the Prime Minister said it was the best of three plans suggested by experts.

However they said later that they are willing to consider any alternative arrangement that will work if if does not add to the burden of the taxpayer.

The Bharath team has met with the Clico Policy Holders’ Group, which submitted proposals. No further meetings have been planned at this time. Reports suggest that the two sides have found "an optimal solution" that satisfies the major concerns of all stakeholders.

One of the plans suggested as an alternative would give Clico investors their money without adding to the US $600 million already alloocated for the bailout.

Cabinet is expcted to consider the plans at its regular meeting Thursday but is unlikely to make a final decision since Bharath is away attending a CARICOM conference in Grenada. 

In addition JYOTI understands that the Bharath team wants to look into another proposal which would repay everyone without dipping into the treasury.