Peter Permell is advising CLICO policyholders with less than $75,000 invested in the failed financial institution to take the money that the government is offering them.
However, the deputy chairman of the CLICO Policyholders Group is not giving up on a plan to take the state to court over the matter. On November 28, the policyholders group voted to take legal action against CLICO, the Central Bank and the Government.
Finance Minister Winston Dookeran has offered a cash payment of $75,000 to all Clico investors, with those who have more than that amount getting 20-year bonds with no interest.
However, the deputy chairman of the CLICO Policyholders Group is not giving up on a plan to take the state to court over the matter. On November 28, the policyholders group voted to take legal action against CLICO, the Central Bank and the Government.
Finance Minister Winston Dookeran has offered a cash payment of $75,000 to all Clico investors, with those who have more than that amount getting 20-year bonds with no interest.
Dookeran said the payout should begin in January after officials clear up the administrative issues relating to the matter.
Permell issued a media release Sunday in which he advised investors with up to $75,000 to "take their cheque and run with it" since it amounts to the recovery of 100 per cent of their investments.
"Additionally, it is now a fact that the funds of $1.5 billion to make good this payment have already been allocated in the 2010-2011 budget. We also understand from reliable sources that the logistical arrangements would have already been worked out," the release stated.
Permell said he understands that the government plans to set up distribution outlets across the country for policyholders to get their money.
Permell issued a media release Sunday in which he advised investors with up to $75,000 to "take their cheque and run with it" since it amounts to the recovery of 100 per cent of their investments.
"Additionally, it is now a fact that the funds of $1.5 billion to make good this payment have already been allocated in the 2010-2011 budget. We also understand from reliable sources that the logistical arrangements would have already been worked out," the release stated.
Permell said he understands that the government plans to set up distribution outlets across the country for policyholders to get their money.
Persons who have money tied up in the failed Hindu Credit Union are also getting their money from the government, up to a maximum of $75,000. That payment will be handled by the Deposit Insurance Company and is expected to begin in January as well.
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