Two bills to allow government to complete the payout to CLICO investors have now passed in both houses of Parliament.
The Senate approved the measure on Saturday with Independent Senators voting with Government; the six opposition Senators voted again the bills.
During the debate former minister of finance in the Manning PNM administration Mariano Browne admitted that the administration made a mistake by not paying the $12 billion that was required to settle the matter in 2009.
Browne said the PNM administration was not brave enough to do it, fearing defeat at the polls if it did. And he said that error has now cost the taxpayer an additional $3 billion, since the cost for the payout is now $15 billion.
The former minister said he was not involved in the bailout because of his close connection with CLico's parent company, CL Financial and his personal interest. he said to get involved would have been a conflict of interest.
Attorney General Anand Ramlogan explained that no one will be forced to accept the bailout offer, which includes shares in Republic Bank, one of the profitable companies in the CL Financial group.
However, Ramlogan said anyone who accepts the offer would give up the right to sue the Government to recover any monies.
Read related story: T&T passes bill to settle CLICO matter, depositors to get Republic Bank shares
The Senate approved the measure on Saturday with Independent Senators voting with Government; the six opposition Senators voted again the bills.
During the debate former minister of finance in the Manning PNM administration Mariano Browne admitted that the administration made a mistake by not paying the $12 billion that was required to settle the matter in 2009.
Browne said the PNM administration was not brave enough to do it, fearing defeat at the polls if it did. And he said that error has now cost the taxpayer an additional $3 billion, since the cost for the payout is now $15 billion.
The former minister said he was not involved in the bailout because of his close connection with CLico's parent company, CL Financial and his personal interest. he said to get involved would have been a conflict of interest.
Attorney General Anand Ramlogan explained that no one will be forced to accept the bailout offer, which includes shares in Republic Bank, one of the profitable companies in the CL Financial group.
However, Ramlogan said anyone who accepts the offer would give up the right to sue the Government to recover any monies.
Read related story: T&T passes bill to settle CLICO matter, depositors to get Republic Bank shares
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