Clico policyholders begin getting bond allocation letters

Finance Minister Winston Dookeran receives his copy of Citibank’s Investment guide 2011-2012 from Citibank’s Chairman (Trinidad and Tobago) limited Suresh Maharaj. Guardian photo by NICOLE DRAYTON

Clico policyholders began receiving bond allocation letters Monday, according to a report in the Guardian newspaper.

It quoted Finance Minister Winston Dookeran as saying that he has been told about the issue but was not able to verify the details.

“I was told that the first bond was made available today, which I will verify. The rates are very attractive and it will not be so for all times in terms of getting the right discount rates for the bonds,” Dookeran said. 

“We cannot predict for all times that a favourable discount rate would be available. All I am saying is the window of opportunity will not be here all the time. 

“So it is in the interest of those who get their bonds to go and redeem it if they wish at this point and as soon as possible. The minimum rate is around 80 cents and, in some cases, the financial institutions are advertising for higher rates,” he said.

Dookeran was speaking to the reporters at the ceremonial opening of the T&T Investment Guide 2011 to 2012 in Port-of-Spain. 

He said the Government has already made payments to 93 per cent of people holding contracts of over TT$75,000 and there is no problem in payments. 

“Things are going well with the Clico Investment Trust as opposed to National Enterprises Ltd operations. As I speak all the work is being done to launch it formally,” Dookeran was quoted as saying. 

He added that about 93 per cent of those entitled to the money have been covered. The balance, he said, would go into Clico to access the bonds. 

However while the money has been paid most beneficiaries living abroad have bot yet accessed it If there are those in Trinidad who do not have it they just have to go and get it, the minister said.