Clico policyholders disappointed with PP gov't plan; calls it an about-turn

The Clico Policyholders Group is disappointed with the statement that Finance Minister Winston Dookeran made in parliament Wednesday with respect to government's position on paying stakeholders, noting that there has been no real change..

“The Clico Policyholders Group (CPG) is very disappointed but not in any way surprised by the statement in Parliament yesterday (Wednesday) morning of Winston Dookeran, in that there has been absolutely no variation from the original Dookeran Plan,” said Peter Permell, deputy chairman of the Clico Policy holders Group.

The budget provided for short-term holders of Clico policies to get $75,000 cheque and 20 annual zero interest bonds. Dookeran has remained firm that his decision was final.

According to Permell, “We hate to say it but it is simply a case of we told you, the nation, so...In fact, we said very clearly at our media conference on Sunday last that we had found the “problem” and the problem is Winston Dookeran.”

He wondered why the entire Cabinet has made an about-turn in the face on the issue after suggesting that it would consider alternative proposals.

Permell said the CPG’s proposal is superior both in terms of technical soundness and minimal social cost to the more “draconian, callous and uncaring one” of zero per cent over twenty years. 

“What is clear is that policyholders cannot accept zero per cent over twenty years,” he said.