Monday, November 22, 2010

Dookeran is the problem, Clico policyholder group tells reporters

Winston Dookeran told the Trinidad Express Sunday there is no truth in a statement that he would resign as Finance Minister if there is any "fundamental" change to the CLICO bailout plan" that he proposed during the budget,

Deputy chairman of the CLICO Policyholders Group, Peter Permell, stated Sunday that Dookeran has threatened to quit his cabinet portfolio over the Clico matter. Permell claimed that Dookeran has single-handedly stopped the CLICO issue from being properly, saying it borders of "political blackmail and extortion".

However Dookeran has denied that. "There is absolutely no truth to those allegations. The matter is before the Cabinet now and the Government's decision will be revealed at the right time," Dookeran told the Express.

In his budget presentation on September 8, Dookeran offered Clico policyholders and investors direct cash payment of up to $75,000 with any amount over that to be paid in equal instalments over 20 years with no interest. He has said he expects to begin payment in December.

But stakeholders have rejected that and promised to go to court if necessary.

The cabinet subsequently appointed a ministerial team to meet stakeholders to try to work out a compromise arrangement. The team, head by Vasant Bharath, has presented its recommendations to cabinet but so far no decision has been taken.

Permell told reporters Sunday his team has accepted a proposal to have the affected policyholders paid 40 per cent of their funds in an initial payment, with the balance over a maximum period of seven years.

"The proposal we have put on the table will not cost taxpayers any more funds," Permell said.

Permell said the proposal was discussed in Cabinet on three separate occasions, but there has still been no official word from Government on a way forward. He added that reliable sources within the People's Partnership Government have said Dookeran has objected to the preferred plan.

He said policyholders would not accept the initial payment plan on the table under any circumstances. "If there is a showdown we are prepared for that showdown," Permell said.

"I want to put the Minister of Finance and his advisers on notice...We are not making joke. We have found the problem and the problem is Winston Dookeran, there is no other problem in this issue. The only person who is against our proposal and against having this matter settled is Winston Dookeran.

"And he must know that he cannot hold the Government to ransom and the country to ransom for whatever reasons best known to himself. That is not acceptable and that is the message we want to get across.

"We want a happy ending to this, we don't want the train wreck and we are seeing the train wreck coming. As sure as night follows day, a train wreck is coming." Permell reiterated that legal action against the State is a last resort.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai