Dookeran not worried, says PP government planning action to prevent future meltdown

Winston Dookeran isn't bothered by the threat of legal action by the Clico policyholders group, which passed a no confidence motion in the minister Sunday and has written to the Prime Minister asking her to remove Dookeran from the finance portfolio.

Dookeran told the Trinidad Guardian he is not going anywhere. And he said there is no truth to charges by the group's deputy chairman Peter Permell that he threatened to resign if Cabinet did not accept his proposal to the resolve the Clico issue.

“I don’t know where Mr Permell gets his information from but all I can tell you is that there is absolutely no truth to his most recent allegation,” Dookeran told the paper.

Permell made the claim at a meeting in Sunday at which the group agreed to take action to recover all of their investments in the failed insurance company.

Dookeran said Government is taking action to pass legislation to prevent future meltdowns like what happened at Clico and the Hindu credit Unuion (HCU).

“I want to indicate to the national community and the financial sector that it is not expected that the Government would have to pay out failed companies in the past. We will be passing legislation both at the credit union level with respect to the Insurance Act to make it something that will not happen so much, of course.”