Prime Minister Kamla Persad-Bissessar gave an assurance Sunday that changes will be made to the original plan for Clico policyholders. The plan announced by Finance Minister Winston Dookeran was rejected by stakeholders.
On Sunday, the main policyholders group accused Dookeran of blocking an alternative plan and warned of a "showdown" if the cabinet did not change the Dookeran plan.
However the Prime Minister said the Government will debate the Finance Bill in the House on Wednesday at 10.30 am, with Dookeran outlining “the way forward” with respect to Clico and its parent conglomerate CL Financial.
She said there have been "variations in the Government’s proposals" on Clico following consultations with stakeholders. “Remember that I have said you must first listen and then lead,” Persad-Bissessar said.
There are two parts to the plan. The first is to pay $75,000. The other will see payments of the outstanding balance in equal instalments over 20 years with no interest.
Reports say the first part is not a problem and that will go ahead as planned, starting in December.
However there will be changes to the second part. The plan before cabinet is for an initial payment of 40 per cent with the balance being paid over five to seven years.
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Jai & Sero
Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai
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