Permell has new hope for Clico payments

The deputy chairman of the CLICO Policyholders Group is encouraged by a statement by Prime Minister Kamla Persad-Bissessar that there could still be an amendment to the CLICO issue and pre-empt legal action.

Peter Permell was referring to a statement in the Prime Minister's New Year's address to the nation. Here is what she said:

"We have announced certain plans for both CLICO and the HCU (Hindu Credit Union). We ask you to trust us and promise that when the economic circumstances change there is all likelihood that the 20 years proposal could also change."

Permell issued a statement in which he said the group views the statement with renewed hope and cautious optimism. However he suggested that the link to the economic circumstances of the country is of concern since it is likely to get worse in the short term.

"Nonetheless, we are persuaded that her statement sends the correct signal at this time and has the potential to open new vistas of opportunity for meaningful dialogue and collaboration that hopefully could result in a win-win resolution of the CLICO debacle, ahead of our intended litigation later this month," Permell said.

He is hoping to meet with Persad-Bissessar to find a solution that will benefit the country and his membership and he challenged the People's partnership government to embrace 2011 "as a fresh chance to write a new script and seize new opportunities."

He added, "More specifically, we wish to extend a hand of partnership to the Hon Prime Minister for us to meet at her earliest convenience, put whatever negatives that might have transpired in 2010 behind us so that together we can truly forge a win-win solution for the sake of our country."