Acting Finance Minister Vasant Bharath said Thursday Clico policy holders can expect to start getting their monies back within the next couple of weeks. Those with long term investment will be getting their funds within the next four months.
Bharath told reporters at the post cabinet media briefing that the finance ministry is currently finalising the administrative issues for the 21-year bonds to Clico policy holders, which he said will take about two weeks.
However, he said the the legal requirements for the long term Nel 2 is going to take a while.
"I am told by the Chairman of Clico, Mr Yetming, that may take 2 or 3 months as far as the setting up of the vehicle for the NEL shares are concerned. So I would suspect that within 3 to 4 months all these matters will be resolved and policy holders should have their instruments in their hands," Bharath said.
Bharath declined comment on issues that have arisen during the commission of enquiry into Clico and the Hindus Credit Union (HCU). He said it is not for the Government to decide if anyone is to be held accountable.
"It would be for the Director of Public Prosecutions to determine where there is culpability or not. The Government will not make that decision but I think those who are looking on and reading these stories will, to some extent, be horrified at the nature and the scale of what took place," the minister said.
Bharath told reporters at the post cabinet media briefing that the finance ministry is currently finalising the administrative issues for the 21-year bonds to Clico policy holders, which he said will take about two weeks.
However, he said the the legal requirements for the long term Nel 2 is going to take a while.
"I am told by the Chairman of Clico, Mr Yetming, that may take 2 or 3 months as far as the setting up of the vehicle for the NEL shares are concerned. So I would suspect that within 3 to 4 months all these matters will be resolved and policy holders should have their instruments in their hands," Bharath said.
Bharath declined comment on issues that have arisen during the commission of enquiry into Clico and the Hindus Credit Union (HCU). He said it is not for the Government to decide if anyone is to be held accountable.
"It would be for the Director of Public Prosecutions to determine where there is culpability or not. The Government will not make that decision but I think those who are looking on and reading these stories will, to some extent, be horrified at the nature and the scale of what took place," the minister said.
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