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Government to come to the rescue of CLICO

The Barbados government is preparing to come to the rescue of the collapsed CLICO International Life.

Minister of Finance Chris Sinckler

Minister of Finance Chris Sinckler

Minister of Finance Chris Sinckler made the disclosure today, saying the embattled insurance company was in need a “small” amount of money at this stage to keep it going.

He also revealed that Cabinet had already given the nod to a restructuring plan prepared by the company’s judicial managers Deloitte Consulting.

“The restructuring plan will be approved by the High Court and will be executed jointly by the Judicial Manager and a new company that is being put in place that Government has established to manage the assets of CLICO in the various trusts that are to be created for such assets,” Sinckler said.

Under the plan it is envisaged that all policyholders with traditional insurance policies, such as life, health and pension plans, will receive the full value of their policies with the support of the Government.

Holders of individual Executive Premium Annuity (EFPA) policies will receive the value of their principal investment while investors with EFPA policies, other than individuals, will receive shares in the property holding entities.

The plan also envisages the creation of a new insurance company (NEWCO) to take over the insurance business and the creation of separate entities that will own the real estate and other illiquid assets.

Deloitte has said that these property-holding entities will issue bonds to the new insurance company, which will be guaranteed by the Barbados Government.

19 Responses to Government to come to the rescue of CLICO

  1. Princess Tiny Neferua
    Princess Tiny Neferua October 28, 2014 at 7:28 am

    …………….HOW………Why dont you all just sell off Mr Parris and Clico assets and pay the members back they monies….nobody want to be in any relationship with these scammers….

  2. David Hood
    David Hood October 28, 2014 at 7:34 am

    How much times have I heard this story …..nuff pretty talk an that’s all

  3. Fluffy Brokenbird
    Fluffy Brokenbird October 28, 2014 at 8:17 am

    The only Rescue should be the ppl that lost their money or rescuing …… From the hands of these ppl. But only in bdos can ppl do this crap and walk around freely

  4. Addison Cortlandt
    Addison Cortlandt October 28, 2014 at 8:31 am

    Hahahahahah and who’s coming to your rescue?? The IMF?

  5. Latoya Willoughby-Brathwaite
    Latoya Willoughby-Brathwaite October 28, 2014 at 8:39 am

    Trying to rescue everydamn body except the country. Shame ….and while i am at it RESCUE ME PAY ME MY INCOME TAX …. ENOUGH IS SUFFICIENT.

  6. Claire Battershield
    Claire Battershield October 28, 2014 at 10:07 am

    And who coming to the rescue of unpaid workers , unpaid tax returns , lost bursaries and the list goes on ?

  7. Simon Gooding
    Simon Gooding October 28, 2014 at 10:13 am

    …Ha…this is a perfect example of …politicians sold you all out to the banks… vote them to power an they then sell you out…

  8. Treasaigh BruStar
    Treasaigh BruStar October 28, 2014 at 10:34 am

    I swear that since I put that money in BAICO my life has gone downhill financially it was the worst decision I ever make dammit

  9. Terry Clarke
    Terry Clarke October 28, 2014 at 11:24 am

    What About the Policy Holders?

  10. Susan Banfield
    Susan Banfield October 28, 2014 at 11:24 am

    Why don’t Duprey an Parris just put back the ppl money ? Why shud the govt have to rescue them when these two and all the others who was in bed with them are still millionaires ?

  11. David E Hall
    David E Hall October 28, 2014 at 11:37 am

    What about British American policy-holders?

  12. Dario Phillippe Barrow
    Dario Phillippe Barrow October 28, 2014 at 12:10 pm

    An come elections wanna going to still vote then back in because bajans memory short as ass..

  13. Veroniva Boyce
    Veroniva Boyce October 28, 2014 at 3:04 pm

    Blocked Sinc,one project at at time. First on the agenda, Pay all monies owning to the hard working citizens.

  14. Jason Cayenne
    Jason Cayenne October 28, 2014 at 3:40 pm

    Wait for it.

  15. Dean Scantlebury
    Dean Scantlebury October 28, 2014 at 4:56 pm

    No arrests??

  16. Carie Apple
    Carie Apple October 28, 2014 at 5:26 pm

    Dem for real……..this is a twilight zone. This is a real circus starring clowns. People can’t get paid …. basically working for free and dem got de audacity ….the balls …the nerves.

  17. Sheldine Dyall
    Sheldine Dyall October 28, 2014 at 6:37 pm

    Where Clico money is the government should locate it , pay the people the income tax, the million dollars the minister have to pay for the land in St Lucy pay income taxs returns.

  18. Anne Derrick November 19, 2014 at 2:34 pm



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