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CIL restructuring to get going in January

The long-awaited restructuring of the collapsed CLICO International Life Insurance Company (CIL) will begin early next month.

Minister of Finance Chris Sinckler told Barbados TODAY he had already met with the new board of directors, which should be ready to hit the ground running in January.

Sinckler said overall, the process of restructuring was expected to take about two years to complete, but assured that policyholders and investors of CIL would not have to have to wait that long to get back their money.

Chris Sinckler

Chris Sinckler

“The company is in the process of establishment, we have met with the directors. I have met with them personally. I have given them their marching orders. Very early in the New Year they would be meeting with the judicial managers to get an assessment on the current financial and administrative state of CLICO and fully engaging the process of restructuring,” he added.

However, Sinckler warned that “there are a number of moving parts that have to brought all within a central vortex so we can have everything working in concert”.

He also stressed that the current restructuring was only focused on the Barbados aspect of the process.

“The OECS [Organisation of Eastern Caribbean States] has not completed their analysis in order for them to execute the OECS part of the plan, so we are going ahead with the Barbados part of the plan first and making sure that we can properly secure those policyholders and investors.”

Meanwhile, CIL’s judicial manager, Deloitte Consulting, is due to return to the High Court  in January following its recent announcement that it was prepared to go ahead with liquidation of the company.

Immediately after that announcement, Government responded saying that any move to liquidate CLICO would be “premature, unnecessary and unjustified”.

And today, the Minister of Finance stressed that the judicial manager was aware of the status of Government’s plans to restructure and form a new company.

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