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BIPA warns CLICO liquidation may be on horizon

While CLICO policyholders in Trinidad have received news of a $950 million pay-out the head of the group representing investors in Barbados is suggesting that the news may not be so good for local policyholders.

President of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler said with no movement on an approved restructuring plan for CLICO here, “it is quite possible that news will shortly be coming advising policyholders of the liquidation of the company and the consequent loss of their savings and investments and the devastation that will bring”.

Yesterday, Trinidad’s Central Bank Governor Jwala Rambarran announced that CLICO had repaid the government $7 billion and would be paying $950 million in compensation to policyholders in that country.

BIPA president June Fowler

BIPA president June Fowler

But Fowler said that “due to the procrastination and inertia of [the Freundel Stuart] Government” policyholders here would have no such luck.

BIPA said it was particularly struck by Rambarran’s comments at the press conference to announce the resolution. He said, among other things, that the CLICO resolution plan would be executed in the manner outlined and would bring closure to “this deep financial wound inflicted on thousands of CLICO policyholders”.

Fowler said it was ironic that this statement should come out of Trinidad exactly a year to the day the Cabinet in Barbados gave approval to the CLICO restructuring plan for policyholders that was co-created by the Ministry of Finance and the CLICO judicial manager Deloitte Consulting.

If that had been implemented, she said, the first phase of the plan would have already been underway to provide a solution that would have satisfied most, if not all, policyholders.

“It speaks volumes that Barbados had its own potential solution that would have enabled our Government to make a similar announcement to that made in Trinidad today of a satisfactory resolution for policyholders,” she said.

“Instead of that,” Fowler added, “a week ago, our Prime Minister sought to ridicule, belittle and insult EFPA [Executive Flexible Premium Annuities] policyholders from the floor of Parliament, as opposed to communicating empathy for their plight and confirming that the restructuring plan approved by his Cabinet was progressing well.”

Fowler was referring to Prime Minister Stuart’s announcement during the Estimates debate that he had a list of all the EFPA policyholders and he might expose them.

10 Responses to BIPA warns CLICO liquidation may be on horizon

  1. Ann Maria Hill
    Ann Maria Hill March 28, 2015 at 8:32 pm

    When will we the policy holders put a stop payment on our policies?

  2. Rawle Maycock
    Rawle Maycock March 28, 2015 at 8:42 pm

    Insults, are the only payments that you’ll get, the government is a friend of Parris.

  3. Charles Alleyne
    Charles Alleyne March 28, 2015 at 10:07 pm

    Here we have a company which is insolvent but persons trying to keep it open and afloat.Payments should be stop a long time ago i surrender my policy but have not received any money as yet.Why would these other policy holders stop their payments and try to get back there money in a class action suit a long time ago.Look who are going to get the money from the continual exercise lawyers,those who already clean the company out and place it in this position and the judicial managers doing the work.So what is left for the most important people to a company not shareholders but customers in this case policyholders just getting cents on the dollar.It is time to shut this thing down and prepare some lawsuits and try to recover some of the money stolen from this company.Well good for Trinidad they always had a hand on this situation, and now they are doing the right thing is to make the policyholders whole again and kudos to them.Barbados is too connected and their is no accountability but there is a time for reckoning.

  4. Zeke Fahrid
    Zeke Fahrid March 28, 2015 at 10:29 pm

    I’m not partisan here, but it’s apparent that people dismissed Arthur and Mia and all their truths… But believed Thompson, Stuart and Chris and all their lies.

  5. Heather Cole
    Heather Cole March 29, 2015 at 11:38 pm

    Time for a criminal suit. The money has a paper trail

  6. Patrick Blackman March 30, 2015 at 1:30 pm

    These individuals made a financial decision to invest in this company, knowing the risks, now that the risks has materialized, they now want to get back that money from who ever they can manipulate to push their agenda. If you were so greedy to make money on annuities that carried ridiculous returns you should be prepared to loose that money.

    Government should never be involved in this issue, let the regulators and police do their jobs to resolve the issue but as usual some people in this country have more pull or connections than others. Getting in the paper and crying does not move me in anyway, no one twisted your arms and made you invest, you could have invested in government bonds but greed was the order of the day.

  7. jr smith March 30, 2015 at 2:27 pm

    When it comes to the law, you should always beware in Barbados ,because they are friends of the friends of the other friends.
    But this kind of corruption, one day will all come out in the washing.They would then be big trouble in Barbados.

  8. Patrick Blackman March 30, 2015 at 2:58 pm

    JR, you know man you are right, and I understand why, we as a people know that the things done by these criminals are wrong but we don’t hold them accountable for the simple reason that we have been brainwashed into believing that they can help us get a job, a loan or give us a few dollars, so we keep quiet because we have to.

    I remember 25 years ago, I started a recycling operation in this country and went to government for assistance in moving the project forward and was totally shocked to see the number of hands stretched out at the table. From that moment I decided this country was not the place I wanted to raise my kids and I left.

    Its sounds bad but when such behaviour is woven so deeply into society some battles are not worth fighting, they really are not, we just have to move on. Soon we will see that this is going to be the normal (Leaving).

  9. Alec Pierre March 30, 2015 at 5:06 pm

    Patrick Blackman I couldn’t agree more with your statement “Government should never be involved in that issue…”
    Unfortunately when the late Prime Minister made out that invoice to CLICO for $3.333m yes, THREE MILLION THREE HUNDRED AND THIRTY THREE THOUSAND BARBADOS DOLLARS government was well and truly deeply involved. Stick to what you know.

  10. Andrew Rudder March 31, 2015 at 2:44 pm

    Is the day coming soon that we place lots of our finances some where in Palestine and hope and pray for great returns? Thanks to the C L I C O group for great investment and rewards over the period of time. May god bless you all!


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