Payne questions CLICO Judicial Manager’s pay
A senior attorney-at-law is questioning the substantial pay packet of the CLICO Judicial Manager Deloite Consulting since the collapse of the life insurance company seven years ago.
Member of Parliament for Andrew George Payne yesterday complained that the $13 million the Judicial Manager had been paid was too much for too little work.
“I have my suspicions about the Judicial Manager. I don’t know him, but $13 million – and that is going to be taxpayers’ money – has been paid to the Judicial Manager so far . . and that is in a short space of time. Nobody in Barbados that I know works for that amount of money in such a short space of time,” Payne said in his contribution to the debate on the 2016 Financial Statement and Budgetary Proposals in the House of Assembly this afternoon.
He contended that Government could have saved Barbadian taxpayers millions of dollars had the authorities accepted his suggestion to deal with the CLICO issue through the National Insurance Scheme “in a roundabout way”.
Payne noted that alternatively, some other entity could have dealt with this matter since the company’s collapse.
Meanwhile, the Opposition Barbados Labour Party (BLP) legislator wanted to know if the investors and policyholders’ money was still safe.
“The question with respect to the EC [Eastern Caribbean] investors . . . because you know Ralph Gonsalves, the Prime Minister of St Vincent had expressed some disquiet, and there is still disquiet with respect to the Barbados plan . . . what is the position with respect to that? All these things we need to know,” the senior attorney-at-law said.
The parliamentarian also queried if the staff had been recruited for the new insurance company scheduled to take over the business of CLICO; when the company would commence business and when the financial transfers would be made.
“My understanding is all the agreements have been forwarded even though there might be a few things that might not be proper with respect to the agreements. . . . the legislation to ensure that there is no recurrence and an appropriate investigation as what has transpired,” Payne said.
He also asked about the fate of the shareholders of the British American Insurance Company [BAICO] and whether the funds of those who had been refused a similar arrangement to CLICO had been written off.
Government announced a controversial plan last year to rescue the beleaguered CLICO International Life Insurance Company, which included the formation of a new company, New Life Investment Company Inc (NCLICO), to oversee CLICO’s operations.
Meantime, a restructuring plan was agreed last year for BAICO, which included the transfer of its assets to insurance giant Sagicor.