Not our fault!

Sinckler says government not to blame for delay in BAICO and CLICO bailouts

Minister of Finance Chris Sinckler is distancing himself and the Freundel Stuart administration from any delays associated with the restructuring and bailout plan of the collapsed British American Insurance Company (BAICO) Ltd. and Colonial Life Insurance Company Ltd. (CLICO).

In tabling an amendment to the National Insurance and Social Security Bill 2017 in Parliament Tuesday morning, Sinckler expressed disappointment over the length of time it was taking for the matter to come to a close.

Last December, High Court judge William Chandler approved the transfer agreement between CLICO and the two companies which would take over its business – New Life Investment Company Inc. (NLICO) and Resolution Life Insurance Limited (ResLife).

That same month, fellow judge Jacqueline Cornelius also signed an order approving the transfer scheme and the sale and purchase agreement presented in the judicial manager’s final report last year, regarding transfer of BAICO’s individual life and annuity policies to insurance giant Sagicor.

Both CLICO and its sister company BAICO ran into severe financial difficulties in 2009, with investors and policyholders feeling the squeeze since then, as they continue to await closure of the matter.

However, a visibly upset Sinckler said Tuesday: “I too, like anybody else, have my frustration as to why up to now, between the judicial manager, the court and whoever else is involved in the process at that level, that we cannot get these matters dispensed with.”

Sinckler lamented that when all was said and done it was close to $800 million that the Government of Barbados and taxpayers would have to underwrite to bail out the two companies.

He said Government had already agreed to the restructuring plans, as well as drafted legislation to facilitate them, while revealing that the $50 million loan from the Central Bank to help with CLICO bailout was yet to be used.

Government had also approved guarantee of close to $100 million to help with the restructuring and transfer of BAICO portfolios.

“I continue to urge and, in fact, I said clearly that I am not spending another cent of the taxpayers’ money or approving another cent of the taxpayers’ money to be spent until I see that this matter is resolved. Nobody ain’t getting paid another cent until these matters are dealt with,” an adamant Sinckler said.

“I agree yes, they are complicated [matters] and information cannot be found, and this has to be done, and the judge is on vacation. I have heard all of it. But I want to place on record it is not because of the fault of the Ministry of Finance or anybody in the Government that we have not yet gotten to the stage where these things can be executed,” he stressed.

Sinckler issued a word of warning to those holding up the process to “just get on with it and let the people get their money, get this thing resolved and let’s move on to something else”.

The under-pressure Minister of Finance said while he was not seeking to put the blame on anyone, Cabinet and Parliament had given their support for the bailout plans for which Government provided the necessary funds.

“I want to say and place it on record that it is not for [lack of] of trying and intervention and agreement by the Ministry of Finance or the Government of Barbados that anything in relation to those two bailout scenarios have been delayed. Everything they have asked me to do, I have done,” insisted Sinckler, while pointing out that the companies were still under judicial management and the “direction of the court”. marlonmadden@barbadostoday.bb

39 Responses to Not our fault!

  1. Peter Gittens
    Peter Gittens July 12, 2017 at 12:35 am

    More tax payers money?… nsrl money…

    Reply
  2. Philip F. Corbin
    Philip F. Corbin July 12, 2017 at 1:00 am

    Stupse……this man Sinckler !

    Reply
  3. Sonia Seale
    Sonia Seale July 12, 2017 at 1:02 am

    It is never their fault.

    Reply
  4. Boyce Jr Angus
    Boyce Jr Angus July 12, 2017 at 3:12 am

    When wunna good friend Leroy done trick we ppl ta pay for unna campaigns…. Smh….its my fault then……smdh

    Reply
  5. Charles Alleyne
    Charles Alleyne July 12, 2017 at 3:29 am

    A lot of fluff and talk too me just utter rubbish.The whole issue of setting two more companies was so wrong on so many levels and it is the reason why those persons are very reluctant to go this route.I always contend to sell the assets and all other portfolio of theses two companies and paid the policy holders.BIPA has failed its members so badly by refusing to bring a class action suit against these companies but instead the leader of such a group was more concerned with what this so called minister and government fed her.So after about 9 years policyholders are still suffering.The courts they too never see the victims in this whole situation and by doing so they give these companies and they shareholders a pass.Our country is to small and connected.I am saying right now to persons do not put one red cent in these companies because they going to run by another set of bandits.Enough said

    Reply
    • Michael Goodman
      Michael Goodman July 12, 2017 at 7:37 am

      I don’t think I have ever read so much ill informed crap in one paragraph. Clearly this is someone who has absolutely no idea of the facts or the phenomenal amount of work that has gone on and continues to this day in the background bringing a resolution to the situation within the next few months.

      And by the way BIPA DID take out an action against the directors of CLICO and, out of 25,000 Barbadian policyholders, got the support of just over 200. The action is still with the court so that if there is any change in the situation, it can be re-ignited, despite the enormous cost and lack of support from policyholders.

      And by the way, one of the reasons this has taken so long is that there is no way it will be “CLICO 2”. Every i has been dotted, every t crossed, every compliance met, and a brand new team of highly respected people at the helm and in the back and front offices.

      And also by the way, if the assets (such as they were) had been sold, the policyholders would have had to wait many years and would have been lucky to get 50 cents on the dollar. They will now get ALL their money. That, and that alone is why BIPA resisted liquidation.

      Oh, yes. And the money from Central Bank is a loan.

      If you have something to say, check your facts first.

      Reply
      • Randolph July 12, 2017 at 8:01 am

        Michael what else can you expect from a DLP supporter?sheer crap of course.

        Reply
    • Cisco Wolf
      Cisco Wolf July 12, 2017 at 8:33 am

      It is clear from his response Mike that he doesn’t have a clue. Pure jobby.

      Reply
    • Charles Alleyne
      Charles Alleyne July 12, 2017 at 9:41 am

      Michael Goodman …sir it is you who do not a clue as to what is going on sir.i am a policy holder and I have to asked you are you one?i read both of these report on the malfeasances committed running the company and nothing has been put in place to prevent this from happening again.

      Reply
    • Charles Alleyne
      Charles Alleyne July 12, 2017 at 10:41 am

      Cisco Wolf ,Michael Goodman..i am appalled that both of you giving the impression i do not know what i am talking about.Sir I have been a policyholder for the past 15 years and I must asked both of you are you policyholders?I went and sat down ,read both of those reports and the malfeasances which were committed in both of those companies it cried out for serious reform and legislation for the companies act.I must informed both of you that I received a letter from the Judicial Manager about two months ago as it relates to a judgment that was handed down by the court.The judgment which states… that any surrender policies after the Judicial Manager took control of the companies will be null and void .Which means this will give the Sagicor time to recoup their monies from their purchase of those policies and health insurance in the 5 year period, and at the same time policyholders has been prevented from receiving any monies within those 5 years, but they would have to wait after that time which is further hardship.So both of you Mr Michael Goodman and Cisco Wolf!!! before you come on here please get your facts straight and do the research… because you saw a news report and hear a so called politician trying to put forward a case for government it would be best if you do your research sir.Have a good day.

      Reply
      • Michael Goodman July 12, 2017 at 11:28 pm

        Just for the record Charles Alleyne, I am a CLICO policyholder and one of the founding members of BIPA.

        Over the years, in my capacity as a member of the BIPA Leadership Team, I have attended all but two of more than 20 Supreme Court hearings for the two companies, right up to last week. Since the two reports from some years ago which you mention you have read, I have read literally hundreds of pages of Submissions, Affidavits, Draft Agreements, Orders and case law that have been issued right up to this morning. I have attended countless meetings with the Judicial Managers of both CLICO and BAICO, the Solicitor General, representatives of the Ministry of Finance, the Financial Services Commission and the Central Bank of Barbados.

        I think you will find I have just a little more access to the accurate facts than you.

        And by the way, as a policyholder, did you join BIPA? No, I didn’t think so.

        Reply
  6. hcalndre July 12, 2017 at 4:55 am

    Charles Alleyne I agree 100% with your comment and especially with the last line. One friend said that Clico was in good hands (Allstate) the other said that the policy holders were greedy because they catch at the high interest. Madoff an old man got 150 years jail in the US. for the people`s money but Barbados is going to Knight this fellow.

    Reply
  7. Lilian Lloyd
    Lilian Lloyd July 12, 2017 at 5:14 am

    THERE IS NEVER A BLAME MOMENT WITH THE DEMS STAY TUNED FOR THE NEXT EPISODE

    Reply
  8. Bobby Gilkes
    Bobby Gilkes July 12, 2017 at 5:33 am

    Tell them chris like them want you take the blame them like them mad …… walks away slowly

    Reply
  9. Itz Queen
    Itz Queen July 12, 2017 at 5:35 am

    Look what politicking do to Chris,where is that round face ,look at stress

    Reply
    • Natalia Reid
      Natalia Reid July 12, 2017 at 6:13 am

      Stress??? Dat is all uh he sins and misdeeds showing in he face! He bound to look haggard!!

      Reply
    • Lavern Hinds
      Lavern Hinds July 12, 2017 at 7:11 am

      Couldn’t have said it any better myself

      Reply
    • Ryan Bayne
      Ryan Bayne July 12, 2017 at 8:09 am

      His is a face of the enemy.

      Reply
    • Noel Jones
      Noel Jones July 12, 2017 at 8:24 am

      You mean enemy of the state

      Reply
  10. Bajan July 12, 2017 at 5:37 am

    This is sad.

    Reply
  11. Alex Alleyne July 12, 2017 at 5:47 am

    Can the policyholders take this to the CCJ ???????.

    Reply
  12. Sheldine Dyall
    Sheldine Dyall July 12, 2017 at 6:10 am

    You’re the finance minister

    Reply
  13. Sheryl Smith
    Sheryl Smith July 12, 2017 at 6:18 am

    Once upon a time…they lived happily ever after…The End.

    Reply
  14. Andrew Simpson
    Andrew Simpson July 12, 2017 at 6:42 am

    Could someone please explain this to taxpaying citizens who are being led down the garden path? Krystle Mavis Howell, Jeremy Stephen, Duane Burke and a program on Bitcoin might also be timely. Who can we trust?

    Reply
  15. Mr. Crowley July 12, 2017 at 7:28 am

    The appointed judicial managers have been paid for the last 7 years….and continue to be paid. How much millions? The longer this process drags on the more money they collect….from the same company that can’t pay its policy holders. What a sick joke!
    The managers/agents of this company had a fiduciary duty to the policy holders (being bound ethically to act in the other’s best interests) they too pocket their money with impunity. The B’dos government via the Supervisor of Insurance was negligent and and also abandoned their fiduciary responsibility. Too many people benefited and continue to benefit from this tragedy.

    Reply
  16. Jackie Griffith
    Jackie Griffith July 12, 2017 at 7:28 am

    Blame the BLP as usual.

    Reply
  17. Nicole Haynes
    Nicole Haynes July 12, 2017 at 7:54 am

    Grow some balls . It is your fault

    Reply
  18. Nicholas Mackie
    Nicholas Mackie July 12, 2017 at 8:05 am

    Those annuity deposits should never have been allowed – the company is not owned by the government and is under judicial management so what can the MOF do?

    Reply
  19. Ryan Bayne
    Ryan Bayne July 12, 2017 at 8:08 am

    This is a face of the enemy.

    Reply
  20. Winnie Meade
    Winnie Meade July 12, 2017 at 8:09 am

    Is the minister chris sinckler sick he dont look too good to me he look so sick i hope not

    Reply
  21. Kym Reigns
    Kym Reigns July 12, 2017 at 8:10 am

    I still waiting on my mother life insurance pay out since 2008, carry wunna tail!!!

    Reply
  22. Errol Rayside
    Errol Rayside July 12, 2017 at 8:24 am

    parasite.

    Reply
    • Milli Watt July 12, 2017 at 8:47 pm

      now now Errol……..language

      Reply
  23. Patrick July 12, 2017 at 11:00 am

    I realised that you must be critical of the government to get your comments posted

    Reply
  24. Patrick July 12, 2017 at 11:04 am

    Boyce Jnr, Let people who had money invested talk about Clico, half of you who are posting comments never invested a cent, you all just want be political

    Reply
  25. Wendell Kirton
    Wendell Kirton July 12, 2017 at 11:30 am

    You have to Held accountable for your actions man up and take it sir

    Reply
  26. Tony Webster July 12, 2017 at 4:07 pm

    It’s Gearbox fault, aided and abetted by Ossie Moore.

    Reply
  27. Troy July 12, 2017 at 7:47 pm

    Sinckler feel he dealing with a population of female rabbits or wuh? It’s never your fault or the government’s.

    Reply

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