Tuesday, September 14, 2010

President to meet CLICO policy holders.

CLICO Camp Street office

President Bharrat Jagdeo will meet policyholders of the wound up Clico Life and General Insurance (South America) Limited on Thursday to discuss Government’s arrangements for their reimbursement now that the Chief Justice has ruled on the matter.
And he indicated that Government may consider taking possession of some of the buildings that belonged to Clico, including the monolithic structure on Camp Street which since being constructed has not been occupied.

Speaking to reporters at the Office of the President yesterday, President Jagdeo said, “We have over 10,000 policyholders, so we will be meeting with them on Thursday at the Cultural Centre, sometime in the afternoon, and at that time we will discuss how we will move forward. Clearly we have already, based on the decision of the Chief Justice, initiated the process of liquidation of this company.”
According to the President, the liquidator will have to re-advertise a lot of Clico’s assets already put out for sale since no bids came in.
“We are hoping that the bid prices would approximate the book value. We are not sure because that is up to the market to decide, but we are hoping if they approximate to the book value of these assets, then there would be more resources available so that we can see a faster reimbursement of the policyholders,” he said.
Asked whether Government may take possession of the Clico buildings should the sales not come in, the President said that those are decisions that are made after the bids have come in.
“If the bids are too low, then we will have to find alternative arrangements to occupy these buildings and maybe even the State…we do have to build some additional buildings because of the demand for public service. So if we find that the bids are too low, we may very well pay that money in, pay a higher price and acquire these buildings for governmental purposes and therefore there will be more money available to reimburse policyholders,” President Jagdeo said.

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