Barbados PM Assures Policy Holders Their Principal Investments In CLICO Will Be Returned
The Government of Barbados is ensuring policy holders in the embattled CLICO Holdings (Barbados) that they will receive the principals of their investments based on current information available.
By: gop - Thursday, Mar 17, 2011 - 12:00:00 AM
Prime Minister (PM) of Barbados Freundel Stuart speaking during the 2011
Estimates Debate yesterday in The House of Assembly, has spoken to the issue of
The PM has reiterated that The Government of Barbados is committed to
ensuring that people get their principal investestments in CLICO.
The situation concerning CLICO Holdings (Barbados) was recently brought to
the fore as that company's former executive chairman, Leroy Parris was recently
cited in the media because he was suing the company.
Mr. Parris, according to media reports, will be claiming over $10 million
from CLICO Holdings (Barbados). The details were disclosed in High Court writs
filed by attorney-at-law Michael Yearwood on Parris' behalf, claiming a total of
over $10 million from CLICO Holdings (Barbados) and CLICO International Life
Insurance. In one of the court documents, Parris claimed that CLICO Holdings
breached his contract when they failed to pay him the $10 million gratuity
payment by May 15, 2008. (nationnews)
In 2009, the then Opposition leader of the Barbados Labour Party (BLP), Mia
Mottley, filed a motion of no confidence on February 27, 2009, against Prime
Minister David Thompson over his handling of what has become known as the CLICO
The motion, which failed, contended that the Prime Minister (Thompson) misled
more than 38,000 CLICO policyholders, because the company's statutory fund
deficit was US$46.5 million (BDS$93 million) at the end of 2007.
Prime Minister Thompson during the debate had reaffirmed his commitment to
the policyholders and investors in CLICO Holdings (Barbados) Limited, as well as
its 1 600 employees, adding that Eastern Caribbean governments were prepared to
take their cue from the Barbados government.(cananews)
During the 2011 estimates, Prime Minister Freundel Stuart said that treating
the CLICO issue like a political football is not the way to handle the issue. PM
Stuart also said that based on information he was privy to, the government was
committed to ensuring people get their principal investments in CLICO.