Barbados PM Assures Policy Holders Their Principal Investments In CLICO Will Be Returned

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 CLICO.

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 issue.

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.