CONCERNED INVESTORS and policyholders in CLICO and British American Insurance Company have agreed to form a non-profit organization in order to pursue joint legal action to protect their investment in the two companies.
The group, which will rally under the proposed name of the Barbados Investors and Policyholders Alliance, will be applying for non-profit status to the Minister of Finance.
Over 250 people packed the Ann Johnson Hall at St Gabriel’s School on Wednesday night and agreed to retain attorney-at-law Tariq Khan to represent their interests.
Those attending Wednesday’s meeting were also introduced to the interim management committee, which has been mobilizing the investors and policyholders since the inaugural meeting on February 11.
The group also agreed to press for CLICO to be placed under judicial management without further delay.
In the question and answer session, several people shared their experiences as investors and policyholders, while seeking clarification from Khan on a number of issues.
Khan told the WEEKEND NATION he had felt there was a sense of “inertia” among the policyholders and he had advised them on the range of options available to them and how best they could pursue the matter. He added that the group had taken inspiration from the Trinidad and Tobago policyholders.
Chairman of the interim management committee, June Fowler, told the audience that the turnout was extremely heartening and that it was a source of encouragement to redouble efforts to see that the investors and policyholders got their money back.
