Hundreds of millions of dollars in high-interest CLICO investments will become due later this year and Minister of Finance Chris Sinckler says the judicial manager is working hard on a resolution to the ongoing problem.
Sinckler told members of the insurance fraternity meeting at the Lloyd Erskine Sandiford Centre yesterday: “We will work assiduously to bring this matter to an end. Our deadline is June this year . . . . and I think that given what we know exists in terms of the Executive Flexible Premium Annuities – many of which come due in 2012 – a resolution has to be found before that.”
CLICO International Life and British American Insurance Company are subsidiaries of the failed Trinidad and Tobago-based financial giant CL Financial which collapsed in early 2009.
“I am bound by the courts so I can’t say everything that I know . . . . But I think that we have moved to the stage where we now know what we want to do and know what we have to do,” Sinckler pointed out.
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