Saturday, April 27, 2024

June deadline

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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.
Read the full story in today’s DAILY NATION.

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