Wednesday, April 24, 2024

CLICO red light

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It’s crunch time for the future of CLICO International Insurance Limited (CIL).

Unless the promised funding is soon received from Government, a recommendation to wind up by way of liquidation will be the only alternative. And if this occurs, it could mean anxious policyholders will have to wait even longer to get any money back.

In addition, judicial manager (JM) Deloitte Consulting Limited – acting through Patrick Toppin – have suggested the plug should be pulled on their work, after being paid $9 million over the last four years.

In the meantime, CIL’s cash intake continues to plummet here from $16.7 million in cash receipts from all its business for 2012, to $5.6 million for the first six months of this year. And in the Eastern Caribbean from EC$13.2 million in 2012 to EC$5 million for the first six months of this year.

Please read the full story in today’s Daily Nation, or in the eNATION edition.

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