Cash-strapped CLICO still has some life left in it.
Calling any “attempts” to liquidate CLICO International Life Insurance Limited (CIL) at this time “premature, unwarranted, and unnecessary”, Government yesterday announced the establishment of a new company “to initiate and manage Government’s participation in the implementation of the court-approved restructuring plan”.
A statement issued by the Ministry of Finance also said that directors of the unnamed company chaired by financial analyst Clenell Goodman, were “expected to meet with the judicial managers to be fully apprised as to the current administrative and financial status of CLICO”, and that “once this part of the process is complete, the initial short-term capitalisation of CLICO through the new company will commence”.
But the announcement surprised Patrick Toppin, spokesman for judicial manager Deloitte Consulting Limited. He told the WEEKEND NATION: “I read the media report but nobody has contacted me or any of my people about the company.”
Please read the full story in today’s Weekend Nation, or in the eNATION edition.
