IT IS GOING TO TAKE a lot more than $30 million to salvage the insurance company CLICO’s local operations.
Senior lawyer Ralph Thorne made this assessment Sunday night while addressing a joint meeting of the Barbados Labour Party’s Christ Church South and Christ Church West Central constituency branches at St Lawrence Primary School.
Thorne said there were reports that with a $30 million investment, a new company would run the CLICO operations, but an insurance company which had been trading in “billions of dollars yearly could not be run on such a small budget. It cannot be run with $30 million,” he told the gathering.
“It cannot start with $30 million. After you pay staff and pay benefits every month, $30 million cannot take you past a few months,” he added. (TY)
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