THE COLLAPSE OF CLICO International Life Insurance Ltd (CIL) has been described as a private sector failure that the Government is trying to bail out.
Minister of Finance Chris Sinckler outlined strategic proposals in the form of a “restructuring plan” in a near hour-long presentation in the House of Assembly yesterday.
The proposed injection could see new hope for policyholders and investors.
“It is not a government failure, it is a private sector failure which the government is doing as they say in America ‘bailing out’ the private sector. And we have had to do this on a number of occasions with entities but that is what a government is there to do – protect the interest of its citizens and its investors. We are the port of last call, if that is the case then that is what we are,” the minister said. (SDB Media)
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