Policyholders welcome judicial manager

Concerned Investors and policyholders in CLICO International Life Insurance have expressed regret over the length of time it took to make “serious efforts to assess the true financial status of CLICO, and to make restitution to the persons who invested in this company in good faith”.
In the statement released today, the group welcomed the appointment of Deloitte Consulting Limited as the judicial manager by the Supreme Court and said this was a step it had been agitating for over the past few months.
The group, however, queried why “despite the national importance of this most serious matter, no senior member of government felt it necessary to make the announcement regarding the official appointment of the Judicial Manager, leaving the policyholders, yet again, to discover the latest development in their fate in the general media”.
“The massive number of retirees who are adversely affected by this debacle threatens the viability of the concept of a just society, as well as Barbados’ reputation as a safe destination for overseas investment.  
“This is why better management of the situation and the safeguarding and securing of the company’s assets for equitable distribution to all is paramount, and is the very least social and economic justice required of this situation,” the statement said. (NB)