CLICO policyholders “closely monitoring” new developments

 PORT OF SPAIN, Trinidad, Nov 21, CMC – The CLICO Policyholders Group (CPG) says it is “closely monitoring” reports that the former executive chairman of the insurance giant, Lawrence Duprey, is making an attempt to reclaim the company that collapsed in 2009.

Successive governments have pumped billions of dollars (One Trinidad dollar =uS$0.16 cents) into the company and media reports over the weekend indicated that Duprey had made an offer to repurchase the company.

The Ministry of Finance and the Central Bank of Trinidad and Tobago are said to be “looking at very closely” at the matter.

cllicoFinance Minister Colm Imbert, who reported that the matter is at an early stage, said “if and /or when the ministry forms the view that the offer is realistic, a submission will be made to Cabinet”.

But Carlton Reis, a spokesman for Duprey said the former executive chairman had returned here last month and met with officials of CL subsidiaries amid reports that the required funds to repay the Government have been raised.

But in a statement, CPG chairman, Peterr Permell said his group is “closely monitoring these developments with the understanding and expectation that if and/or when Mr. Duprey settles CLICO’s debt to the Government and by extension the taxpayers of Trinidad and Tobago in full, the next key stakeholder group to be settled or paid the balance of money owed to them is the over 15,000 assenting CLICO policyholders”.

Permell said that based on Duprey’s previous statements that he wants to take back his company, “the CPG has already signalled to Mr. Duprey that there is absolutely no way that the former CLICO executive chairman can ever hope to be taken seriously by the investing public of Trinidad and Tobago again if he does not ensure that these policyholders, who have endured tremendous financial hardship and suffering over the past eight years are paid their hard earned money”.

Permell said the CPG will “continue to pay close attention to these negotiations and recommit ourselves to ensuring that all policyholders must be paid all monies contractually due to them”.

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 PORT OF SPAIN, Trinidad, Nov 21, CMC – The CLICO Policyholders Group (CPG) says it is “closely monitoring” reports that the former executive chairman of the insurance giant, Lawrence Duprey, is making an attempt to reclaim the company that collapsed in 2009.

Successive governments have pumped billions of dollars (One Trinidad dollar =uS$0.16 cents) into the company and media reports over the weekend indicated that Duprey had made an offer to repurchase the company.

The Ministry of Finance and the Central Bank of Trinidad and Tobago are said to be “looking at very closely” at the matter.

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cllicoFinance Minister Colm Imbert, who reported that the matter is at an early stage, said “if and /or when the ministry forms the view that the offer is realistic, a submission will be made to Cabinet”.

But Carlton Reis, a spokesman for Duprey said the former executive chairman had returned here last month and met with officials of CL subsidiaries amid reports that the required funds to repay the Government have been raised.

But in a statement, CPG chairman, Peterr Permell said his group is “closely monitoring these developments with the understanding and expectation that if and/or when Mr. Duprey settles CLICO’s debt to the Government and by extension the taxpayers of Trinidad and Tobago in full, the next key stakeholder group to be settled or paid the balance of money owed to them is the over 15,000 assenting CLICO policyholders”.

Permell said that based on Duprey’s previous statements that he wants to take back his company, “the CPG has already signalled to Mr. Duprey that there is absolutely no way that the former CLICO executive chairman can ever hope to be taken seriously by the investing public of Trinidad and Tobago again if he does not ensure that these policyholders, who have endured tremendous financial hardship and suffering over the past eight years are paid their hard earned money”.

Permell said the CPG will “continue to pay close attention to these negotiations and recommit ourselves to ensuring that all policyholders must be paid all monies contractually due to them”.