Kaiteur News, May 27, 2009 - CLICO (Guyana) prepared to appeal Bahamian classification

Colonial Life Insurance Company (Guyana) says that it intends to appeal to the courts if the liquidator appointed for CLICO Bahamas fails to admit Guyana’s claim and pay the debt it owes, according to attorney John Wilson.
Wilson reported on Monday last, that his clients have submitted their claim to liquidator Craig ‘Tony’ Gomez after being invited to do so.

 

Who Owns CLICO Bahamas?

The Bahamian Prime Minister, HUBERT INGRAHAM, says CLICO Holdings (Barbados) Limited owns CLICO Bahamas!

COMMUNICATION ON CLICO (BAHAMAS) LIMITED BY RT. HON. HUBERT INGRAHAM PRIME MINISTER & MINISTER OF FINANCE COMMONWEALTH OF THE BAHAMAS (2 March, 2009)

Mr. Speaker,
I wish to make a statement to Parliament regarding the facts and circumstances surrounding the present state of CLICO (Bahamas) Limited (CLICO) …

The parent company of CLICO is CLICO Holdings (Barbados) Limited, a company incorporated in Barbados. CLICO Holdings (Barbados) Limited is itself owned by CL Financial Limited, the ultimate parent company of CLICO. CL Financial Limited is headquartered in the Republic of Trinidad & Tobago with an audited asset base in excess of US$11 billion as at December 31, 2007.

 

Why Bajan Taxpayers Should be Concerned

CLICO Holdings (Barbados) Limited is privately owned, why should the Bajan taxpayers care? Look at the situation in Guyana. NIS funds were invested in CLICO. The situation is similar in Barbados. Taxpayers’ money is involved with CLICO. Is the involvement enough to threaten the Barbados pension scheme? Should Prime Minister David Thompson initiate an investigation like the one in Trinidad?

If CLICO Holdings (Barbados) Limited is held liable, I think Bajan taxpayers will see their money going to Guyana.


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