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Track down all CLICO assets and liabilities

Apr 30, 2009 Letters

Dear Editor,
The President, Minister of Finance and Government are manfully dealing with the many financial problems which have suddenly arisen. The most urgent and biggest is CLICO. CLICO could easily be solved if approached methodically:

1) The CLICO shares in the Berbice Bridge have been bought by NBS. So this is eliminated.

2) CLICO Insurance and Pension Funds are being dealt with by the Judicial Manager who is taking the right course of action. Government, however, has to make quick and detailed arrangements to track down all CLICO assets and liabilities since some are not so easily seen. The CLICO (Bahamas) debt to the local CLICO is an example. The Miami and Gulf States investments should be carefully analysed.

3) The third major CLICO investment/liability here is the Skeldon Sugar Factory done through the Angostura subsidiary. The first thing that has to be done is for Government to re-take any asset CLICO/Angostura may have, to save it from liquidators, as Antigua has done in respect of Stanford. The second thing to do is for the Government and DDL to drop their court action immediately since events have overtaken this action and to keep it going is a useless waste of public funds.

And the third thing is to immediately put the Distillery to bids again, or more sensibly, to bring about a quicker and more profitable solution, to have DDL run it. This hurdle could easily be cleared, but if there is delay, the matter would become complicated and institutionalised. This issue could easily and immediately be eliminated and the President’s Office and Ministry of Finance should take quick action.
Harold K. Jameson

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