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Jagdeo administration accountable to CLICO policy holders – PNCR

Mar 26, 2010 News

Leader of the Opposition Robert Corbin says that his party will be holding President Bharrat Jagdeo and the People’s Progressive Party/Civic administration accountable for all deposits of policy holders and depositors in Colonial Life Insurance Company (CLICO) Guyana based on the guarantee which he gave to all policy holders.
Corbin made the statement yesterday in light of the fact that the money invested in CLICO Bahamas is yet to be classified and the Bahamians are in the process of liquidation.
Corbin also drew reference to the fact that there was a motion in the National Assembly which sought to assure policy holders that they will get their money.
President Bharrat Jagdeo in late January whilst speaking on the issue had blasted the court system over the handling of the winding up of the failed insurance giant, Clico, which has $12 billion in liabilities, and some 2,000 policy holders waiting to be paid.
Jagdeo stated that “a frivolous court matter” by lawyers for the company was holding up the court from liquidating the company and selling off its assets to pay policy holders.
According to the President, the company currently has over $3billion in funds to pay policyholders, but that cannot be done.
“The court is allowing this matter to prolong unduly,” Jagdeo declared, mindful that there would be criticism of him trying to interfere with the work of the judiciary.
Jagdeo said that the government was desirous of selling off assets of the company. These include a new headquarters on Camp Street, which has been given a price tag of $1.8 billion by a reputable valuator.
The then Commissioner of Insurance Maria van Beek had set the stage for the legal proceedings when she applied to the court to wind up the company, and the Chief Justice ordered the company be placed under judicial management. That was in early February last year when it was revealed that more than half of the company’s assets ($6.9 billion) were tied up with Clico (Bahamas), which encountered a financial collapse.

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