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CLICO payouts may begin as soon as next week

Sep 23, 2010 News

– says Finance Minister

Policyholders of CLICO (Guyana) will soon begin receiving letters inviting them to visit the company on an appointed day upon which the decisions announced by President Bharrat Jagdeo last Thursday will be implemented and transactions concluded in a timely manner.
Finance Minister Dr. Ashni Singh said during a panel discussion on the National Communications Network (NCN) along with Head of the Presidential Secretariat Dr. Roger Luncheon in which issues relating to the impending payout of CLICO Guyana’s policy holders were discussed.
Dr. Singh noted that with the announcement by the President on Thursday last, in which he declared Government’s injection of $3.6B to ensure policy holders were repaid, came the feverish work by the Liquidator to ensure that this was done in a fast but orderly fashion.
The Finance Minister indicated that this could be as early as next week and inherent in the letter to be received is a telephone number that can be used for the purposes of rescheduling appointments where necessary.
Dr. Luncheon noted that throughout the entire process, Government’s focus has always been on the welfare of the policyholders, as is consistent with the position of the PPP/C administration and vindicated by the popular support of President Jagdeo’s announcement of government’s interventions.
He noted that there was always great concern for the great number of Guyanese that would have been affected, had the matter not been properly handled.
Referring to the fall of CLICO and the ensuing events, Dr. Luncheon pointed out that events of this nature were not frequent in the lives of Governments across the region, and as such deserved careful analyses.

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