More than 1,000 Clico policyholders have so far successfully completed their transactions since the payout process began, the Government Information Agency (GINA) says.
The statement comes after Cabinet Secretary Dr Roger Luncheon was reported as telling reporters on Wednesday that about 150 Clico policyholders had retrieved their assets in full since the start of the disbursement plan outlined by President Bharrat Jagdeo.
“Head of the Presidential Secretariat Dr Roger Luncheon at the time of his post Cabinet media briefing on October 6 said that 150 transactions are occurring on a daily basis,” GINA said yesterday.
The release said that the policyholders who have gotten back their assets in full belong to the persons with investments under $30 million.
The government has made available $3.6 billion, including $3 billion from Caricom’s Petroleum Fund, to finance the payout. $2.7 billion of this amount is expected to be used to pay off in full all holders of investment annuity policies and other insurance liabilities which are not in dispute. The remaining $900 million will be used to pay larger policyholders up to a maximum of $30 million each with priority being given to institutional policyholders, the release said.
On September 10, Acting Chief Justice Ian Chang ruled that CLICO be liquidated. Lawrence Williams, Governor of the Bank of Guyana, was subsequently appointed as liquidator.
