(Trinidad Guardian) The Government has agreed to reconsider its Clico payout plan if a suitable alternative can be found. This assurance came from acting Minister of Finance Vasant Bharath as he met with representatives of the Clico Policyholders Group at the Ministry of Food Production offices in St Clair, Port-of-Spain on Thursday. “We will try now to see what sort of proposals, alternative proposals which could possibly be put to the committee which we can then take back to Cabinet,” he said. “We clearly understand that not all knowledge resides with the Ministry of Finance nor with the Cabinet of Trinidad and Tobago,” said Bharath.
He committed his Government team of Legal Affairs Minister Prakash Ramadhar, Education Minister Dr Tim Gopeesingh, Energy Minister Carolyn Seepersad-Bachan and Minister of Tobago Affairs Vernella Alleyne-Toppin to listen to the views of the policyholders. The Clico Policyholders Group included financial consultant Peter Permell, the Credit Union League’s Brian Moore, chartered accountant Dick Hobday, businessman Prem Beharry, Clico agent Emmanuel Lawrence and Percy Farrell, who initiated legal action against the Central Bank on the Clico issue last week. “Our country presently faces a perilous situation with regard to the Clico affair. There is not a day when we do not discover more and more issues which potentially could have serious and deleterious effects on the financial system in Trinidad and Tobago,” Bharath said.
“I don’t think there is any desire, or any wish, for any involved in the Clico issue either shareholders or concerned citizens to want to put self interest above the interest of the nation. I don’t think for a moment anyone in this room would harbour those interests,” he said. Permell, the group’s spokesperson said the meeting was a preliminary one and he was hesitant to disclose details as it would prejudice future meetings. The Government has proposed to make a TT$75,000 initial payment to Clico policyholders and 20 bond coupons (one for each year) at zero interest. But this plan has generated widespread condemnation among Clico policyholders, including the credit unions.
