Finance Minister Ashni Singh on Monday disclosed that since the appointment of a liquidator, 4,567 Clico (Guyana) policyholders have uplifted cheques totalling $3.1B.
Addressing the upheaval caused by the collapse of Clico after its Trinidad parent company had to be bailed out in January 2009, Singh said:
“Elsewhere in the financial sector, the resolution of the Guyana chapter of the regional Clico debacle came a few steps closer as the Court granted the application to liquidate the company and appointed the Governor of the Bank of Guyana as the liquidator. The liquidator having been appointed, Government announced and provided an injection of $3.6 billion to fund immediate payouts to holders of investment annuity policies and undisputed insurance liabilities subject to a maximum of $30 million per policyholder.
Since then, policyholders have been written to and invited to visit the company on appointment. To date, 4,567 policyholders have visited and uplifted cheques totalling $3.1 billion. Judicial and other action will continue to be pursued in order to realise the remainder of the company’s assets, and steps taken to discharge the balance of its liabilities.”
