(Trinidad Express) Government has to date paid TT$1.1 billion to CLICO and British American executive flexible premium annuity (EFPA) investors with contracts valued at TT$75,000 or more.
This represents payments to 2,177 people, the Ministry of Finance said in a statement yesterday.
Earlier yesterday, Finance Minister Winston Dookeran told reporters at the Chaud Restaurant in Port of Spain that 93 per cent of contract owners had been repaid.
Some of the remaining seven per cent are living abroad and a few may have incomplete documentation or are being processed.
Dookeran said he was advised yesterday the first bond offered to contract owners with over TT$75,000 in EFPAs was redeemed last week.
The bond was redeemed for about 80 cents on the dollar.
Banks and financial institutions have started offering customers options to redeem or invest their bonds.
The Finance Ministry statement said funds were issued through payment of $75,000 to individuals with the remaining balance paid through the issuance of bonds.
Bonds with maturities from one to ten years may be traded at registered financial institutions between now and March 31.
Bonds with maturities from 11-20 years may be exchanged dollar for dollar in what Dookeran said was now called the CLICO Investment Trust.
