(Barbados Nation) Judicial Manager Deloitte Consulting has settled on a multimillion-dollar solution to the CLICO International Life (CIL) debacle; one that covers all 30 000 investors and policyholders in the failed insurance company.
Under the new plan, Executive Flexible Premium Annuity (EFPA) investors would receive a maximum of Bds$25 000 in cash while the remainder of their investment, as well as that of traditional CIL policyholders, would be handled by a new entity.
But the proposed solution still needs the financial backing of the governments of Barbados, Trinidad and Tobago and the Eastern Caribbean, which are being called upon to provide a guarantee of approximately Bds$372 million.
The SUNDAY SUN has obtained a copy of the proposal, communicated by Deloitte Consulting’s chief executive officer (CEO) Oliver Jordan in a confidential May 15 memo to the Barbados Government. The full document is due to go before regional leaders at next month’s CARICOM Heads of Government Conference in St Lucia.