Gaston Browne aims to meet Kamla to discuss Clico

News Sean Douglas 5 Hrs Ago

Gaston Browne, Prime Minister of Antigua and Barbuda. -

ANTIGUA and Barbuda Prime Minister Gaston Browne hopes to meet Prime Minister Kamla Persad-Bissessar to discuss compensation owed to former Colonial Life Insurance Company (Clico) and British American Insurance Company (Baico) policyholders across the region, reported Antigua News on December 2.

Clico, a local financial giant that had diversified into energy, beverages and construction, suffered major liquidity problems in 2009 in wake of the global crash of 2008 and was taken over by the government which gave bailouts to TT investors.

Antigua News reported Browne saying the issue remains a major concern for hundreds of affected residents in Antigua and Barbuda and thousands more throughout the Eastern Caribbean who lost investments after the the collapse of Clico and Baico over a decade ago.

The story said the TT government had promised US$100 million toward a regional relief initiative, but Browne said only 40 percent had been paid to date.

“With the commitment that was made, we still have a significant amount outstanding,” Browne stated.

“On the basis that she attends, I will certainly ask for bilateral discussions with her on how we go about settling the money which she had pledged several years ago.”

Browne said he expected to discuss the matter directly with Persad-Bissessar during the upcoming Caricom Heads of Government Meeting in St Kitts and Nevis due in February.

Browne said Persad-Bissessar’s previous administration had shown a strong intention to address the matter and he was optimistic about progress.

“I am very thankful that her administration had shown seriousness about the issue in the past,” he said. “From this standpoint, I hope she remains consistent and we can bring further relief to the Clico-Baico situation.”

After the collapse of Clico and Baico thousands of investors in the region were affected. Some governments have negotiated partial settlements and undertook restructuring measures, but many policyholders were still awaiting full recovery of their funds.

Browne vowed to continue to advocate for affected residents and expects TT, as the home jurisdiction of the failed insurance conglomerate, to honour its commitments in full.