Government Committed To CLICO Restructuring Plan

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The Government of Barbados has today reiterated its full and complete commitment to the Court-approved restructuring plan for CLICO International Life (CIL) and its associated companies.

In keeping with this commitment, consistent with the recommendations of the said plan and following the accepted legal requirements governing how such matters are to be dealt with, Government, through the Ministry of Finance and Economic Affairs, has established a new company to initiate and manage Government???s participation in the implementation of the Court-approved restructuring plan.

The Directors of the company are: Mr. Clenell Goodman – Chairman (Financial Analyst); Mr. Wismar Greaves – Deputy Chairman (former Supervisor of Insurance); Ms. Desiree Cherubin – Former Central Banker and Financial Consultant; Mr. George Hutson – Former Minister of International Business and Accountant;??Mr. Stephen Alleyne – Attorney -at-Law; Mr. Kennedy Sawratsingh – Business and Financial Analyst; and The Director of Finance or his representative.

The Directors of the company held their first meeting with the Minister of Finance, Christopher Sinckler, and senior officials of his Ministry, last Thursday, December 11, at which they were appropriately briefed as to their mandate and responsibilities in effecting the proposed restructuring of CIL.

The Company’s Directors are expected to meet with the Judicial Managers to be fully apprised as to the current administrative and financial status of CLICO. Once this part of the process is complete, the initial short-term capitalisation of CLICO through the new company will commence.

Meetings will also be held with all other critical stakeholders, including the Barbados Association of Policy Holders and Investors (BIPA), as well as national and regional regulators.

The Ministry of Finance and Economic Affairs wishes to advise that contrary to any impressions which may have been drawn from recent media reports, the Government of Barbados cannot under law transfer any financial resources directly to CLICO or the Judicial Managers from the Consolidated Fund.

Such resources can and will be transferred to the new company for the management of its affairs and the execution of the proposed restructuring of CLICO once all of the necessary arrangements are in place.

The Judicial Managers are fully apprised of this. Any attempts to place CLICO International Life or its associated companies into liquidation will therefore be premature, unwarranted and unnecessary.

Author: Ministry of Finance/BGIS
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