T&T’s National Insurance Board seeking to recover over TT$600m from CLICO

(Trinidad Express) The aftershocks of the CL Financial collapse continue to be felt as the National Insurance Board of Trinidad and Tobago (NIB) is seeking to recover more than TT$600 million from CL subsidiary CLICO.

The issue was brought up yesterday as officials of the NIB met with the Public Accounts Committee (PAC) at Tower D, International Waterfront Centre, Port of Spain on the NIBTT accounts for 2010.

PAC member and Attorney General Anand Ramlogan noted that figure of TT$625 million was on the NIB books as a receivable and questioned how “realistic and practical” that was or whether it was wishful thinking.

NIB acting executive director Karen Gopaul said they had discussions with the Finance Ministry and they were still attempting to get the money. “We are hopeful in that regard,” she said.

She said the NIB believed the organisation fell under the category of creditors in a Memorandum of Understanding (MOU) by the State. PAC chairman Colm Imbert asked if the NIB hoped to recover the money from Government and Gopaul said this was one option the NIB was looking at.

Imbert responded that the money has “to come from somewhere” as there was “no money tree in the Ministry of Finance” and this would be another liability on the books. Ramlogan pointed out that the sum could artificially inflate the accounts and questioned if there was a contingency plan if it was not received and had to be written off as a bad debt.

NIB chairman Adrian Bharath said the board was looking at the “worst case scenario” regarding the impaired assets.

PAC member Anil Roberts chided the NIB for continuing to make deposits into CLICO from 2008 to 2009 when it was public knowledge that CL Financial was on the brink of collapse. He asked what measures were being put in place to ensure this did not reoccur.

Gopaul said the deposits were small and were redeposited, and noted that the NIB had a new investment policy and was looking at the limits of authority.

Roberts also asked if steps had been taken to prevent interlocking directorships as occurred with former NIB chairman Calder Hart, who was also chairman of Home Mortgage Bank and also head of the Trinidad and Tobago Mortgage and Finance Company.

Bharath responded that the chairmen of these entities were all different people.

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. A police officer attempts to escort Rushelle Gittens out of the court compound

    Woman threatens to kill cop at city court complex

  2. Colin Rodney

    Cop charged with taking bribes

  3. Marisha Bowen

    Bahamian man charged with killing Guyanese teacher

  4. Citizens fleeing country due to crime, IAC says

  5. Tricia Loo

    East Canje woman jailed over cocaine in suitcases

  6. 15-year-old charged with murdering suspect in sister’s abuse

  7. Jean Rodrigues

    Woman shot in crossfire between cop, fleeing bandit

  8. Linda, the mother of the suspect, displaying his football gear and accolades in a bid to prove his innocence in front of the Brickdam Police Station.

    Mother turns in alleged suspect in market shooting

  9. Amir Oren

    American Amir Oren at the helm as SCS readies to roll out parking meters


Recommended For You