(Trinidad Guardian) The Clico Policyholders Group (CPG) yesterday said that it has received several complaints from Clico policyholders who have not received either the TT$75,000 cash payment or the confirmation letters of bond holdings (allotment letters).
The Government began processing the payments of the revised offer since December 1. In a statement, the CPG said that it was “particularly concerned about this development in light of the fact that policyholders were initially advised by the Ministry of Finance and CLICO that cash payments will be made and the allotment letters provided within 7 days and 10 days respectively after acceptance of the offer.”
The CPG said it hoped the current delay being experienced by policyholders with investments of over TT$75,000 would not be a repeat of what happened last year to persons with policies of less than TT$75,000. “The national community would recall the date for that payment became a moving target, at first policyholders were promised before Christmas 2010 then it shifted to early in the new year and then eventually to after Carnival 2011,” said the organisation. The organisation called on the Ministry of Finance and/or the CBTT to immediately issue a statement explaining the reason(s) for the delay and clearly indicating precisely when payments will be made. CPG said its call for a statement was being made in the context of where confidence levels are at this time and the “serious financial challenges that policyholders have been facing over the last year and four months and which they continue to face.”
