“For those with TT$75,000 and under there are no qualms really and those that have more money than TT$75,000 there are some personal issues they may want to consider,” he said “I will anticipate that policyholders in my view by Carnival hopefully, we would expect and hope that the policyholders will get money,” Ramlogan said.
“Maybe some have been saying it is a blessing in disguise that things did not work out as planned because had they gotten their money for the Christmas it may very well be that in the new year it may not have worked out as nicely. So maybe it is a blessing in disguise that we hold strain as it were and the monies will come at the right time for people to be able to start the new year with money in their pocket,” he said.
In December Finance Minister Winston Dookeran had estimated that the payout of policyholders would be “January at worse”.
Ramlogan said that policyholders who opt to accept government’s proposed payout will not be able to sue the State afterwards.
A clause is being included in the terms and conditions of the payout to make certain of this, Ramlogan said.
Dookeran budget proposal is a lump sum payment of TT$75,000 in the form of a Government IOU to those investors whose principal balance exceeded that amount and an amortised balance payment at zero interest over the next 20 years.
The CLICO Policyholders Group, which is opposed to Dookeran’s 20-year payment plan, has signalled its intention to take legal action against CLICO, the Central Bank and the Government.
Deputy chairman of the CLICO Policyholders Group, Peter Permell, has advised policyholders with less than TT$75,000 invested to take full advantage of Dookeran’s bailout plan. Policyholders with more than TT$75,000 invested would persist with the planned lawsuit, Permell said.
