(Trinidad Express) Finance Minister Larry Howai said yesterday that once negotiations with CLICO policyholders and shareholders are complete, the government will move to consider all its options to recoup the nearly TT$20 billion of taxpayers’ money it shelled out to save the failed insurance giant.
Howai announced on Monday during his Budget presentation that he had added the CLICO debt to the country’s overall debt, increasing the debt-to-GDP level from about TT$38 billion to TT$46 billion. He had said the CLICO/Hindu Credit Union issue had dragged on for too long, and intended to bring matters to a close by the end of this year.
When the CLICO Invest-ment Fund begins trading on the local stock exchange next January he had said, that action would bring the CLICO matter to an end.
Speaking during the American Chamber of Commerce (AmCham) annual post-budget breakfast meeting yesterday at the Hilton Trinidad, Howai said once the arrangements can be properly negotiated with the Executive Flexible Premium Annuity holders and other CL Financial shareholders, he would “certainly consider” all the options of divestment or sale (of CLF assets) to local companies to recoup funds put out by the Government. “This will then help us to reduce our debt-to-GDP level,” he said.
Howai’s statement was in response to ANSA McAL chief operating officer Gerry Brooks’ query of whether the Government would consider local and regional companies when considering divesting CLF assets.
CLF assets include Angos-tura, TruValu Supermarkets, the HCL Group of Companies and Health Net, as well as CLICO and British American Insurance Company.
