Barbados still seeking settlement of CLICO debacle

(Barbados Nation) The Freundel Stuart administration is still seeking a settlement of the near half-billion-dollar CLICO International Life Insurance debacle, which should be announced by June.

But Minister of Finance Chris Sinckler has told the SUNDAY SUN that a CLICO resolution must be one that reflects the interests not only of the 30 000 insurance policyholders and investors but the other 240 000 Barbadians, if the state is required to fix the CLICO mess.

“June is the date which we have set ourselves,” he pointed out. “That is the date that the judicial manager has said looks feasible, based on what they have before them, and that is what we are working towards. We hope that nothing derails that process and that is where we are, at the moment.

“Our goal is to ensure that people get the best out of the circumstance as is humanly possible . . . . The judicial manager has recommended four different options.”

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