Barbados Investors & Policyholders Association (BIPA) Reacts to Appointment of Judicial Manager for CLICO International Life Insurance Limited

"(BIPA) also wonders why, despite the national importance of this most serious matter, no senior member of government felt it necessary to make the announcement regarding the official appointment of the Judicial Manager, leaving the policyholders, yet again, to discover the latest development in their fate in the general media."

We, the concerned CLICO investors and policyholders, are heartened by the report published in the news media that the firm Deloitte Consulting Limited has been appointed officially as Judicial Manager of CLICO International Life Insurance Limited by the Supreme Court of Barbados. This is a step which the investors and policyholders have been agitating for over the past few months.

However, the group regrets that it has taken this length of time to make serious efforts to assess the true financial status of CLICO, and to make restitution to the persons who invested in this company in good faith. The group also wonders why, despite the national importance of this most serious matter, no senior member of government felt it necessary to make the announcement regarding the official appointment of the Judicial Manager, leaving the policyholders, yet again, to discover the latest development in their fate in the general media.

{FILE IMAGE} "The massive number of retirees who are adversely affected by this debacle threatens the viability of the concept of a just society, as well as Barbados’ reputation as a safe destination for overseas investment."

The massive number of retirees who are adversely affected by this debacle threatens the viability of the concept of a just society, as well as Barbados’ reputation as a safe destination for overseas investment. This is why better management of the situation and the safeguarding and securing of the company’s assets for equitable distribution to all is paramount, and is the very least social and economic justice required of this situation. The very enormity and implications of the potential economic impact should have galvanized a more aggressive, swift and responsible approach to this issue.

We trust that the process will include a truly forensic audit of the company and all its activities; that the powers of the Judicial Manager and the Court will be fully exercised, and that the outcome will restore confidence in the company for all those who have policies with CLICO.

All of us who entrusted our hard-earned money to CLICO in the Executive Flexible Premium Annuities offered by the company, in order to provide for our futures, look forward to getting back all that is owed to us, sooner rather than later.

In the interest of transparency and accountability policyholders expect to receive a full report as to how the company was managed. Nothing but full disclosure is anticipated.

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