I am writing to express my complete dissatisfaction with the position you have taken regarding the non-payment of outstanding monetary entitlements to "assenting" Clico policyholders.
Over twenty years ago, I began investing my hard-earned money in Clico as a means to establish financial stability for my family.
At that time, as a widow with four children under my care, financial prudence was (and still is) of paramount importance to me, so when I was told that the money I had invested in the Executive Flexible Premium Annuity (EFPA) was backed by a statutory fund, this brought great ease to my mind as an investor.
In the wake of the collapse of Clico in 2009, I like many other policyholders, became very worried as to what would happen to my investment.
However, the then People's National Movement (PNM) administration assured us that we would be repaid in full all monies owed to us [policyholders].
After the PNM lost the general election in 2010, the prospects of repayment of monies outstanding to policyholders seemed grim, as the stance by the then new People's Partnership administration was a complete deviation from what was proposed by the PNM administration in 2009.
Then when the PNM was victorious at the polls in 2015, I was pleased to hear during your first budget statement that this new PNM administration was willing to resolve this Clico matter amicably with all policyholders.
Fast forward to July 2016, I was taken aback to hear you announce that assenting policyholders would not be paid our contractual entitlement and only those who did not accept the Government's 2011 offer would be covered by the Clico Resolution Plan. This is unfair.
I cannot help but feel deceived, betrayed and disappointed by you and your administration with this stance you have taken.
Over these past six years, I have been patient and I have watched helplessly as Clico made payments to other stakeholders, that is, the ex-directors of Clico and their companies, in the tune of several million dollars, which was paid with ease. But the policyholders have been put through hell and back to acquire what is rightfully ours. Mr Imbert, I am in my early sixties and I am not in receipt of a monthly pension. In light of this, I accepted the government's 2011 offer as I did not have the money to hire an attorney to fight my case in this Clico matter. Should I be punished for this? Certainly not.
In closing, I would like you to be mindful that we all make mistakes, and we all have fallen short of the glory of God in one way or the other.
And I truly believe every man deserves the gift of redemption.
As such, I hope that you would not hesitate to seize the opportunity to redeem yourself as a man of integrity and a man of your word, by honouring your commitment to ALL Clico policyholders regarding the payment of outstanding monies due.
Thank you for hearing my plight.
Petronela Clarke
Clico policyholder