Clico policyholders paid says Dookeran

June 5, 2012

The Government has processed payments for 83 per cent of Clico policyholders to date, Finance Minister Winston Dookeran has said. “It has been a resounding success,” Dookeran said yesterday in the House of Representatives. “It may have gone unnoticed by T&T but it has been resolved.”

He made the comment while piloting a bill facilitating supplementary funding of $1.5 billion to cover various expenses in ministries. He said the Government had had major challenges with the Clico/HCU issue, as well as other matters pending from the last administration, such as the Alutrint and Rapid Rail projects and payments to contractors.

Dookeran said there had been substantial progress since. He said the Clico situation could have affected ten per cent of the national economy and the possibility of contagion had also existed.  However, Dookeran said, in the last year 23,650 policyholders, out of the total of  27,737, have been processed—83 per cent—to a total of about $9 billion in government expenditure. Among policyholders with less than $75,000, about 10,855 people were paid. Among those with more than $75,000 in deposits, he said 12,803 were paid.