Former attorney general Ramesh Lawrence Maharaj is considering taking criminal action against Government and other high public officials for possible misconduct in public office and conspiracy to defraud Clico policyholders.Maharaj revealed this to about 250 members of the United Policy Holders Group, which he represents, at a meeting at Gaston Court, Chaguanas, yesterday.
His threat comes in the wake of Central Bank's recent announcement that Clico will pay off 85 per cent of the total claims of regular policy holders within three months.The final 15 per cent will be paid after the sale of Methanol Holdings Ltd.Maharaj's argument is that the Government, when it assumed office in 2010, said Clico had no money to pay the policy holders.The insurance giant collapsed six years ago under the former administration amidst claims of corruption which included then government officials.
It received a multi-billion dollar bailout from the Government.Maharaj said the People's Partnership had promised to pay off the policy holders but reneged.He asked how come, all of sudden, Clico has the assets to pay policy holders, noting there was no record of an increase in assets five years ago.
Implying it is an election gimmick, Maharaj said the Government's inaction in paying policy holders led to physical, emotional and educational deaths.He said the policy holders' legal team met in London last week and drafted a letter to be sent to Central Bank Governor Jwala Rambaran asking for clarification in the matter.He said the Central's Bank's response will influence the outcome of the hearing of the policy holders' case at the Privy Council in January 2016.
Maharaj advised the policy holders to take their 85 per cent and still go ahead with the case.He said if they win this case, they will have to be paid all their monies with interest, as ordered in a High Court judgment, and not have to wait for the sale of Methanol Holdings for the remaining 15 per cent.He told the policy holders they were not sure when they would get the remainder of their money.