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CLICO Policy Holders Start To Access Their Money

By: Gordon Moseley

 

Persons with CLICO policies have begun accessing their money as the liquidator moves forward with the process. Letters have been dispatched to policy holders and account holders indicating to them various days when they should visit the company’s camp street office to begin the process of getting their money back.

Reports indicate that some persons have already been approved for payments as records are being checked and double checked. Once you have less than 30 million dollars in the company, you’ve made the cut to access your money however there is no interest attached for the past year.

But today the process was halted for several hours when a bomb threat was received at the company’s camp street office. Workers and customers hurriedly left the building as the police, the fire service and the bomb squad were called in.

Nothing was found and by afternoon it was back to business. When CLICO Guyana operations folded early last year, thousands of policy holders were left out in the cold, uncertain of what would become of their money in the company. When the liquidation process begun there were some challenges in the high court but they were eventually thrown out, paving the way for the government to step in and outline how it intends to move on with the process. Most of the policy holders are catered for in the current process.

Guyana however still intends to continue its quest to get back money that CLICO Guyana says it invested in CLICO Bahamas. CLICO Bahamas has said it has no records of the Guyana investment forcing Guyana to move to the courts. A significant amount of CLICO Guyana’s assets found its way in the Bahamian investment market, there are calls for a full investigation into just how the company was being operated.

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