CLICO policyholder, Bishop Simeon Hall is commenting on the new developments coming out of Trinidad and Tobago concerning repayments to policyholders.
ZNS News spoke with Bishop Hall at New Covenant Baptist Church. He said, “the CLICO debacle is again what I call when capitalism goes south. I’m glad to see that there’s a light at the end of the tunnel. I understand that a court in Trinidad ruled that they should repay people for what they lost. We can still have faith in the court system even though sometimes we doubt them. And then secondly the push of the government, I think both governments over the years, successive governments, have done something to bring us to this point.”
Hall says that he has received some of his money back from CLICO. “A lot of people called me. They still call me some twelve years later. We had a meeting here and some five, six hundred persons showed up at a meeting here. And they were all waylaid, some of them wanted us to take more aggressive action.”
Twelve thousand people are affected by the CLICO matter including government and creditors. According to documents from the Central Bank of Trinidad and Tobago, phase one of the repayment exercise includes the government which will be paid first as the largest creditor as well as 1,700 policy holders who held short term investment products.