Clico policyholders group meets Duprey and shareholders group today

Tuesday, May 16, 2017 - 07:00

Representatives of the Clico Policyholders Group (CPG) and the CL Financial (CLF) shareholders, headed by former CL Financial chairman Lawrence Duprey, have agreed to "an urgent closed-door meeting" today.
A statement by both parties says that the purpose of meeting is to discuss three items, namely;

* The recent statements of the Minister of Finance on May 10th in the 2017 Mid-Year Budget Review concerning the CLICO/ CLF Resolution Plan;

* The serious implications of the same for CLF shareholders and the payment of the outstanding balance due to the over 15,000 ‘assenting’ CLICO EFPA policyholders who, as a pre-condition for accepting the PP Government's zero-coupon bond and $75K cash offer in 2012, were required to assign their rights relative to the CLICO statutory fund to the Government as trustee;

*The way forward. 

The groups say a statement will be issued to the media after today's meeting.