Guyana’s President Bharrat Jagdeo said every single cent invested by the eleven thousand nine hundred and ninety CLICO Guyana policyholders will get back their money in full.
The President was at the time this afternoon addressing hundreds of policyholders at the National Cultural Center.
He pointed out that after the courts have ruled for the liquidation of CLICO Guyana, the Government is moving to have every policyholder to get back their money invested and the Government is putting up 3.6 billion dollars to make this possible.
He said the Guyana Government is the only one where CLICO operates that is subsidizing to help the policy holders regain their money.
The Guyanese President said within a few weeks persons who invested 30 million dollars and less will be paid while those who invested above 30 million will have to wait a little longer.
The President also pointed out that with this particular matter he will lead from the front and lashed out at the judicial system which recently ruled for the liquidation of the assets of CLICO having the policyholders to wait for almost a year and a half because of one man who filed an injunction against the Government to have the company liquidized.
On September 10, Chief Justice Ian Chang ruled that CLICO be wound up and that the Bank of Guyana be appointed liquidator for the purpose of executing the order for the company’s winding up.
The ruling complements Government’s efforts to ensure that the company is wound up so that there is an orderly resolution of the difficulties it encountered and that the public’s interest is protected.
The CLICO debacle stemmed from volatility in the global financial sector that resulted in the Bahamian regulators, obtaining a liquidation order on February 24, 2009 from the courts in relation to CLICO Bahamas Limited.
The Guyana Government subsequently approached the High Court and obtained an order placing CLICO under judicial management.
The President also used the opportunity to mention that Guyana financial system is the strongest in this part of the world and this was tested by consultants of the International Monetary Fund (IMF)
