The Government today said with the mandate set out by President Bharrat Jagdeo for CLICO policyholder to receive their money in full is going according to the plan. More than a thousand persons who invested under 30 million dollars have received their money so far and expressed appreciation.
According to the head of the Presidential Secretariat Dr. Roger Luncheon, Cabinet was advised about the futile efforts of some who continue to derail this process having failed at the level of the courts and have attempted to delay the completion of the activity.
President Jagdeo on September 16th, 2010 meeting with more than a thousand policyholders said the Guyana Government will make available $3.6B to finance the payout which will be executed within weeks. About $2.7B will be used to pay off in full all holders of investment annuity policies and other insurance liabilities not in dispute, subject to a maximum limit of $30 million per policyholder.
According to the Head of State, a total of 4,366 holders of executive flexible premium annuities and other undisputed claims against the company will be paid in full.
