Bridgetown.
The Government of Barbados main focus should be on Barbadian policyholders in any effort to find a solution to the CLICO problem.
Speaking at a spot meeting of the Barbados Labour Party (BLP) held at Amity Lodge, Christ Church, last night, Leader of the Opposition Owen Arthur responded to comments made by Minister of Finance Chris Sinckler the previous night at a meeting held by the Democratic Labour Party.
On that ocassion the Minister of Finance ridiculed Arthur's promise that if the BLP is elected to office they will pay CLOC policyholders thier money. Sinckler query where Arthur would find the $837 million required to pay the policyholders.
" Sinckler told you that $837 million has to be found to satisfy the policyholders. He said where on earth are we going to get that money from? He is telling you that nothing can be done to help you. The Government of Barbados does not have to find $837 million to settle the CLICO issue, that is the amount owed in Barbados and the Eastern Caribbean", Arthur said.
According to Arthur, CLICO's assets valued at $441 million can be used to pay policyholders across the region. He explained that the difference between CLICO's assets and liabilities is $396 million.
The former Prime Minister said before helping other countries his plan would be to assist Barbadians policyholders first at a lower cost.
"If we could only deal with the Barbadian situation, the amount of money the Government has to look for is only $76 million. We must deal with Barbadian people first" says Arthur.
"CLICO is a Trinidadian company and the Government of Trinidad deal with its people in Trinidad first", he added.
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