Bridgetown.
Several employees of CLICO Life Insurance (CIL) are to be made redundant this was disclosed to Trakker News by Patrick Toppin of Deloitte Consulting, the Judical Manager of the company.
Toppin told Trakker News that with the approval of the court he had put forward some recommendations which already have the support of the Barbados government and which are now discuss with the Eastern Caribbean Currency Union to win OECS support.
He stated that the restructuring means they have to cut costs, including staff here and elsewhere.
About 20 of the more than 100 remaining Barbados employees of CLICO International Life Insurance (CIL) will be made redundant along with an undisclosed number of CIL employees across the Eastern Caribbean.
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Deloitte recently announced that CLICO Holdings has been placed under receivership saying this was in order preserve its assets and maximise the recovery value on behalf of policyholders.
The judicial manager says they’ve commenced plans to restructure Clico International Life and hopefully have it ready for sale by the middle of next year.
He stated that the judicial manager met with the Barbados staff two weeks ago advising them of what is intended and the labour department and the relevant trade unions have also been informed.
Toppin added that the plan is for the establishment of a new company that can be sold.
