The Clico Policyholders Group has welcomed 2018 Budget plans to have some Clico assets disposed of via the Stock Exchange and a National Mutual Fund.
In a release hours after Finance Minister Colm Imbert announced the plan, group chairman Peter Permell, said, “It was indeed refreshing to hear from the Finance Minister that the cries/voices of the people, many of whom, according to him have an emotional attachment’ to Clico/CL Financial due to the significant contribution that both these entities have made to national development over the years, didn’t fall on deaf ears.”
He said it was clear Government had made a significant shift in its policy position regarding the disposal/sale of the Clico/CLF assets, in that “the assets will now not go to the highest bidder, in my view, an obvious reference to the small but powerful one per cent and as such the disposal of these assets will now be done via the T&T Stock Exchange and the establishment of a national investment mutual fund through which all citizens, regardless of their economic circumstances, will now be able have a stake via the purchase of units in the same.”
Permell added, “Clearly, this is a welcome development and a small but important step in the right direction that is worthy of commendation. However, I part company with the honourable Minister on his not so veiled attempt to lay blame at the feet of the CL Financial shareholders.”
Also commenting on the decision, United Shareholder Ltd spokesman Carlton Reis said, “The Government is - again - acting on its own, but we’re in court, so let’s proceed.”