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No Duprey, so no meeting

CLINT CHAN TACK Wednesday, May 17 2017

THE much anticipated meeting between former CL Financial (CLF) chairman Lawrence Duprey and Clico policyholders failed to materialise yesterday.

However despite being disappointed about this development, Policyholder Group chairman Peter Permell was confident that Clico policyholders and shareholders will, “come together.” Speaking outside the Cascadia Hotel in St Ann’s where the meeting was supposed to take place, Permell said his group was advised by Duprey’s representative Kerry Ramjag, that Duprey had to postpone the meeting because an “issue” had arisen with another shareholders group.

Permell said once that issue is resolved, the meeting with Duprey should take place.

Reiterating that personalities and past events are irrelevant now, Permell said it policyholders and shareholders must unite because the incumbent People’s National Movement (PNM) administration and its People’s Partnership (PP) predecessor had slammed the door in their faces.

While insisting that policyholders and shareholders must receive what is respectively due to them, Permell said, “We want to make sure the taxpayers get back their money first.” Referring to statements made by Finance Minister Colm Imbert when he presented the Mid-Year Review in Parliament last Wednesday, Permell said meeting with Duprey represents the “last best hope” for liquidated, this could be a fire sale where those assets are undervalued.

Permell warned, “This Clico issue is far from over as far as we are concerned.

I see no resolution in sight.” Saying there is no shareholders agreement in effect, Permell claimed that the Government is making decisions without consulting the shareholders.

Last Wednesday, Imbert said the repayment plan for Clico will protect policyholders and depositors, reduce the public debt and improve Government’s fiscal options. He said Government will work assiduously on the Clico Resolution Plan within the legal constraints and in accordance with guidelines ordered by the High Court

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