Imbert: I gave no direction on Clico policies

FINANCE Minister Colm Imbert on Friday dismissed Opposition Leader Kamla Persad-Bissessar's call to disclose instructions on the sale of the traditional portfolio of Clico policies. Persad-Bissessar made her call in her contribution to the budget debate in the House of Representatives.

In a statement issued by his ministry, Imbert said he has given "no such directions to the Central Bank regarding the sale of traditional portfolio of Clico policies, or any directions at all."

Imbert explained that all that is happening at this stage is "the Central Bank continuing to exercise its powers under Part VA, Section 44D of the Central Bank Act with respect to managing the affairs of an insurance company that has been under its supervision for the last ten years."

As a result, he said, "There are no instructions to disclose with respect to that matter, because none exist."

He also said Persad-Bissessar's allegations that he gave written instructions to the bank to sell the portfolio to a local insurance company insinuated "irregularity and wrongdoing."

Imbert declared, " The allegation is false."

At a news conference in March, Imbert said the two main bidders were Sagicor and Maritime, with the preferred bidder being Sagicor, even though its bid was the lower of the two.

In

May, Central Bank governor Alvin Hilaire cited confidentiality agreements as his reason for being unwilling to say anything on the bidding, the preferred buyer and the value of the transaction. The bank has made no comment on the issue since then.

Last month, Sagicor president and CEO Dodridge Miller said the company would acquire the traditional insurance portfolios of Clico and British American Insurance Trinidad Ltd.

That same month, Clico executive chairman and British American chairman Claire Gomez-Miller, said, “Sagicor emerged as the preferred buyer in an open and very competitive tender process with guidance from independent global industry experts."

In his budget presentation on Monday, Imbert said, "The CL Financial/Clico fiasco has been resolved."

The liquidation process of CL Financial is ongoing and should be completed next year, he said.