Antigua & Barbuda seeks US$60m from TT over Clico losses

ANTIGUA and Barbuda Prime Minister Gaston Browne said he is considering suing Trinidad and Tobago for US$60 million over losses sustained by his country over the collapse of TT-based Clico, he said in an audio clip posted on the online news source, Antigua Breaking News. "We are pursuing litigation against Duprey and Co, and possibly we may eventually have to sue the Government of Trinidad and Tobago, because as you know they had agreed to provide a settlement of US$100 million."

He said that of that sum, the GOTT had paid about US$40 million.

"But the balance, about US$60 million, remains unpaid.

"We have written to the Government of Trinidad and Tobago. They have not even treated us with the type of respect that is typical among countries and colleagues, so we'll be writing to them again. This is probably going to be the third time.

"We hope that now that their fortunes have improved - that they are benefiting from the escalation in fuel prices - that they will put some system in place to cover the rest of the liability.

"But if they continue to treat us with contempt, then we will have no choice but to sue them."

Otherwise, Newsday recently reported that by November the Caribbean Court of Justice (CCJ) will hear arguments by TT to oppose a multi-million-dollar lawsuit from a group of Clico and British American policyholders from the Eastern Caribbean on its 2009 bailout of CL Financial (CLF).