Clico: We are going behind every dollar from CLF claim

Clico executive chairman Claire Gomez-Miller and Central Bank Governor Dr Alvin Hilaire during a presss conference at the bank in Port of Spain on Tuesday. Photo by Angelo Marcelle
Clico executive chairman Claire Gomez-Miller and Central Bank Governor Dr Alvin Hilaire during a presss conference at the bank in Port of Spain on Tuesday. Photo by Angelo Marcelle

WITH Clico finally being relieved of emergency control by the Central Bank 13 years later, its executive chairman Claire Gomez-Miller says focus will now be on starting new business and "going behind every dollar" from its claim against its parent company, CL Financial (CLF).

She was speaking at a press conference at the Central Bank, Port of Spain, on Tuesday to discuss the exit and its implications for the future.

In 2009, the Central Bank took control of Clico to "prevent substantial disruption posed to the domestic financial system by Clico’s collapse."

Then, in 2018, Clico submitted an $11 billion-claim to CLF, which is in liquidation.

Gomez-Miller said she wanted to make it clear that Clico was not the perpetrator in the matter, but the victim.

"So we expect that we are going to be fighting to get almost all our claims settled.

"What it is we can't get settled, okay, fine...We're understanding, we're very realistic."

She said she knows in some cases, it may just be 50 cent or a dollar earned, but the company has a "strong legal team," and substantial evidence.

"I don't do anything without evidence...We are going behind every dollar."

She said even if Clico just gets back $5 billion or $6 billion, "It will be worth the fight, and that will make a big difference for us also as we move forward.

"A lot of work would have taken place to validate each and every one of those cases."

She said while the company's current licence does not allow it to "start new business," it will be a priority once such a licence is acquired. But she said it may not be as soon as next year.

As far as she's aware, Clico is "the biggest, most aggressive" claimant.

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"Clico: We are going behind every dollar from CLF claim"

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