Forget about ‘Investing’ in the Four Seasons project
Contributed by ‘Hocus Pocus’ in two comments…
If the government is looking for an investment for NIS money, why doesn’t it invest in restructuring CLICO as has been recommended by the Judicial Manager? At least this would benefit BAJANS, many of whom are retired and in dire need. There was never anything wrong with CLICO as a company – it always “did” very well indeed. The only problem with CLICO was the “teefing” hierarchy and with those persons gone and a new directorate and management in place, together with mindful marketing strategy, a restructured and renamed company should be successful and beneficial to all.
Sure, I have money invested in CLICO and, obviously, I need return on it so I can eat and lead the modest life I had planned for my retirement. I am over 60 with virtually zero likelihood of employment. There are many in similar positions.
Before investing in CLICO (2005) I carefully read the Insurances Act and understood that government regulatory control made sure that if a Life Ins. Co. was not it compliance, as set out in the Act, it would be shut down; that mandated statutory funds would ensure protection of policyholders’ investments should the company go “belly up”; that regular inspections by Department of the Supervisor of Insurances would ensure statutory funds were at required levels using approved instruments.
There is no way I expected to be betrayed by government flouting the laws of the land as it appears to have done.
In 2005 I could have got 6.75% if I had invested with another company – a mere 1.25% less than the 8% I got at CLICO. I would hardly call this greed – something CLICO policyholders have been accused of! CLICO was also an old (60-70 yrs), established institution. If it had been a 10-year-old company, for instance, then one might not have ventured there. In addition, CLICO financials appeared to be in order giving no reason to suspect that anything was amiss.
A few weeks ago I listened to a video clip of a speech given by the governor of the central bank of Trinidad and Tobago, at the Hilton Hotel in Port-of-Spain and he said that blame for the CLICO downfall in Barbados and the Eastern Caribbean could be placed directly at the feet of government.
Of course, CLICO and BAICO policyholders (of which I am one) are trying to identify a successful solution for all, and the restructuring of CLICO using an injection of $152m cash (or thereabouts) by the government is one solution identified by the Judicial Manager.
It would appear that the government of Barbados has NIS money to invest. Would it not follow that investing it in an instrument like the restructuring of CLICO, which would be for the benefit of Barbadians, would be better than the Four Seasons project? And please note, Anonymous, the restructuring of CLICO does not mean that anyone gets their money back. It means that policyholders would get a reduced interest on their investments with the hope that principals be repaid at a future date. Furthermore, having CLICO up and running again would mean jobs for a lot of Barbadians.
When I hear of/read about Barbadians’ lack of support for other Barbadians who have suffered as a result of alleged betrayal and negligence at government level, I shudder. Government has got to make reparation to those who suffer at their hands. One needs to be reminded of the adage “There for the Grace of God go I”. Who knows who or what will be next to suffer as a result of similar betrayal and negligence?
It would be constructive for us ALL to pull together in an effort to call to put right that which has been allowed to go wrong.