Engage directly with CLICO investors – James to gov’t

Edison James

United Workers Party (UWP) leader Edison James has called on the Dominica Labour Party administration to “directly engage with Dominican investors in CLICO to help solve their problems”.

He said in a statement Wednesday night that he was very disappointed that the government has failed to give any clear commitment to assist investors in recovering their money from the failed insurance company.

According to James, the Roosevelt Skerrit-led administration is depending on initiatives of other countries in that matter.

“Media reports that CLICO has been a major contributor to the Labour Party campaign, suggest a link between this and government’s reluctance to pay attention to the plight of Dominicans,” the UWP leader is alleging.

The opposition party is calling on the DLP administration to act expeditiously to help Dominican investors in CLICO recoup their invested funds.

Policy holders here worried about their investments in the failed insurance company were last month (February 10) updated on the progress being made by court appointed Judicial Manager Oliver Jordan of Deloitte Consulting Ltd.

Jordan said at the time that a CLICO restructuring plan was being worked on, and the intention was to conclude by June/July of this year, the process involving CLICO branches in Barbados and the Eastern Caribbean which kicked off in April of last year.

He said funding sought from regional governments to address the CLICO problem has not been forthcoming, and efforts are being made to find an investor or investors to purchase CLICO as part of the restructuring process.

Dominican investment in CLICO has been put at $70-million, but it remains unclear how much of those funds local policy holders will be able to recoup.

According to the UWP’s Edison James, a recent disclosure that as far back as 2007, the Dominica Social Security was directed by the ministry of finance to stop all investments in CLICO, seems to suggest that government knew then that Dominicans who had continued to invest in that company would have lost their money.

Based on that premise he says “no warning or advice was given to citizens in that regard and as a result Dominicans have lost over $170 million of their hard earned money”.

James said the insurance bill which was recently “rushed” through parliament should be revised and amended to prevent any further rape of private pension funds or any other long-term investments.

Meanwhile the Trinidad Express has quoted Prime Minister Roosevelt Skerrit as saying the Organization of Caribbean States (OECS) continue holding talks with the Trinidad and Tobago government over the establishment of a special fund to assist policyholders. “We have gotten some form of commitment, we have not been able to identify with Trinidad and Tobago the full amount of EC$150 million (US55.5 million), I think we got to about 74 million dollars (US$27.4 million),” Skerrit said.

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22 Comments

  1. DDDDDDDDDD
    March 16, 2012

    THERE IS NOTHING TO BASH THE GORRVENMENT ON EDDO. AS I SUSPECT YOU ARE IN THE GABBAGE BIN LOOKING FOR TRASH. WHEN YOU ARE FINISHED TRY THE LABASS YOU MIGHT FIND SOMETHING THERE.

    RUNNING OUT OF STEAM ?

  2. lisa
    March 16, 2012

    Clico and baico started selling those investment in 1998 when the UWP made it easy for scammers to come in and say they investing they broke all ties that were making it impossible and they never put things in place to prevent disasters like this from happening. So when politician coming and talk their rubbish ask them what had they put in place to prevent things like that. It started with Dutc, the pyramid scheme. People trusted clico and baico because they thought it was the same company who has been operation for over 75 years but they were operating with little money, see since they saw a way to take big money they collapsed.

  3. BIG
    March 15, 2012

    “Meanwhile the Trinidad Express has quoted Prime Minister Roosevelt Skerrit as saying the Organization of Caribbean States (OECS) continue holding talks with the Trinidad and Tobago government over the establishment of a special fund to assist policyholders. “We have gotten some form of commitment, we have not been able to identify with Trinidad and Tobago the full amount of EC$150 million (US55.5 million), I think we got to about 74 million dollars (US$27.4 million),” Skerrit said.”

  4. yesterday
    March 15, 2012

    I listened to the interview and it really struck me that there is no way Skerrit can match up to Mr Edison James. I realized that Dominicans should not expect a political debate between the leaders of the political parties since it would be a major disaster to put Skerrit up against Edison. It’s like taking a preschooler up against a scholar. Skerrit ran away from the challenge 5 and 10 years ago and one would think that after 10 years he would have grown into the role. I hope Skerrit prove me wrong and engage Mr James in a debate the next time around. Stop hiding behind Astaphan and come out like a man. You wimp. You ask for public discussion Mr Skerrit start the ball rolling.
    The old man brain seem to be much sharper than your young brain Mr Skerrit – come face the old man.

  5. See so say so
    March 15, 2012

    There are many Laborites who lost mucho l’argent in the CLICO scheme and their pressure but afraid to talk. Say something- but then again there may have been an implied agreement to use your investment for SIWO during election campaign. Unfortunately people like me with no political party affiliation got screwed by CLICO and betrayed by the same people flying in and out on the private jets my money paid for. What a vicious cycle !!!!

    How do we expect to hear the DLP government express concern for the victims. To express disgust and concern is to betray and castigate friends and donators to the DLP. They said that the WIKILEAKS talk was rum shop talk but they are yet to disprove the rum shop talk. If I was in government I would be calling for the heads of those crooks.
    If this is not concrete evidence of how your politicians play the people then what is.

    If they can’t speak out for Dominicans who were severely hurt by a Bajan dude how do we expect them to push for justice in the GON Emmanuel case; the money laundering; firebombing of police officer’s home.

    Remember always that “ a promise is comfort to a fool”.

  6. ron rainbow
    March 15, 2012

    mr. james, the government, via the OECS, is negotiating with the government of trinidad to get a portion of the money back. 100% of the money will never be recovered. whether you are right or wrong, you are finally working as an opposition, you might just win some of us back if you keep it up. by the way i did not go on the other side, i am still in limbo until i see results.

  7. simple mind
    March 15, 2012

    certain people speak as though themselves were recipients of the peoples money Clico boss allegedly gave the labor party.

  8. maindesk
    March 15, 2012

    Mr James our people will not even stand for their own money, they will not even protest if you ask them to do so because it might offend their PM who is a good friend of the CLICO big boy. You are on a thankless mission. In the AM the PM took his good time to even notice them but in the PM they will still say they love the PM Leave them in their s…

  9. joy
    March 15, 2012

    Mr James if you were the PM would you be able to help all the policies holders? CLICO problem is not in Dominica alone,we have to wait and see if the company that take over,will assist those shareholders.If the insurance company contributed to the labour party campaign it’s not a crime most big companies do that,i’m sure you have your big contributors also.stop seeking political mileage.
    u

  10. tata
    March 15, 2012

    Banks gives 2, Clico gave 20percent…TAKE WHAT YOU GET.

  11. Mistery
    March 15, 2012

    Eddison James is just trying to make himself relevant but he is definitely NOT

  12. Look It
    March 15, 2012

    Eddo…garcon..leave Dominicans in their good time. They love their PM. They can lose 500 Million, it’s ok, once skerrit do the dance and the wave and give them the smile they good to go.

  13. March 15, 2012

    Why is it Government that have to do everything, why can’t it be a suggestion and not verbally kill one person to death, we need to stop blaming and offer sound solutions to the betterment of ourselves and our country. I’m fed up with the blame game.

    • Insider
      March 15, 2012

      The Government warned the DSS in 2007 not to investment more money in CLICO(That was said by the GM of DSS recently) and the same Government failed to advise the Dominican Public.

      In 2004 Martha Stewart was convicted of Insider Trading when she got some inside information to sell $230,000 in ImClone shares on December 27, 2001 just a day before the announcement of FDA decision not to give approval.

      The Government advised the DSS and they should have advised the Masses.

      The Government MUST take the BLAME

    • Anonymous
      March 15, 2012

      your dumb dumb ………it was the governments that got involved in the first place ……remember ?

    • apache.
      March 16, 2012

      kill one person to death.you are funny

  14. Londonican
    March 15, 2012

    Ask Sargicor to buy clico, they already bought all the others, ie Life of barbados, Barbados mutual etc. They have the money so check them out.

  15. Akhenaton
    March 15, 2012

    Why has the government of Dominica created a situation of conflict of interest by appointing the new registrar of insurance, the spouce of the manager of CLICO responsible for this demise.
    The administration has lost their way. Clico was not supposed to sell these products to non-policy holders. Did the government of Dominica have insurance policy with the company?
    These politicians and their cohorts need to be destroyed down to the seventh generation.

    • FACEUP
      March 15, 2012

      NOT IN YOUR LIFE TIME BRO, SKERRIT WORKING BRO !!!!!

  16. linky
    March 15, 2012

    james don’t waist your time fighting for dominicans; them people do worry with them self is u they will turn around and critisize.

    • Knowing
      March 15, 2012

      well said…its something he fails to acknowledge he can preach till his tongue drops out, but he will never be able to gain Dominicans to wake up.

      Its high time folks understand mind set of people its important.

      Dominicans will continue to tolerate everything from this Corrupt Regime and thats the facts..

      Their are many aspects where they remained silent and will continue too..

      If a election is called now or in the next two years the DLP wont get the 18 but they wil still gain enough seats to form the Government..

      Dominicans dont have the guts like those folks in the middle east etc…they are extremly timid.

      The DLP is just waiting for the next election they already have their strategy in place to target certain consituencies with monies to win the weak hearted over, places like st.joe, mahaut, castle bruce pointe michel the valley etc..

      Good luck Edo but dominicans arent at the level yet…haha maybe in the next 30 years a brighter and more focus awarness…haha…

    • 1979 eTErNAL
      March 15, 2012

      I slowly beginning to embrace that eh, they love you more when you seduce them out of a future for themselves and their children. so its best that the intelligent people use their intelligence to weed out those who want to remain dumb and poor. I guess it’s the law of nature that only the strong should survive. let the rest drown in their own misery

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