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.