The government has honoured its pledge to compensate Clico policyholders who were left in limbo after the company folded its operations in The Bahamas nearly seven years ago.
The move created widespread uncertainty and caused the government to be bombarded with complaints from policyholders demanding they not be left in the dark.
In March, Prime Minister Perry Christie announced a $16 million payout to the victims with payments to begin at the end of that month.
During his Budget Communication Wednesday, he provided an update on those payouts.
“As of 29th April, 2016, 3,078 cheques totaling some $10.2 million in payments have been collected and some 1,649 cheques totaling $2.1 million remain uncollected,” Mr. Christie said.
“Without any equivocation whatsoever, this demonstrates the government’s commitment to making whole everyone negatively impacted by Clico.”
The prime minister reported that the government has been successful in containing fiscal pressures this fiscal year and thereby keeping the projected GFS Deficit to a level of $150 million, broadly in line with its target of $141 million.
“This variance reflected the payouts for the CLICO Bahamas liquidation that, for their part, were funded by extraordinary revenue,” he said.
“In the 2016/17 fiscal year, we will build further on our fiscal success with a projecteGFS Deficit of $100 million.
