Categorized | National News

CLICO Pays Out $5.5 Million

CLICO Bahamas Limited held a second wave of payouts to its policyholders and secured creditors through the Government of The Bahamas in the tune of $5.5 million, according to Manager of CLICO Operations Vaughn Culmer, who applauded the government for living up to its word regarding the payouts.

“It was a fantastic idea. It was unique. You don’t hear about that happening in a liquidation. We are pleased that they [the government] stepped forward and are able to guarantee the portfolio so that persons can recoup their investments.

“The government has lived up to its word so many people are happy,” Mr. Culmer said.

Calling the process a smooth one, which began on Monday morning, Mr. Culmer told reporters that this was the second payout that will bring the total amount paid out to investors affected by the closure of CLICO to $30 million.

“The process is very smooth. It’s been going well so far. Many people are happy that they are receiving part of their investment and we are pleased to make that happen for them.

“The overall guarantee was about $30 plus million and in this exercise, it’s about $5.5 million that the government is spreading out of that guarantee, and so far it has been going well,” Mr. Culmer indicated.

According to Mr. Culmer, numerous persons turned out to collect on their investments and he anticipated that number to increase before the end of the exercise.

“In this exercise, we are expecting about 2,200 to 2,300 between now and the end of the week with Nassau and Freeport included.

“Last year at holy cross it was well over 4,000 that we were able to help so far so good,” Mr. Culmer stated.

As for the future of the company that collapsed almost 10 years ago, Mr. Culmer indicated that they remained optimistic as a few things were being considered.

“As to the future of Clico, the objective is to sell the portfolio to an insurer and we have a few bids in that we are analyzing so that’s the future for now,” Mr. Culmer said.

Payouts for New Providence policyholders and secured creditors began on Monday, April 24.

Collection will continue today at St. Joseph’s Parish Hall, Boyd Road from 9 a.m- 5 p.m. Persons must present a valid government issued ID.



Written by Jones Bahamas

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