Wednesday, July 11, 2012
Outgoing TT Central Bank Governor Ewart Williams has described the financial debacle that engulfed the Colonial Life Insurance Company (Clico) as ?a massive fraud on the people and that the bank has taken action
'to charge' certain players with fraud.
The Trinidad and Tobago government signed a shareholders' agreement on June 12, 2009 with Clico following the signing of a memorandum of understanding (MOU) between government and CL Financial, Clico's parent company on January 30, 2009.
The then Patrick Manning government injected TT$7 billion (US$1.01 billion) into CLICO in 2009 to keep the collapsed insurance firm running and protect policyholders. While last September, the Kamla Persad Bissessar government through legislation committed an additional TT$13 billion (US$2.01 billion) to keep the insurance company afloat.