Antigua and Barbuda’s Prime Minister Gaston Browne says countries in the Eastern Caribbean affected by the 2009 collapse of the Trinidad-based Colonial Life Insurance Company (CLICO) could file a US$60 lawsuit against the government in Port of Spain to recover funds owed to policy holders.
He told radio listeners that Trinidad and Tobago had made a commitment to pay US$100 million to the countries of the Eastern Caribbean Currency Union (ECCU), but has not kept such a promise.
“Possibly, we may eventually have to sue the government of Trinidad and Tobago because, as you know, they had agreed to provide a settlement of US$100 million. They paid about US$40 million and the balance of US$60 million remains unpaid,” PM Browne said during his radio show over the weekend.
Browne, who has taken over the chairmanship of the sub-committee on insurance in the ECCU, said significant progress has been made in recovering some of the investments in CLICO made by residents of the Eastern Caribbean.
