The Eastern Caribbean Currency Union (ECCU) says it will take the Trinidad and Tobago government to the Caribbean Court of Justice (CCJ) regarding the non-payment of millions of US dollars linked to the collapse of Trinidad-based insurance companies CLICO and British American Insurance Company (BAICO) in 2009.
Chairman of the ECCU sub-committee on insurance, Antigua and Barbuda Prime Minister Gaston Browne, said the decision to take the Keith Rowley administration before the Port of Spain-based CCJ was taken over the last weekend.
The ECCU groups the islands of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St.t Kitts-Nevis, St. Lucia and St. Vincent and the Grenadines and Prime Minister Browne said the meeting agreed unanimously to take the Trinidad and Tobago government to court after three failed attempts to get them to pay the outstanding funds.
The ECCU said that Trinidad and Tobago had made a commitment to pay US$100 million to the member countries but only US$40 million was disbursed following the collapse of C L Financial, the owners of CLICO and British American Insurance Company (BAICO).
