CLICO, an insurance company which was headquartered in Trinidad and Tobago, closed its operations in 2009 due to financial problems. It had clients in Belize and when the company folded, it left 54 Belizean policy holders without compensation for their insurance purchases. The matter was taken to court where the claimants say that GOB should cover the 4 million dollars owed to them because GOB failed in properly regulating the company to ensure that it had a statutory fund that would ensure customers were not left high and dry in case of a crisis. Well, a crisis did happen, but there was no fund to ensure the customers of CLICO could get back their monies. The matter went through the court system to the policy holders which did not fully rule in favor of the claimants. They have now taken the matter to the CCJ. Prime Minister Barrow is listed as one of the defendants in that case. Today, he was asked about the matter.
Prime Minister Dean Barrow
“Well I wasn’t aware that it’s before the CCJ. I know that it’s been litigated in Belize and that in fact the court of appeal gave a judgement which I read and which I thought was absolutely solid. So I would hope and I in fact believe that – that decision of the court of appeal will be upheld by the CCJ.”
The 54 claimants are being represented by Senior Counsel Andrew Marshalleck.