CLICO’s last major asset in St. Lucia being sold; Chastanet wants policyholders protected

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CLICO’s last major asset in St. Lucia being sold; Chastanet wants policyholders protected
UWP Leader Allen Chastanet
Chastanet
Chastanet

The Saint Lucia Distillers which is owned by CLICO is in the process of being sold, according to Political leader of the United Workers Party (UWP) Allen Chastanet.

Chastanet told St. Lucia News Online (SNO) in an exclusive interview today that the Saint Lucia Distillers is the last major asset that CLICO has in Saint Lucia.

“I am inquiring from the government whether in fact they have put any process in place to have any monies held in an account, in order to protect the many policy holders from CLICO, who have not received any money since the demise of that company,” Chastanet told SNO.

The Government of Saint Lucia has said it fully understands the anxieties of policyholders of CLICO who were adversely affected by the collapse of the former insurance company.

In 2010 the Registrar of Insurance intervened in the operations of the Saint Lucia branch and imposed a prohibition to writing any new contract of insurance and to refrain from any action that was adverse to the policyholders.

Furthermore, in 2011, the Eastern Caribbean Supreme Court appointed Richard Surage of PKF Professional Services as judicial manager for the branch.

Over time, the governments of the Eastern Caribbean and the court-appointed judicial manager for Saint Lucia and counterparts have considered several restructuring options and their financing implications.

“The Government of Saint Lucia continues to work closely with the government of Barbados and other OECS governments in an effort to secure the most advantageous and beneficial interest of our policyholders,” Prime Minister Dr Kenny Anthony said in a statement in 2013.

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21 COMMENTS

  1. I am a 0-year old policy holder whose policy reached maturity after 25 years last year. It is a policy that promised a considerable return. My numerous calls and visits to the company regarding settlement have met with vague responses. I am frustrated.

    (0)(0)

  2. How come the Barbadians are being updated on the steps being taken to revolve the situation for policyholders and the Barbadian government seems involved and keeping people abreast but alas this is not so for St Lucians. There seems to be a deep dark secret. Why??????

    (0)(0)

  3. At least CLICO stull has one last major asset to be sold, but nobody knows what British American has left. Both the Judicial Manager and the Company's Lawyer have no answers as to how the policy holders who were affected by this insurance scam can get their monies. They are all in limbo but the judicial manager and the Company's lawyer are still at work ( doing what) while the policy holders are left empty handed

    (1)(0)

  4. Chastanet, without asking for changes, has become part of the grade charade called CSME.

    He has failed here to unambiguously tell the truth behind the regional destruction of capital by CLICO.

    Kenny and the all the bright-eyed bushy-tailed architects of the CSME left the ENTIRE membership as signatories to that fatally flawed regional mechanism to leave wide open thousands of poor people to the ravages of TNT incompetents. The member governments designed failure! They never had the perspicacity to look downboard at what can happen when thye allowed basically the movement of capital, which is money to go around from TNT unchecked.

    There was absolutely no regulatory mechanism, to protect the savings and savings investments with those insurance policies that are essentially wealth-building collateral assets. The entire region was made vulnerable and was left exposed. Such callous rippling indifference is what is still reverberating throughout the region with people loosing their saving, investments, real property and most of all jobs.

    When you send wet-behind-the-ears novices to do grand international business agreements we all pay the painful price. Whatever the currencies used, Frenwell ($48 million) . Black Bay lands ($86 million or $172 million for full restoration of the property rights), and Grynburg's Sea Bed ($156 million) are millions upon millions of dollars that evaporated into thin air!

    Saint Lucians got nothing for those except financial pain the forced upon us the VAT. They call the pain better days.

    For these vast sums of money, the lives of Saint Lucians have been mortgaged going into the future to pay back for these stunning amounts paid by SLP for a lot of nothingness. We want more of that? So it seems. So UWP and the rest except the LPM fellows are conspiring to give us some more SLP better days.

    (5)(0)

  5. `PPL you all seat in the comfort of your house and drink Wine and do not care about the People that lost all, the Persons that have been paying for years to Clico it obvious you all are party hacks and do not care about the people of St Lucia but your interest is to keep Kenny and the SLP in power at any cost even if St Lucian lose everything they work hard for, Don't you believe that the government should protect it's people ? This is all Mr. Chastenet is saying like one SLP party hack writer wrote This is too serious to try to score cheap political points. Over the past four years St Lucia Labour Party has proven that they are not working in the interest of the people of this Country but Allan and the UWP will get this country back on track. Change is coming and soon.

    (2)(0)

  6. Trust the party hacks to try to politicise this statement. I don't like Chastanent one bit, but do applaud his efforts. Only Kenny and his band wagon which I support would do the same.

    (2)(0)

    • Funny thing is; the same ppl that put dem like jombies is them that that taking away the zombies only source of nutrition...smh!

      (0)(1)

  7. Mr Chastenet is such a caring man. Thats why he thought it wise to make a statement and therefore make this look like some kind of political issue. Keep looking out for the St Lucian people as you have always done. You've spent millions of these very same peoples money on airlift and tourism initiatives all in our best interest.

    (19)(19)

    • But by tslking about it many people who didnt know that this was happening can now better mind their business. Is not because you dislike someone you should try to look for ways to discredit every word or action, i think Chastnet should be applauded for msking this public info and spurring discussion. I personally know people who lost all their life savings and this has seriously impacted their quality of life

      (3)(1)

  8. I am interested in knowing what he Chastanet proposes. This is too serious to try to score cheap political points.

    (16)(56)

    • Isn't it obvious. Don't you believe that the government should protect it's people interest? Are they selling it back to the Bernards? It is not about politics. It is about protecting our peoples interest.and that is what politicians MUST be doing.

      (13)(1)

    • Not all British American life insurance Policies were transferred to Sagicor. This is so unfortunate because I know some British American Policy holders who are in the same predicament as Clico Policy holders. A few of British American policies were transferred to Sagicor but some life insurance policies were not transferred, and these policy holders have not been able to get any monies. Government appointed a well known Accountant as the Judicial Manager and he has said that the Company does not have the monies to pay all Policy holders. Both he and the Company's Lawyer knows why British American does not have the monies to pay these policy holders...Ask their staff..However it is unfortunate that after taking a LIFE INSURANCE POLICY paying your premiums every month and to be told that the Insurance COMPANY HAS BEEN PLACED UNDER JUDICIAL MANAGEMENT and because of this reason you cannot take the Company to court because they are now protected. I beg the question Is Insurance the best way to go? Some Insurance companies after being so expensive are just rip offs

      (21)(0)

        • I don't want some country bookies who some moo-moos think are the best thieves one can elect, anywhere near NIS. We have people in the ministry of finance with the nasty habit of playing opiage with people's treasure blood, sweat, and tears. Nowadays we have punishment for our stupidity being called better days. That one must find a new job that does not involve any spending of other people's money. It appears that this village born bloke loses all sense of proportion and does not understand real value. Money is all like monopoly paper money. You play with it. Sadly, Saint Lucians will go ahead and re-elect this bloke again. After all, history has shown that they are stupidly stubborn, and stubbornly stupid.

          (3)(0)

  9. allan chastenet is behind times or what. doesnt he knows that all life insurance policies was transferred to sagicor? what clico has in st lucia are assets, land, property.

    (6)(49)

    • Aloyscious your info is incorrect. I am a policy holder & my policy was not transferred to Sagicor. People have every reason to be concerned!!!!

      (15)(0)

      • Lucky for me, my life Insurance with British American was transferred to Sagicor.. But my sister and niece insurance was not.. So British American owe them answers. So not all persons Life Insurance were transferred to another Company. Mr. Chastanet is correct, not playing politics

        (7)(0)

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