Home' Trinidad and Tobago Guardian : April 22nd 2017 Contents news A15
Saturday, April 22, 2017 guardian.co.tt
Bahamas Clico policyholders
finally get their money
NASSAU, The Bahamas, Starting on Monday, Cli-
co policyholders in the Bahamas are set to receive
long overdue payments.
After failing to deliver monies as promised back in
January, the Government issued a statement on Tues-
day assuring that qualified policyholders will receive
three tranches of payments this year in April, July and
The Perry Christie administration had initially
planned to finance the second phase of CLICO (Baha-
mas) payouts through a $45 million bond issue, with the
monies raised designed to compensate former Executive
Flexible Premium Annuity (EFPA) holders and those
who had surrendered their pension policies.
The payments will total $5,000 per policyholder
and be enough to payout 70 per cent or 1,595 claims
from surrendered policyholders.
The 30 per cent not fully paid out will receive prom-
issory notes (bonds) carrying a 4.25 per cent interest
rate, equivalent to Bahamian Prime, which will dis-
tribute the balance owed over a four-year period.
In March 2016, the Government made the first
payout totaling just over $11 million.
The Bahamas Tribune reported that the second
phase payout to former CLICO (Bahamas) clients
was initially supposed to be triggered by the cre-
ation of a new insurance entity, a special purpose vehicle
(SPV) to be called Coral Insurance Company. This will
hold CLICO (Bahamas) insurance policies that remain
The SPV, which will be licensed and regulated by
the Insurance Commission of the Bahamas (ICB),
was supposed to be created by the second week of
November 2016, and hold the remaining insurance
portfolio until it is purchased by another insurer.
RADHICA DE SILVA
Acting on information that guns and ammu-
nition were stacked in the bushes near Kings
Wharf, San Fernando, about 20 officers from
the San Fernando CID and Task Force Unit yes-
terday perused the seashore in a mid afternoon
As they searched, squatters at Kings Wharf cheered
them on, saying more police patrols were needed in
the area prone to human trafficking, gun running
and drug smuggling. Head of the Operations Unit
Insp Don Gajadhar said the bushes along the shores
of the Gulf of Paria was being used as a hideout buy
criminals. The open shoreline is used for illicit trade
even though the Customs and Excise Division has
an official port of entry on the Wharf.
"We are hoping to work with the San Fernando
City Corporation to clear this area of bushes so that
we can have effective patrols by the police, coast guard, air
guard and immigration," Gajadhar said. He noted that it was
easy for traffickers to go through the bushes at night and hide
their illegal goods on the hillside near the wharf.
During an exercise on Thursday, four Venezuelans and a
Trinidadian were arrested after two .357 Magnum revolvers
and five rounds of ammunition were seized. In another raid at
the Wharf, two Taurus pistols and six rounds of ammunition
were discovered under the floorboards of a seaside shack along
with 94 grammes of cocaine, 1.2 kilograms of marijuana and
three boxes of marijuana grinders.
Several residents at the Wharf said the raids were welcome.
Francis Lee who has been living on the Wharf for over 30
years said more patrols were needed. "I don't come out of my
house after 6 pm, I stay inside. I think the police are doing
what they have to do to make here a better place," Lee said.
At least five new shacks were being built at the Wharf and
police said they will be working with the State to ensure
that the illegal occupation of State land is curbed. The raids
were spearheaded by ASP Ali Mohammed, Sgt Ramroop and
included WP Sgt Morrison, Cpl Bacchus, Cpl Mohammed
and PC's Lange, Crawford, Moses, and Maxswell.
Burnt body found
in Orange Grove
not yet ID
The burnt body found of Good Friday is
that of a man who had be stabbed once
in the chest, according to an autopsy
performed on Thursday.
Speaking with the T&T Guardian
yesterday, pathologist Dr Valery Al-
exandrov said the charred remains is
definitely that of a male. He
added that prior to the burn-
ing, the man was stabbed just
near the left armpit with the
knife puncturing the lung and
indenting on the ribcage. To
confirm the identity, tissue
samples have been taken to match with
relatives. The remains were previously
identified as Lindsay Rattan of St Augus-
tine after his car was found burnt in Central
following the discovery.
The burnt skeletal remains was found
at Orange Grove Road, Tacarigua, two
Fridays ago after a farmer along the Or-
ange Grove Road contacted the Arouca
Police Station after stumbling upon it
around 9.30 am. A burnt cutlass was
also found nearby.
After being told they would not be
given the $20million in shares that
was promised to them in 2014,Trin-
idad Cement Limited(TCL)workers
protested in front of the company's
Claxton Bay compound yesterday.
Oilfields Workers' Trade Union
(OWTU) branch president, Ahmad
Mohammed, told the T&T Guardi-
an that following a meeting with
the company's management on
April 6 at the Hilton Trinidad and
Conference Centre, the employees
were told that they would be told
the status of the shares.
"The concerns we have today
are coming out the meeting we
had on May 6 with the company
were certain undertakings were made to share
the status of the shares with the employees,"
He said the shares were promised to work-
ers in lieu of back-pay and now the work-
ers are being told the shares are no longer
"They said they would begin to transfer
the shares to workers and then yesterday
(Thursday) evening, they indicated that is
no longer possible. They are saying the shares
are no longer available."
He said the workers now believe the com-
pany's former management deliberately
withheld transferring the shares in 2014.
"It is not workers clamouring for $20M,
we want the shares that we agreed too and
the benefits that would come with such an
investment since 2014."
He said the issue of the workers back-pay
from January 1, 2015 to present have also not
been addressed and the payment of Cost of
Living Allowance (COLA) for casual workers
However, despite their action, the workers
are hoping the back-pay issues are resolved
when the company meets with the union
again on April 26 and April 27.
Until then, they will hold off on further
protest action. SR
Links Archive April 21st 2017 April 23rd 2017 Navigation Previous Page Next Page