Light at the End of the Tunnel for Clico

NASSAU, BAHAMAS – There may be light at the end of the tunnel for Clico policyholders looking for some resolution. Economic Affairs Minister Michael Halkitis says the work of the liquidators is ongoing but he is hopeful the process will wrap up soon.

Leader of Opposition Business in the Senate, Darren Henfield raising the issue in the upper chamber, Thursday.

The court-ordered liquidation of Clico Bahamas began in 2009.

The Bahamas Government stepped in to assist distressed policyholders, with various allocations approved in successive budgets.

The 2018/2019 budget saw an allocation of $10 million. The following year, that figure jumped to $12.4 million.

Halkitis says he got a positive outlook from the liquidator.

Meanwhile, Halkitis tells senators, that some matters in relation to Clico are before the courts in other jurisdictions, but he is hopeful that there will soon be a resolution that allows the government to get some assets back.