CLICO policyholders challenging TT government for EFPA pay

Clico policyholders will get another day in court on February 1.

PORT OF SPAIN, Trinidad and Tobago, Thursday January 12, 2012 – Yesterday (December 11) a group of CLICO policyholders went again before the court to challenge government’s refusal to pay them the full amount due on their Executive Flexible Premium Annuities (EFPA).

When the United Policyholders Group and four other applicants went before the Port-of-Spain High Court yesterday,  they were granted a judicial review application to challenging the state’s refusal to act on a promise to pay CLICO EFPA holders’ their full sum is expected to be heard on February 1.
 
The policyholders, represented by attorney Ramesh Lawrence Maharaj and Peter Knob, QC, had prior to the court hearing held a meeting at Centre Pointe Mall in Chaguanas, in which Maharaj had said he was optimistic that ruling will be made in the policyholders' favour.

They were seeking an interim court order that Government give details of the assets of CLICO which has been sold and how the proceeds of the sales were applied. Maharaj said the lawsuit also sought to compel Government to give details of the EFPA policyholders who have been paid in full since January 2009.

Maharaj said he hoped the matter should be resolved by March.

"The EFPA policyholders are very upbeat. They want to get their full compensation but they have indicated if the government decides to enter into discussions to resolve the matter, they are prepared to give and take so the government can get some concessions from the EFPA policyholders."

The matter was heard in the Hall of Justice, Port of Spain, where  Justice Joan Charles, who is presiding over the matter, ordered that all submissions be filed by January 27. Queen’s Counsel Allan Newman has been retained to appear on behalf of the Government alongside, Deborah Peake, SC, and Kelvin Ramkissoon. Click here to receive free news bulletins via email from Caribbean360. (View sample)