Sep 2011 Financial News

Govt passes CLICO bill

Sep 16, 2011

After 12 straight hours of debate, bills relating to Government's final actions with respect to insurance company CLICO were passed, with Finance Minister Winston Dookeran saying it was now time to move on.

The Parliament started at 1.30 p.m. Wednesday with the debate of the Purchase of Certain Rights and Validation Bill 2011. It ended at 2 a.m. yesterday.

The Opposition insisted that the Central Bank (Amendment) Act which also relates to CLICO was to be debated separately.

Both bills were passed with 29 votes from Government and nine votes against from the Opposition.

On wrapping up the debate on the Central Bank (Amendment) Act, Dookeran urged the Opposition to rise to the occasion and support the government with respect to its new plan of action for CL Financial, the parent company of CLICO.

Dookeran said Government has removed the "toxic assets" of the conglomerate and at the same time introduced new shareholdings.

He said this was a move in the right direction.

"We have reached a point, Mr Speaker, in which we must make this a point of departure," said Dookeran, adding that for the past year-and-a-half Government has been tackling many of the financial issues it inherited from the previous administration.

"Now and after today we shall move on to the next fiscal year and we shall move on to moving this country forward," said Dookeran.

He said Government will focus on confronting new issues that arise and meeting the needs of society.

Following Dookeran's wrap-up, the bill was taken though committee stage and passed with amendments.

Opposition MP Colm Imbert who contributed to both debates warned Government that lawsuits will be coming its way.

He accused the government of "buying time" by bringing legislation to take away people's right to seek legal recourse.


Source:
Trinidad Express
Friday September 16, 2011

http://www.trinidadexpress.com/business/Govt_passes_CLICO_bill-129933303.html