FirstCaribbean called in a $500,000 debt owed by CLICO (Bahamas)

11
907

By Stabroek staff | March 12, 2009 in Regional News

(Trinidad Express) NASSAUFirstCaribbean International Bank has called in a nearly $500,000 debt owed by Clico Bahamas, further eroding policyholders’ chances of fully recovering their money tied up in the troubled insurance firm, The Nassau Guardian can confirm.

Up to Monday, Clico had not forwarded any payments to the bank, The Guardian understands. Clico Bahamas has two loans with FirstCaribbean, according to Clico ‘s 2007 financial statements.

The liquidator Craigg Gomez confirmed Monday night that he was in discussions with FirstCaribbean on how to proceed with the matter.

The properties used to secure the FirstCaribbean loan include a building in Freeport; commercial property west of Montrose Avenue; and properties on Solider Road, Montrose Avenue and in Golden Gates.

Total bank loans are more than $1 million. That includes a loan Clico Bahamas has with Belize Bank Limited. Clico’s accounts payable and accrued expenses are listed at just under $2 million.

Other creditors – those who are less secured than FirstCaribbean – have reportedly also lined up to be paid as the liquidator continues his assessment of the company’s assets and liabilities.

Gomez confirmed to The Nassau Guardian that financial packages had not yet been prepared for the insurance companies considering purchasing Clico Bahamas’ portfolio.

He said it was still too soon to say what policyholders would be getting back or whether their policies would be transferred to a new company. In the meantime, he reminded them that the best course of action was to continue paying their premiums.

“If we were to come to an arrangement, those polices will be acquired by the assuming company,” Gomez explained.

“If persons’ policies are still in force, those policies can be transferred to the acquiring company. If the policies were allowed to lapse as a result of people not making their premium payments, then naturally their policies could not be transferred to the acquiring company.”

He said no one knows right now which portions of the portfolio would be assumed by the successful purchaser or whether in fact there would be a buyer.

11 COMMENTS

  1. Wisdom; You are correct about that statement of Mr. Sear’s. But he is just being real. Those with mega bucks and even those with lesser money, who live in countries where income tax has to be paid, will look for ways to “hide” their monies so as to escape that tax. And those who gained their millions (commonly called “under the table assets”)in nefarious ways, will find persons or institutions who are willing to turn a blind eye and help to hide the money. Unfortunately, many of the very people who are pushing for new world wide rules for financial institutions are the very people who have taken advantage of “so called” tax havens. Well, I guess its true when they say,”If you want to catch a crook, employ a reformed crook to do the job” . Mr. Sears will probably be in the running to be leader of the PLP in the future. Not the next time round though, because the timing is all wrong.

  2. Joe Blow, Alfred Sears had a good article in the Tribune on Wednesday, However, his Key statement was not published. One of Mr. Sears’s sound bites on a local radio station can get the Bahamas Black Listed again.
    Addressing the CLICO matter, at the meeting with Bishop S. Hall on Monday night, Mr. Alfred Sears made the MOST POWERFUL STATEMENT of this whole CLICO sage. (These are my words) “…Just how MILLIONS of hard earned Bahamian DOLLARS, can vanish out of the Bahamas with out a trace. He said, If someone wants to launder money, LAUNDER MONEY, YES! LAUNDER money “INTO” these Banking, Insurances and Financial Institutions, they can do so easily. That is a scary statement for Bankers. But I like Mr. Alfred as the next Prime Minister.

  3. The toilet paper is a disgrace to this country. I have no intention of supporting them in any way. If it were not for some of those innocent employees that works there because they really need a job to feed their families, I wish they could close their doors and go away for good. Their aim and objective is to mislead the Bahamian people and keep them in the dark. They only print things with a hidden agenda. Now and then they would cover stories to make them appear to be unbiased, but they can’t swing me, I done see them a mile away and I hope one day everybody else catches on to them and let them know we are not buying their mess.

  4. Did I say buy the Tribune? Surely those who do not want to buy it will have enough sense to read it on-line. I do go to B.U. sometimes but can’t be bothered contributing there as I find that site toxic to my sensibilities. At least on this site you have some very good contributers. Even you must admit I’m more thoughtful and I hope more thought provoking than most. Love you and your site, even when you are being naughty. Sweet dreams all who are still awake.

  5. @Joe Blow
    But why come on here and tell people to buy the Tribune? Does not the Tribune not have a website? can’t you point them to their website? But things are soo bad on the paper sales side, you must tell them buy it? And why come on here and say so? You mean you don’t go to other blogs but Bahamas Press?

    Come on JOhn, ummmm JOE you gata be more open minded than that.

    Bahamas Press/Editor

  6. Media: I am not suggesting anyone buy the Tribune only that there are some good informative articles related to the CLICO matter there. They are only informative and not in anyway biased. No politics- no deflection- just facts.

  7. @Joe Blow
    Ahhhh come on Joe, don’t tell us the dutty toilet paper have it that bad that you must come on here and give them free advertising. Oh boy, them papers really having a rough time nowadays.

    If we ran the PLP, we would hold a MASS RALLY with a huge bonfire. It would be “THE PINDLING RALLY” with motorcade leaving from every constituency. We would ask everyone in the rally to bring copies of these WUTLESS toilet Papers in this country and BURN THEM at the Bonfire. They have FAILED IN THEIR WICKED ATTEMPT TO rewrite history!

    Anyway WE the People don’t buy the TOILET PAPER JOE, we read Bahamas Press and you know why, cause on here there’s REAL NEWS!

    In a few hours stay Tuned to the BREAKING NEWS NOW UNFOLDING AT BEC and at FIRSTCARIBBEAN BANK. And our latest discovery of a Major Insurer here in the Bahamas who have ALL THE People’s Money INVESTED IN AIG! Guess who that company is? ONLY BAHAMAS PRESS knows….Stay Tune Joe, Stay Tuned!

    Bahamas Press/Editor

  8. The liquidators did indeed pay one of the loans. They were forced to do so as there was the possibility, if they did not, there would be a forced sale of properties owned by CLICO and that would be detrimental to the clients. For some very good information about this issue, those of you who have an interest in this, should read the business section of the Tribune even if you shun that paper for other news.

Comments are closed.