High Court rules in favour of CLICO policyholders
Mar 14, 2013
PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago government suffered a major setback in the courts after a High Court judge ruled that the bailout plan by the Kamla Persad Bissessar-led coalition People’s Partnership administration was unlawful. High Court judge Joan Charles Tuesday ordered the State to pay a group of Executive Flexible Premium Annuity (EFPA) policyholders all the money they invested in the failed insurance giant, plus interest. Soon after it won the May 2010 general election, the Persad Bissessar government announced a new bailout plan for CLICO policy holders.
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