Clico restructuring underway

Trinidad and Tobago Prime Minister Patrick Manning has given a relatively upbeat assessment of the fortunes of the local operations of the Clico financial group, which his administration stepped in to rescue in January last year.



The government had pledged almost US$800 million to cover Clico\'s liabilities.



In what was billed as a state of the nation address ahead of the May 24 general election, Mr. Manning said the restructuring of the company was well underway.



He said a strategic plan was in place for a proper governance system as well as properly managed assets and liabilities, a practice, he added that was previously non-existent and which had provoked the present crisis.