Trinidad outlines Clico plan
Published:Thursday | September 9, 2010 | 4:50 PM
The Trinidad and Tobago government has outlined plans to address the financial problems plaguing the regional conglomerate, Clico.
The government in Port of Spain was forced to bail out the investment company following its collapse last year.
In his budget address on Wednesday, Finance Minister Winston Dookeran said the Kamla Persad-Bissessar administration will separate the insurance business from the short term investment and mutual funds to protect insurance policy holders.
Dookeran says the government will also make an initial payment of US$12,500 to depositors in the short term investment and mutual funds.