CLICO struggles to make payments

The operations of CLICO (Guyana) Limited remain under intense scrutiny as the embattled insurance company seeks to settle claims made before the February 25 court order that placed its operations under judicial management.



Officials say a total of 1,197 cheques, valued at US$2.8 million were not cashed, with another US$9,746 in stale-dated cheques in the hands of clients.



Last week, the company’s Judicial Manager Maria van Beek told reporters that these cheques would have to be re-assessed before CLICO could settle the health, fire and motor vehicle claims.



Van Beek says claims related to life and pension contracts will not be paid at this time, as the assets backing those claims are still being assessed and may be subject to litigation.



She says no new business has been written by the company since February 25.