Four firms bid for Clico, British American

The report said that international firm, Oliver Wyman, was engaged to advise on the sale of Clico and BAT’s traditional portfolios to a suitable buyer, and the sales process has begun.

From the pool of interested buyers, four firms were shortlisted for each of Clico and BAT, to submit a binding bid by July 14. The streamlining of Clico and Bat’s human resources has been completed, while the proceeds of the sale of the Methanol Holdings have been converted TT dollar short-term instruments.

Under the Clico Resolution Plan, in March 2015 the Government received the cash component of its first partial distribution of 85 percent of its Statutory Fund liability, as assignee of rights of statutory fund policy holders who accepted the Government’s 2011 bail out offer. This first sum was $4 billion. From May 2025 to May 2016, $695 million was paid to 512 non-assenting STIP holders, representing 54 percent of total statutory fund STIP liability.

The second partial distribution of the remaining 15 percent will be paid from the sale of Methanol Holdings, said the report. A third distribution will be paid to mutual fund holders, non-resident STIP holders and the Government, paid from the realisation/sale of other assets.

The Bank has received valuations for Angostura Holdings and CL World Brands Limited, and it is now holding talks with Finance Minister (Colm Imbert). Independent valuers are now doing a valuating of Home Construction Limited (HCL), said the report. The report recapped how payouts had been made to small claimants ($347 million or 97 percent of owed value), compassionate cases ($$128 million) and big claimants that is over $75,000 in assets each ($12.3 billion, or 92 percent of value owed).