Clico return is ‘good news’

In a statement, Walker said, “there is so much to be gained from the return of CLICO/CLF to the private sector following a successful rescue.” He added that, “First and foremost, the taxpayer will be unburdened. The government will gain access to significant funds that have been tied up for far too long in a private undertaking

From the outset it should have been the number one goal to do just that.” He said, “These are public funds which are needed for public good and which have slipped out of public control and oversight for far too long. The statement said that the country’s economy will benefit from the injection of several billion dollars into the Treasury, easing the burden on the Ministry of Finance in seeking to close the large expenditure gap the government currently faces. Walker said a return of CLICO and CL Financial to the private sector will also reduce the need for any rapid sale of public assets and the raising of finance in the capital market

He said that returning the companies to the private sector will also free the regulator, the Central Bank of Trinidad and Tobago, to focus on its regulatory duties and not on running a company which it regulates. Walker also noted CLICO and CL Financial’s role in helping to diversify the economy, noting that the companies were responsible for establishing Methanol Holdings Limited; CL Marine Limited and CL World Brands while being significant shareholders in world class companies such as Angostura and Republic Bank

The statement added that “this group of companies generated large amounts of foreign exchange and boasted a hugely diversified portfolio by any measure.”