Clico Policyholders want answers

According to president of the CPG Peter Permell, the recent appointment defies logic and good business sense, According to Permell, Lisa Gomes took effect December 1 but no public announcement has been made.

Gomes was most recently Director Finance & Planning of Sandals Resorts International from January 2011 until March 2016 and her responsibilities included Acquisitions, Investment Banking, Government Negotiations and Property Management.

Permell said there were concerns now being raised as to the timing of the appointment and whether there could be a conflict of interest either real or perceived.

He said the appointment was ‘curious’ given that Sandals’ chairman Butch Stewart has signalled a preference for No Man’s Land in Buccoo, Tobago, which is part of the Golden Grove Estate, part of which is owned by Clico subsidiaries, Occidental Investments Ltd (OIL) and Oceanic Properties Ltd (OPL).

He also said Imbert has been reported to have said if an when an agreement is reached with Sandals for the construction of a resort at that location, the land will simply be acquired by the Government.

Permell also said that it was the group’s understanding that NML was one of the assets being held in the Clico statutory fund to back policyholders’ liabilities and can be sold without the knowledge of the company’s shareholders.

He said Clico already had highly paid executives and was in the process of winding down its operation, having already sent home more than 95 percent of its sales force and stopped writing new insurance business.