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Is it true NIS has $62m and NCB $12m invested in CLICO?

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27.FEB.09

Editor: When I heard about the financial problem Clico Trinidad Limited is having it surprised me and I became very concerned about Clico St. Vincent and the Grenadines Limited.{{more}}

Our PM Dr. Gonsalves made a statement giving us the impression that there is no need to be concerned, but they found time to speak about Clico, British American Insurance and CL Financial. If there is no need to be concerned, why are we speaking on the issue of investments? Should persons be concerned?

Should I take the PM’s and Mr. Parris’ advice and continue paying and hope for the best? Wait, I forgot our economy is doing well. PM says so, and if he says so, it is so (Why question?).

I am wondering if these companies worried about persons moving their investments. Is there any hope? Jomo had asked Frank George if persons should continue to invest. He replied in the affirmative, with a question mark. Mr. Russell who works at NCB said when persons look for big interest, expect at any time your chance of losing your money. Mr. Joe Sheridan said he found favour with Mr. Parris. That is what is expected from an Insurance Broker. I was very pleased when I saw persons at the Press Conference which was held by Mr. Parris, persons from all different sectors of life making preparations for old age and retirement benefits. That’s why I am not impressed by those who think they are fooling us. Yes we buy, we plan, we invest, we expect, but would these expectations bear fruit? That’s why I’m concerned that even my NIS has investments with CL Financial, and I’m making an appeal for Vincentians to pay special attention to their investment. Remember the power is in our hands. Ask questions. Don’t be fooled. Make inquiries. It’s all about us.

They gave us the impression that our investment is safe. I am very worried. Let’s say the government of Trinidad and Tobago did not get involved. How would it have affected us? This is very frightening. I am afraid, waiting on CLICO, British American Insurance and PM to come clean with us as our investment is important.

Is it true that NIS has $62 million invested with CLICO and the National Commercial Bank has $12 million invested also? I don’t want to end up at the Poor Home!

Kingsley DeFreitas

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