CLICO says it has been struggling without doing new business, and has intentions to do so as soon as it can get a license.
Since the bailout by Government, the company has repaid a total of $17.3 billion inclusive of interest in the form of shares of companies, securities, cash, bond and properties, with a little over $1 billion still being owed.
According to Executive Chair of CLICO, Claire Gomez-Miller, the company still has over $8 billion in assets and believes it should be commended for almost repaying the entire debt owed to Government.
However, she says the license prevents CLICO from expanding its portfolio and while this is understandable, it has affected its operations.
Meanwhile, Central Bank Governor Dr. Alvin Hilaire recalled that the Central Bank took ‘emergency control’ since 2009 to manage the institution’s affairs and explained why it was relinquished on December 1st.