Tuesday February 9th, 2010
- Last update:12 hours 12 min ago
Government to bailout CL Financial
Published: 30 Jan 2009
In a press release today it was announced that Government will bailout CL Financial, the parent company of Clico and Angostura.
Key points disclosed
• CL Financial is to divert its 55 per cent stake in Republic Bank and Methanol Holdings
• First Citizens will gain control of company's Republic Bank shares.
• Central Bank Governor assures depositors and policyholders that their money is safe.
• Mr Duprey says this is "not a crisis" it is the early addressing of the situation, a pre-emptive action.
Started out as a holding company for Colonial Life Insurance Company (Trinidad) Limited (Clico) in 1993, CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide.
According to the company's website, its Industry Sectors range from:
•Banking & Financial Services
•Energy & Petrochemicals
•Forestry & Agriculture
•General Insurance
•Life Insurance
•Manufacturing, Retail & Distribution
•Marine Services
•Medical Services
•Real Estate
•Banking & Financial Services
•Energy & Petrochemicals
•Forestry & Agriculture
•General Insurance
•Life Insurance
•Manufacturing, Retail & Distribution
•Marine Services
•Medical Services
•Real Estate
Different strokes for
Different strokes for different folks! HCU and its 150 000 plus members must suffer and lose everything but with CL Financial the government waves its magic wand and reaches out to comfort them in their time of need. Something is seriously wrong here.