Peter Permell, chairman of the Clico Policyholders Group, said former directors of Clico should be paid only when the results of the Sir Anthony Colman Commission of Enquiry have been reviewed.
"We are calling on the Minster of Finance to halt these payments and for those who were paid to return the money if they got paid and their names have not been cleared as yet. Those directors would have had a fiduciary responsibility to the company and therefore the collapse of Clico clearly shows that that fiduciary responsibility was not clearly carried out," he told the T&T Guardian.
"There are question marks over the heads of the directors over the collapse. Unless the Colman Report comes back and says there are specific directors they have issues with and there are others there are no problems with, only then should directors consider themselves cleared."
The enquiry into Clico and the Hindu Credit Union (HCU) began in 2010 and last year Colman presented the results of the HCU enquiry to President Anthony Carmona. However, the Clico part of the report is still being worked on and has not yet been submitted.
According to reports, more than $36.1 million has already been paid out to former Clico directors. Those payments were processed between April 30 and June 2 and represent half of what the ex directors are entitled to. It was paid out at accrued rates ranging between two to 12 per cent.
On Wednesday, the Clico Policyholders Group expressed concern at reports that Finance Minister Larry Howai and the Government appeared to be unaware or uncertain as to whether payments had been made to the former Clico directors.
The Central Bank has said that Lawrence Duprey, former CEO of the CL financial Group, former group financial director Andre Monteil and Gita Sakal, former corporate secretary will not be paid under the terms of the 2015 Clico Resolution Plan until civil matters filed against them are completed.
Permell said other Clico directors should not be taking any money until the entire matter is cleared up.
"In the same way I am asking the Central Bank not to pay, I am asking the directors not to collect. It works both ways," he said.
