GEISHA KOW­LESSAR-ALON­ZO

geisha.kow­lessar@guardian.co.tt

Cli­co Trust Cor­po­ra­tion Ltd as trustee of the Cli­co In­vest­ment Fund has no­ti­fied unithold­ers that in ac­cor­dance with the pro­vi­sions of the trust deed, the fund will be ter­mi­nat­ed on Jan­u­ary 2, 2023.

A no­tice post­ed on the T&T Stock Ex­change yes­ter­day said the trustee fur­ther ad­vised unithold­ers that the last trad­ing day for units in the fund will be De­cem­ber 30, 2022, and the record date for dis­tri­b­u­tion of the fund as­sets will be Jan­u­ary 5, 2023, in ac­cor­dance with the set­tle­ment pe­ri­od of three work­ing days for the mu­tu­al fund mar­ket of the T&T Stock Ex­change.

It is ex­pect­ed the fund’s as­sets (in­clud­ing the shares in Re­pub­lic Fi­nan­cial Hold­ings Ltd, Gov­ern­ment Bonds and cash) will be trans­ferred to the bro­ker­age ac­counts of qual­i­fy­ing unithold­ers be­fore the end of Jan­u­ary 2023.

Giv­en the fi­nal trad­ing day not­ed above, any one still hold­ing 11 to 20 year bonds from Cli­co, who wish­es to ex­change these bonds for units in the fund, may sub­mit the 11 to 20 year bonds to the lead bro­ker, First Cit­i­zens Bro­ker­age and Ad­vi­so­ry Ser­vices Ltd for pro­cess­ing be­fore De­cem­ber 16, 2022, the no­tice al­so said.

It added de­tails re­lat­ing to the ter­mi­na­tion of the fund will be com­mu­ni­cat­ed to unithold­ers via ads in the press and the stock­bro­kers.

In De­cem­ber Cli­co an­nounced it paid off $17.3 bil­lion in debt, in­clu­sive of in­ter­est, to the Gov­ern­ment and is look­ing for­ward to cre­at­ing new busi­ness and con­tin­u­ing to serve its pol­i­cy­hold­ers.

On Feb­ru­ary 13, 2009, the Cen­tral Bank gained emer­gency con­trol of Cli­co, which, it said, was to “safe­guard the in­ter­ests of Cli­co’s pol­i­cy­hold­ers and cred­i­tors and to pre­vent sub­stan­tial dis­rup­tion posed to the do­mes­tic fi­nan­cial sys­tem by Cli­co’s col­lapse.”

Cen­tral Bank Gov­er­nor Dr Alvin Hi­laire had al­so said while the bank could have ex­it­ed ear­li­er, it was not on­ly fo­cus­ing on Cli­co’s prof­itabil­i­ty but al­so its gov­er­nance struc­ture, ca­pac­i­ty to move for­ward and the sta­bil­i­ty of the fi­nan­cial sys­tem.