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Ramesh advises shareholders against Clico ­injunction

Published: 
Wednesday, December 1, 2010
Ramesh Laurence Maharaj

Attorney-at-law Ramesh Lawrence Maharaj is advising Clico policyholders against filing an injunction that would tie up payments to the holders of Clico’s Executive Flexible Annuity Plans and the insurance company’s mutual funds in the courts for years. Instead, Maharaj who is representing some policyholders, advised: “It may be that the better course for litigation at this stage is to compel the Government to provide an accurate list of the assets of the company and to give the valuations it is relying upon so that the policyholders would be able to put forward their position on the valuations.”

He also said the policyholders should get the courts “to intervene to restrain the disposition, mortgaging or assigning of the assets from which the policyholders have to receive their monies.”
Both of these actions, he said, “will be without prejudice to the rights of the policyholders to file action for the recovery of their full sum of monies.” He said it was necessary for the group to restrain the Government from selling off the assets held by CL Financial, the parent company of Clico, and Clico itself because he had received information the Government is contemplating the sale of petrochemical assets owned by CL Financial and Clico.

“The evidence which I am accumulating shows that the policy which this Government must adopt is to keep the assets of CL Financial and Clico for the people of T&T and not dispose the assets. “Information that I have is that the Government is planning to sell some of the most valuable assets relating to the chemical plants—Clico Energy, Caribbean Nitrogen and Methanol Holdings (Trinidad) Ltd,” said Maharaj. Last February 22, the Central Bank obtained an injunction preventing CL Financial from disposing of any Clico-owned assets after the Central Bank got word from the then Clico chief executive Claude Musaib-Ali of an attempt by CL Financial to sell its 51 per cent interest in Clico Energy to Proman AG, a German project management company.

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