T&T Financial Collapse?

[mazdatt]

So ah hear some bank managers discussing if 5 more Clico policyholders was to sue the government they will have to liquidate Clico by virtue of the Insurance Act and commercial banks and UTC would loose billions which could lead to a financial collapse of some of these institutions. Is this true?

Five Clico policyholders seek review of Dookeran plan
http://guardian.co.tt/news/2011/04/07/f ... keran-plan

[RIPEBREDFRUIT]

TRUE TRUE TRUE, go withdraw all your money in any local investment before you lose everything!

OMG OMG OMG! runs around like a chicken with head cut off!

[living louder]

wha????????????

[mazdatt]

TRUE TRUE TRUE, go withdraw all your money in any local investment before you lose everything!

OMG OMG OMG! runs around like a chicken with head cut off!

He he... I know some Clico people that did this and they have their money now in cash while the ones that left have to suck salt for 20yrs.

[Greypatch]

interesting

[~*Pãñdorą*~]

TRUE TRUE TRUE, go withdraw all your money in any local investment before you lose everything!

OMG OMG OMG! runs around like a chicken with head cut off!

This

[TRAE]

we get back the old finance minister or wha

[pugboy]

UTC claimed early that they had zero investments in CL
a good rumor could cause a run on them now though

[tr1ad]

UTC claimed early that they had zero investments in CL
a good rumor could cause a run on them now though

yet they still maintain their 10 million usd account with CMMB/FCB

[Country_Bookie]

So ah hear some bank managers discussing if 5 more Clico policyholders was to sue the government they will have to liquidate Clico by virtue of the Insurance Act and commercial banks and UTC would loose billions which could lead to a financial collapse of some of these institutions. Is this true?

Five Clico policyholders seek review of Dookeran plan
http://guardian.co.tt/news/2011/04/07/f ... keran-plan

Instead of coming here and starting panic, why not peruse the Insurance Act and advise us under which clause and section of the Act this could happen?

Here's the Act:
http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/84.01.pdf

[Soundwave]

oho, I say dooks spend out all of the money on sandwiches...

[nismoid]

UTC claimed early that they had zero investments in CL
a good rumor could cause a run on them now though

yet they still maintain their 10 million usd account with CMMB/FCB

not to mention they have a substantial investment in methanol holdings tt limited who is owned by who again?

[mazdatt]

Here's the Act:
http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/84.01.pdf

The Act is pretty clear if an insurance company is insolvent it has to be liquidated and policyholders are the first in line to get paid from the sale of the assets so guess it is true what people are saying so I going to buy a bigger mattress to put my money.

[Mudboy]

So ah hear some bank managers discussing if 5 more Clico policyholders was to sue the government they will have to liquidate Clico by virtue of the Insurance Act and commercial banks and UTC would loose billions which could lead to a financial collapse of some of these institutions. Is this true?

Five Clico policyholders seek review of Dookeran plan
http://guardian.co.tt/news/2011/04/07/f ... keran-plan

Instead of coming here and starting panic, why not peruse the Insurance Act and advise us under which clause and section of the Act this could happen?

Here's the Act:
http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/84.01.pdf

educate us bookie......I am a farmer.....

[nareshseep]

[DrunkenMaster16]

With the governments recent drive to weed out the herbs... more risk = more profit.




(But d last government done kill out d cane fields..SO.... bun down this whole place!)

[NXTREME]

matress fund ftw!

[TRAE]

Now is the best time to legalise weed and tax it

[bushwakka]

wam to de mods? there is an official clico thread for this u kno

viewtopic.php?f=4&t=229806&hilit=official+clico

and to the OP, the judiciary has a responsibility to not bankrupt the gov't....even if a couple of citizens are right abt the mishandling of the issue, the judiciary can lambast the politicians all they want but their hands would be tied at the end of the day

[mazdatt]

Guess I was right.

Policyholders file to wind up Clico
http://guardian.co.tt/news/2011/04/16/p ... wind-clico

Seems like the Clico policyholders mean business and will not bow to pressure from Dookeran.

[pete]

http://en.wikipedia.org/wiki/Liquidation

The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action

[mazdatt]

Pete, the Insurance Act is clear...

What the Act states
Section 76 (1) of the Insurance Act states: “The court may order a winding up of a company in accordance with the Companies Act...
(a) on the petition of ten or more policyholders owning policies of an aggregate sum of assured of not less than one hundred thousand dollars.”
Section 76(2): A petition shall not be presented except by leave of the court , and such leave shall not be granted unless—
(a) a prima facie case has been established to the satisfaction of the Court.

Commercial banks will have to write off CL Debt since policyholder have first take of the sale of the assets. This may be end of some of these banks like FCB who is owed billions from CL. Some of UTC funds would also have substantial losses.

[Sanctifier]

^ ^ ^ However, according to Robert Meyers on a TV talk show late this week... Clico's combined asset value has appreciated significantly since the "crash". Case in point... Angostura is now enjoying a significant profit.

Therefore forcing a "fire sale" will not be as bad as it would have been then; since a much larger amount of revenue will be collected... So no "national financial meltdown" according to him. As a matter of fact he implied that the financial backlash may be much less than expected.