PM Browne Issues Third Letter to Rowley about BAICO/CLICO


Aug 17, 2022

The Gaston Browne-led administration in Antigua and Barbuda has written a third letter to the Keith Rowley administration, telling them that Port-of-Spain is liable to policyholders in St Johns following the collapse of CLICO and BAICO.

The insurance company fell flat in 2009 and policyholders within the sub-region lost the millions of dollars that they had invested.

Browne had reportedly written to Rowley’s administration on two separate occasions but Rowley said he never received that communication.

“We did write to the Prime Minister of Trinidad and Tobago again, for the third time. I will also provide irrefutable evidence to confirm that his office received my previous mail. So, the idea that they had not received it is a lie,” Browne said this week.

Prime Minister Browne is also standing by a decision to take legal action against the twin island republic to pay the balance of the monies it pledged to settle investors’ payments.

Back in 2009, BAICO and CLICO were among the companies owned by Trinidad-based CL Financial Group which collapsed. After that downfall, the government there pledge US$100 million alongside other regional governments as a means of bailout.

However, Browne said only 60% were fulfilled, making it fundamentally clear that he will go as far as the Caribbean Court of Justice to seek redress.

According to Prime Minister Browne, about 60 percent of that pledge has yet to be fulfilled by the government of Trinidad and Tobago, saying that his intention to take legal action is nothing personal.

“It’s not because I have an issue with Keith Rowley. Keith and I have good relations but Keith must get his government to pay. And if he refuses to pay, Antigua and Barbuda will lead a case on behalf of the OECS policyholders to take Trinidad and Tobago to the CCJ and get them to pay,” Browne said.

Adding, “because the assets of CLICO/BAICO in Trinidad and Tobago, they held unto these assets and paid their citizens.

Rowley had said that he is not perturbed by the threat, claiming that his government has no legal obligation to pay these monies.

Antigua and Barbuda