A leading insurance company Clico of Guyana insists on $35M investment in Clico Bahamas, in a now-defunct subsidiary, is trying to recover money for investors.
Finance Minister Ashni Singh said Friday that he sent numerous documents to the Caribbean island's prime minister showing that Colonial Life Insurance Company (Clico) of Guyana made the investment in Clico Limited of Bahamas.
According to the associated press reports, the claim it is owed $35 million from the liquidation of the company in the Bahamas. But Bahamian officials have denied that Clico in Guyana made a $35 million investment in the Bahamas subsidiary.
Regulators have ordered the liquidation of Clico Limited of Bahamas as well as in Guyana and Belize subsidiaries in their respective countries, after it was unable to pay claims of $2.6 million in the Turks and Caicos Islands and its liabilities were found to exceed its assets by $9 million.
Both struggling companies are insurance subsidiaries of Trinidad-based CL Financial Ltd., a manufacturer, health services, spirits, real estate and Energy Company, who received a bailout because of bad real estate investments and the global financial crisis.