– decisions taken are in working people’s interest
THE Federation of Independent Trade Unions of Guyana (FITUG) said it has been closely monitoring developments with respect to the CLICO Group across the Caribbean.

In Guyana, the Federation said it has more than a passing interest in the matter, given that so many of its members have policies with this company, and given the wider implications for the business and labour environment.

In a statement, the Federation said it “now wishes to place on record that it welcomes the actions taken and announcements made by Government with a view to bringing the CLICO (Guyana) matter to closure, following the decision by the Chief Justice to place the company in liquidation”.

“Government’s decision to sell the long term insurance portfolio to ensure its continuity, and to make G$3.6B immediately available to refund holders of policies under other classes of business, is wholeheartedly congratulated and welcomed,” the Federation stated.

“It compares favourably with the approach taken in several other jurisdictions across the Caribbean, and reflects a position that clearly places priority on the interests of policyholders who are the working people of this country,” FITUG added.

At the same time, FITUG said it condemns any action aimed at frustrating the process of disbursements to policyholders and wish to warn against those ambitions as they are clearly designed to delay the resolution of this matter and to protract the anxiety of those who were waiting to realize the value of their policies.

“FITUG wishes to urge strongly that no further attempts at delay should be countenanced, and the liquidation process must proceed smoothly and unhindered in order that, among other things, workers could access their pension funds,” FITUG said.

The Federation also urges that patience and understanding be displayed as the liquidators undertake the very substantial task of bringing relief to the thousands of policyholders who have long awaited this day.

Finally, FITUG said it would like to congratulate the Government of Guyana, particularly His Excellency the President, for persevering with the task of finding a resolution to this matter.

FITUG said it looks forward to all policyholders being paid without much delay, and said it has no doubt that Government’s intervention was and is necessary to have an amicable resolution to the CLICO (Guyana) fiasco.