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HomeNewsRegional NewsPrime Minister Browne threatens legal action for outstanding insurance settlement

Prime Minister Browne threatens legal action for outstanding insurance settlement

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(Antigua Observer) The government of Antigua and Barbuda may soon take legal action against another CARICOM-member state.

The matter involves outstanding settlement payments by the British-American Insurance Company (BAICO) and Colonial Life Insurance Company Limited (CLICO).

BAICO and CLICO were among companies owned by Trinidad-based CL Financial Group which collapsed in 2009, causing Trinidad and Tobago to pledge US$100 million alongside other regional governments who pumped billions into a bailout to deal with the fallout.

According to Prime Minister Gaston Browne, about 60 percent of that pledge has yet to be fulfilled by the government of Trinidad and Tobago.

“We may eventually have to sue the government of Trinidad and Tobago because as you know they agreed to a settlement of over US$100 million, and they paid close to about US$40 million. The balance is about US$60 million, which remains unpaid,” he said.

Browne also commented on what he believes to be continuous “contempt” shown by Trinidad and Tobago.

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