Friday 24 January, 2020

Imbert slams 'false' claim from Kamla on CLICO portfolio sale

File photo.

File photo.

Finance Minister Colm Imbert has denied giving written directions to the Central Bank to sell the traditional portfolio of insurance policies of the Colonial Life Insurance Company to a local insurance company.

He took note of allegations made by Opposition Leader Kamla Persad-Bissessar in her response to the 2020 Budget Statement in Parliament on Friday, and the insinuation of irregularity and wrongdoing on his part.

In response, Imbert categorically stated that the claim was false.

“Contrary to the false statements made by the Leader of the Opposition in the Parliament today, in her response to the Budget Statement, the Minister of Finance has given no such directions to the Central Bank regarding the sale of the traditional portfolio of CLICO policies, or any directions at all.”

He explained that the Central Bank was carrying out its mandate, independently.

“At this stage, all that is happening is that the Central Bank is continuing to exercise its powers under Part VA, Section 44D of the Central Bank Act with respect to managing the affairs of an insurance company that has been under its supervision for the last 10 years.”

Responding to the Opposition Minister’s call for him to disclose the alleged instructions, Imbert said the situation does not arise as he had no involvement in the process.

"As a result, there are no instructions to disclose with respect to this matter, because none exist," he said.

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