Trinidadian Gov’t spent TT$23 billion on bailout for failed insurance giant

Trinidad and Tobago Finance Minister Colm Imbert.

The Trinidad and Tobago Government says it is “finally reaching a conclusion” a decade after the collapse of the Port of Spain-based regional insurance giant, Colonial Life Insurance Company (CLICO) and its parent company, CL Financial.

Finance Minister Colm Imbert, delivering the TT$53.03 billion (One TT dollar=US$0.16 cents) budget to Parliament on Monday, said that the government had pumped an estimated TT$23 billion in a bailout plan for the company.

He told legislators that when it came to office in 2015, the Keith Rowley government found the CL/Financial/ CLICO arrangement “in disarray with the shareholders and government in conflict and without any clear sight of a resolution.