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CLICO still in TCI, no pay for policy holders

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As it was in 2009, it remains today; Clico liquidators are not talking to the Turks and Caicos as many believe they should following the collapse of the company with millions of dollars in customers’ money.

There are no signs up to identify the company, but Clico is still doing business in the TCI out of a rented space at Tropicana Show and Supper Club; still hired at the Clico office here is Cathy Handfield who directed our questions about whether there was any retribution coming for the 260 TCI clients, to the liquidators’ office in Nassau.

Magnetic Media has called Baker Tilly Gomez; there has been no reply. This is particularly interesting or frustrating as in The Bahamas, it was determined years ago by the Hubert Ingraham administration, that Government there would pay clients of the company.

Well the Perry Christie Administration has upheld that promise and this past March paid out over $16 million to 13,000 Bahamians who had trusted Clico, owned by CL Financial out of Trinidad and Tobago, with their money.

In the Turks and Caicos, no such thing for the policy holders who were told that if they maintained their payments, then maybe… just maybe, they would retain the cash invested. Seven years later, the issue of Clico has all but disappeared from memory.

A December article in the Bahamas Tribune featured comments from Craig Gomez, Accountant with Baker Tilly Gomez, who explained that they are still looking for a buyer of the portfolio.

Caribbean News

Millions to come from FSC 

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Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, March 17, 2023 – Revenue from the Turks and Caicos’ Financial Services Sector will more than double in the next few years, if E Jay Saunders, Deputy Premier and Finance Minister gets his way.  It ‘s one of the reasons the country is investing so much capital into getting off of the EU blacklist and becoming a secure trustworthy financial destination. 

“The FSC’s revenues for 2020/21 was $10.5M— the figures for 2021/22, would be about similar,” he said.  He further explained that $10.5 million from the FSC represented about 2.6 percent of the country’s 408.5-million-dollar revenue.  Though it increased to $14 million in the 2021/22 financial year, finance is still a small fry compared to tourism or even stamp duties but that will change, says Saunders. 

“My revenue goal for the Government by the year 2029 [or] the election after the next election – is $500M.  By that time, I want the financial sector (FSC) revenues to represent at least 5% ($25M).  So that’s my goal for the financial sector by 2029.” 

This goal, should it be met, would increase the Government’s revenue by 100 million dollars, a significant increase in spending power for local upgrades and improvements for Turks and Caicos residents and visitors. 

Saunders says it’s time for the TCI to diversify its sources of revenue to make sure that what happened in the COVID-19 pandemic, which saw residents out of a job for months, will not happen again.  Tourism now makes up around 80 percent of the country’s GDP.  The Minister of Finance wants to push that down to 60 or even 50 percent.  

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Caribbean News

Debrief on Haiti Caribbean heads visit 

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Dana Malcolm 

Staff Writer 

 

 

#Haiti, March 17, 2023 – When a CARICOM delegation visited Haiti earlier this month, conspicuously absent was the Turks and Caicos Islands despite being one of the nations most directly affected by the multi-dimensional crisis there.  There is no comment, as yet from the Premier, to say why this was the case.  

Still, from the expedition, CARICOM heads of Government have informed that there will be lobbying in Africa for assistance in Haiti.  They say they have decided that the best course of action for the Caribbean country is to bolster the Haitian National Police and act as intermediaries with Africa and the world.  The decision follows a one day visit on February 27th, and a March 5th meeting chaired by the Bahamas. 

CARICOM says during the trip delegates ‘met with a broad range of Haitian stakeholders to hear their views on the way forward to a Haitian-led solution’. With that in mind it has made a decision on how to proceed.

“The Heads of Government agreed to support the Haitian National Police in their efforts to address the security situation.  The focus of the Community will be the provision of training for the HNP and the provision of humanitarian assistance to HNP and the wider Haitian society, taking into account the challenging humanitarian and security situation”

It’s not clear yet where and how this training will take place.  Also distinctly absent from the report, no more mention of boots on the ground from other countries despite CARICOM Member States indicating they were ready and willing should it come to that.

In addition, recognizing ‘the common historical experiences and the strong African-Caribbean relationship’ CARICOM says,

“Heads of Government also agreed to seek support from African countries for Haiti.  They also agreed to work with the Governments of Canada and the United States as well as the UNDP”

Magnetic Media has reached out to the Premier’s Office to get a full debrief of the February 27th visit (led by Jamaica; including The Bahamas and Trinidad and Tobago) to learn of Turks and Caicos’ posture following the critical sessions.  

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Caribbean News

New ASHLEY’S LEARNING CENTRE CONCERT

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Dana Malcolm 

Staff Writer

 

 

#TurksandCaicos, March 17, 2023 – Musicians from the New World Symphony will be in the Turks and Caicos in concert next month and residents are invited to attend in support of the future of Ashley’s Learning Center.

A fairly young orchestral academy based in Miami, the New World Symphony was launched in the 1980s by 1987, Michael Tilson Thomas and Ted Arison,Carnival Cruises founder.  From the 1500 applicants who vie for a spot each year, the symphony accepts around 35 music graduates annually for training fellowships. 

A select few of those graduates will be in country on April 8th headlining at the Ashley’s Learning Center concert ‘We’re all in this together’.  The concert which also feature local artistes will be held at Brayton Hall on Venetian Road from 6 pm to 8:30 pm

Tickets are available ON ISLEHELP  $75 PER GENERAL SEAT $125 PER PREMIUM SEAT $195 PER GALLERY SEAT – with /FREFRESHMENTS. 

For TICKET RESERVATIONs you can call: 649-341-2304 or email  EVENTS@ASHLEYSLEARNINGCENTER.ORG 

 

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