Policy holders who lost money when the British American Insurance Company Limited (BAICO) collapsed back in 2009 will be getting some of it back in time for Christmas this year.
Beginning December 18, policy holders will receive pay outs which will take place at the office of the judicial manager, Brian Glasgow of KPMG.
On Thursday, Mr. Glasgow said all British American policy holders have received correspondence form KPMG about the full value of their investment in the British American. He said the correspondence showed the policy holders how much money would be invested, plus interest up to September 2009.
“Initially, we will be paying between 20 percent and 25 percent of that in two installments and next week is the first installment, which is equal to 10 percent. So, next week we will be paying 10 percent of the value you have in British America” according to Searchlight Newspaper.
He, however, added that when all the payments have been made, persons still would not have got back all they invested.
“We are only paying from money we have available, money we have collected so far. There are outstanding litigation; for example, we have won a lawsuit against Mr. (Lawrence) Duprey (the former chair of CL Financial (CFL)) for $120 million, but we have not collected anything on that as yet, so when we start collecting on that, we would be making further distribution,” Mr. Glasgow said.
On Monday, persons whose last names begin with A through G will receive their money, while on Tuesday December 19 the names H through N would be paid.
On Wednesday December 20 will see persons with the names O through T dealt with, while on Thursday December 21, persons with the names U through Z will be paid.
Policyholders are required to provide copies of valid identification in order to receive payments. Persons authorized to receive funds on behalf of policyholders are required to provide appropriate documentation and copies of valid identification for both policyholder and the authorized personnel.
Prime Minister Dr. Ralph Gonsalves speaking this morning on the Shakeup Program aired here on WEFM said that approximately $13.5 million in payments to policy holders will be paid out under this phase.
He said this pay out comes under the ‘Plan of Arrangement BAICO/CLICO Act 2016’ which has been passed in the Parliaments of Eastern Caribbean Currency Union (ECCU) members states and the Bahamas.
Dr. Gonsalves said that in all 1, 147 individuals, companies and institutions will receive payouts from BAICO come December 18, 2017.