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| Caribbean Markets | Index | Value | Change | USD | EURO | GBP | CAD | |
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Carribean Business
Euric Bobb Resigns from CLICO Board
6:30 PM Port of Spain – Dr Euric Bobb resigned as Chairman of Colonial Life Insurance Trinidad Ltd. The troubled financial services holding company is operating under the supervision of the Trinidad and Tobago government.
Colonial Life Insurance Trinidad Ltd Chairman Dr Euric Bobb resigned for “personal reasons” and Marlon Holder, executive director of the Unit Trust Corp took over as chairman. The former Trinidad and Tobago central bank governor also resigned from the board of Lascelles, deMercado & Co according to the filing with the Jamaica Stock Exchange. CLICO has been under government supervision after it was bailed out by the Trinidad and Tobago government in January 2009. Since then Trinidad government has invested as much as TT$2 billion. The government financing has also come with conditions to sell assets to repay the loans. Caribbean Money Market Brokers Limited is now a subsidiary of state controlled First Citizens Bank Ltd and its majority holdings in Republic Bank and Methanol Holdings Ltd. 1 |