CCJ partially dismisses Clico regional discrimination case against T&T

(Trinidad Guardian) The Caribbean Court of Justice (CCJ) has partially dismissed a discrimination case brought by a group of citizens and institutions from Antigua and Barbuda and Grenada against the Government of Trinidad.

In the case, the group’s members are claiming that the Government discriminated against them when it decided to bail out CL Financial (CLF) and its local subsidiaries Colonial Life Insurance Company (Trinidad) Limited (Clico), Clico Investment Bank (CIB), and British American Insurance Company (Trinidad) Limited (BAT) in 2009.

They claimed that the Government, through the Central Bank, took active steps to exclude CLF’s Bahamas-based subsidiary British American Insurance Company Limited (BAICO), of which they are policyholders, from the bailout.

They alleged that while local policyholders were protected and essentially guaranteed their full investments, they were only able to recoup approximately 14 per cent through the liquidation of the regional subsidiary.

They contended that the action amounted to discrimination on the ground of nationality and was in breach of Article 7 of the Revised Treaty of Chaguaramas (RTC).

They further contended that the action also breached Articles 36 and 184(1)(j) of the RTC, which deals with the cross-border provision of services and measures taken by member states to provide redress for regional consumers.

Delivering a preliminary decision in the case, on Wednesday CCJ President Adrian Saunders and Judges Winston Anderson, Maureen Rajnauth-Lee, Andrew Burgess, and Peter Jamadar dismissed the first aspect of the case while allowing the group to continue to pursue the latter.