Was assured that it was “safe”

In the latter half of 2008, a friend of mine received a letter from CLICO inviting persons to invest in an Executive Flexible Annuity Policy.   As I had just received my gratuity on retirement, I invested $100,000 in a CLICO EFA Policy in December 2008 as a nest egg for my retirement. The policy was for two years with interest of 6% paid annually.

When the news of CLICO Trinidad broke, I contacted my agent about the safety of my investment, and was assured that it was “safe”.

The first set of interest ($6,000) was due in December 2009, but none was paid until some 3 – 4 months later and only after I pressed for it. In October 2010 I wrote to CLICO indicating that I wished to withdraw my investment capital and the interest in December 2010 when the policy matured. The letter went unanswered, but I have not received either the interest of $6,000 that was due in December 2010, nor the principal that matured in December 2010.

I have, however, received a letter from CLICO stating that my policy of $106,000 would continue and would attract an interest rate of approximately 4.5% annually. Unfortunately, I was hoping to use the funds deposited for a project that I am working on, but alas, it appears that this is not to be.