Antigua and Barbuda’s PM not surprised by latest CCJ BAICO ruling

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SOURCE: DominicaNewsOnline: Antigua and Barbuda’s Prime Minister Gaston Browne said that he is not at all surprised by the Caribbean Court of Justice’s recent decision to dismiss an $800 million lawsuit against the government of Trinidad and Tobago, brought by former policyholders of the defunct British American Insurance Company (BAICO).

This case involved policyholders in Antigua and Barbuda and Grenada. It was filed under the court’s original jurisdiction, which allows it to address disputes among member states under the Revised Treaty of Chaguaramas. The case revolved around claims that Trinidad and Tobago’s financial support to certain subsidiaries of CL Financial Limited (the parent company of BAICO) was discriminatory.

Policyholders argued that this bailout, aimed at stabilizing the local financial system, unfairly overlooked BAICO policyholders outside Trinidad and Tobago. Following the collapse of CL Financial in 2009, the Trinidad and Tobago government took decisive action to support its locally registered subsidiaries, including CLICO and BAICO’s operations in Trinidad. However, this assistance did not extend to policyholders in other CARICOM member states, resulting in considerable dissatisfaction.

Chief Justice Adrian Saunders provided a comprehensive judgment addressing the government’s actions, affirming that the financial assistance given to CL Financial and its subsidiaries was consistent with the exceptions outlined in Article 32 of the Revised Treaty of Chaguaramas.

The court recognized these actions as a legitimate exercise of authority aimed at mitigating the economic hardships caused by the collapse, on the local population. In contrast, the policyholders alleged that the Trinidad and Tobago government violated several articles of the Revised Treaty, particularly Articles 36, 37, 38, and 184, which deal with discrimination and consumer protection.

Nevertheless, the court deemed these claims unsubstantiated, concluding that the government’s actions did not breach the treaty’s competition policy and consumer protection provisions.

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14 COMMENTS

  1. This story is such a joke.

    “Antigua and Barbuda’s Prime Minister Gaston Browne said that he is not at all surprised by the Caribbean Court of Justice’s recent decision to dismiss an $800 million lawsuit against the government of Trinidad and Tobago, brought by former policyholders of the defunct British American Insurance Company (BAICO)”.

    And then what? Why was it that he was not surprised?

    The writer of this story really believes that nothing else should have been said about the P.M. thinking on this case?

    Trupz.

  2. who was the Finance Minister in 2009 under the WICKED SUNSHINE GOVERNMENT?? that same Finance minister caused the COLLAPSE OF ABIB!

    #NatDemAgain!

  3. Nothing about the CCJ surprises me anymore.
    This court makes no kinda positive impact on the lives of Caribbean citizens and residents alike. Sanders and his entire Cadre of justices are a bunch of jokers

  4. @Audley Dave Joseph (a.k.a. Beef) October 24, 2024 At 8:05 am
    The Story is not a joke. Do you know if the full story has been published by ANR.
    Anyway as a media personality you should do more investigative journalism and stop eating from others hands. Do your own work. The PM is accessible to ALL. He is also on Facebook and when he comes he will surely be on his weekly radio program on Saturday on Pointe FM. Just call in and ask your questions.
    One thing you guys always take for granted, is that our PM is no ordinary man. He has fast knowledge of the treaties of Caricom. Note the PM has also threatened to take Trinidad to Court, but that from a different obligation that was made under the former Prime Minister Kamla Persad-Bissessar, which Keith Rowley now refuses to honor.
    What I’m very disturbed with is the clause in the treaty that allows for protectionism of one’s country’s economy. It is freigthning to see that our Heads of Governments would agree to such and yet call this UNION and ECONOMIC UNION. That is why the PM said he is glad he didn’t allow Republic Bank to have such control over our banking industry. Antigua and Barbuda Financial Institution are almost all in local hands. Safe from ECAB. And that is because the stupid agreement Lovell signed with Dwight Veneer. Same way he lost majority shareholding of LIAT 1974 to Barbados. ECAB majority shareholders have silently brought in some ourtside managers in top position that could and should have been gone to local Antiguans and Barbudans. Buit everyone is silent about this move. ECAB had the benefit of local staff of BOA, ABIB and later on Scotia Bank.

  5. All these words to say nothing?

    The caption of the story says: ANTIGUA AND BARBUDA’S PM NOT SURPRISED BY LATEST CCJ BAICO RULING.

    A reasonable person (I think) would want to hear WHY THE P.M. WAS NOT SURPRISED.

    But why am I even replying to you?

    You can’t even put your name to your comments, but then again, maybe they are not your comments.

    Gee Out.

  6. Beef.. I am surprised at your comment. You never gave Prime Minister any credit. Beef you are a smart Guy but you behave as a DAMN IDIOT at times. You dislike the Prime because you were FIRED from Pointe FM. Now you are restless jumping from radio station to radio station. Pull yourself together.

  7. Which comment are you referring to Pete (if that is really your name)?

    I HAVE NOT SAID A THING ABOUT THE P.M.

    I asked, what is the point of the story?

    The caption said one thing but NOTHING IS SAID IN THE BODY OF THE STORY ABOUT WHAT THE CAPTION POINTS TO.

    Where in the story says what did not surprise the P.M.? Please point it out to me because maybe I missed it.

    As to the other parts of your comments, I will just borrow some words from BOLD FACE.

    When you na know you just na know………

  8. @Audley Dave Joseph (a.k.a. Beef) October 24, 2024 At 7:41 pm
    What is the important of a name to a message. Are you responding to the name or the message. Some time ago I had to ask Dr. Rawlings the same thing. I cannot from sitting here infront my computer determine who all these persons are that are posting their comments. And frankly it doesn’t matter. I read their comments and respond to them. Actually I know the name you use to post here but I cannot verify if that is you. Unless we are going to have video chats in the future. Or some sort of registration where people first have to identify themselves. And since you are a learned individual, I suppose, you should kown that many writers of novels uses “pseudonyms” rather then their own name. Richard Bachman
    image of Richard Bachman
    en.wikipedia.org
    Richard Bachman is a pen name of American horror fiction author Stephen King, adopted in 1977 for the novel Rage.
    So please just respond to the message and don’t bother with the name. You failed to do so. And as a radio personality yourself it should not be hard to do. Get the PM’s views on this from the horses mouth.

  9. @Audley Dave Joseph (a.k.a. Beef) October 25, 2024 At 9:24 am
    You of all persons should know that captions alone are very misleading. Their only purpose is to be catchy. To make you want to read what is in the story. This trend of miss-leading headline startted way back in the 90s. I was in Trinidad one year and was at the Trinidad Express office. And had a conversation with the editor about this. And he told me it’s all about selling news papers. You cannot read a newspaper before you buy it. And therefor if the headline catches your interest you will buy it. Nevermind you will be disappointed when reading the story. Which is what is happening here to you. And I find that sad. Since you are a well seasoned radio personallity. Once again if you are curious about why it is the PM said he is not surprise with the ruling, Go and Ask him Yourself. That is all.

  10. @Fungee October 27, 2024 At 11:26 am
    Republic Bank is not in Antigua. But Sagicor is. And the other day their was A BVI Investment Company coming to see how they can take our savings as they here we have about $2Billion in savings. https://antiguanewsroom.com/bvi-firm-looking-to-duplicate-success-in-antigua/
    Our banks are failing the economy big time. Money in savings account is not turning over the economy. It should be made to circulate in the economy. This is a real delima that even the Governor from the Central Bank needs to address. Too much passive capital formation. We need to get active. And not just with loans on consumable items like car loans.

  11. I totally agree with you the respective OECS GOVERNMENTS and the governor of the EASTERN CARIBBEAN CENTRAL BANK FAILED TO REGULATE CLICO/BAICO.They ought to COMPENSATE the POLICY HOLDERS.

Comments are closed.