A number of CLICO policyholders are awaiting the outcome of litigation challenging Government's repayment plan before accepting the State's offer, chairman of the CLICO Policyholders Group Peter Permell said yesterday.

"Some policyholders have not availed themselves yet because they waiting to see how the litigation plays itself out. So they sort of hedging their bets," he said.

He was speaking to the Express yesterday following the launch of the Co-operative Credit Union League Calendar of Events at the Crowne Plaza hotel, Port of Spain.

A group of CLICO policyholders, represented by attorney Ramesh Lawrence Maharaj, have gone before the court to challenge the State's refusal to pay them the full amount due on their Executive Flexible Premium Annuities.

They are seeking an interim court order that Government give details of the assets of CLICO which have been sold and how the proceeds of the sales were applied. 

"We don't know where that is going but I suspect by June we will get a better idea as to what is going on with that litigation and the number of policyholders who took up the offer," Permell said.

He said his group, which represents about 3,000 policyholders, supports both those who accept the offer and those who are choosing to wait and watch the court proceedings unfold.

Government's repayment plan is divided into two phases: phase one relief for qualified depositors and shareholders up to a maximum of $75,000, while phase two provides payments to depositors whose balances exceed $75,000.

Permell said the revised offer by Government has been "rolling out quite smoothly" and noted that, according to Finance Minister Winston Dookeran, about 2,000 of 15,000 policyholders have taken up the offer, a payout so far of about 1.1 billion.