Between 80 and 100 insurance sales agents and staff members were locked outside their offices yesterday, when insurance giant CLICO closed three of its top branches without warning.
CLICO’s Valpark, St Clair and St James offices were locked yesterday morning when agents and other employees arrived.
Employees found their electronic entry cards were immobilised and ineffective when they attempted to swipe them to enter the buildings, workers told the Express.
After they realised their key cards no longer worked, they noticed small signs posted on the doors of the CLICO offices, informing the agents that the offices were closed until further notice.
They were not given any previous information that they would not be able to gain entry into their workplaces.
CLICO operates more than 30 offices across the country.
The three that were closed are said to be among the most profitable of branches, and generate annual revenues in the millions of dollars.
When employees contacted CLICO’s head office at St Vincent Street, Port of Spain, they were summoned to a meeting with chief executive Claude Musaib-Ali on Monday.
They said were given no reasons for the closure of the branches.
One employee, who did not want to be identified, said staff members were ’shocked and surprised’ when they found the doors locked.
Another employee told the Express that customers at these branches were complaining they had not received their matured deposits from the company.
On Monday, Central Bank Governor Ewart Williams, along with a Musaib-Ali and Inspector of Financial Institutions Carl Hiralal, told reporters at the Central Bank tower in Port of Spain that Cabinet had approved a total of $5 billion to rescue CLICO and its depositors.
Williams said through the efforts of CLICO’s management, roll-over of annuities at the company reached 50 per cent and the company could now cover interest and pension payments from its own resources.
Musaib-Ali’s office did not immediately return a phone call seeking comment on the closure of the offices yesterday.
