Sep 30, 2009 News
Recent estimates by two separate valuators have totaled the value of several properties owned by the embattled CLICO Guyana Limited at $2.2B (US$11M).
The valuations were done to estimate the properties of the insurance company as the government moves towards liquidation.
The two valuators, H.B. Curtis, for the Clico representatives, contracted by CL Financial limited, the parent company of CLICI Guyana, and Vickram Budhram, contracted by the Government of Guyana respectively.
Seven of the company’s properties were evaluated and a close look at the valuations shows little difference, except for one property situated on Camp Street.
That property at lots 200 and 201 Camp Street with a size of 36,863 square feet was valued between $1.7B and $1.8B by the valuator contracted by the insurance company, while the government valuator placed it at $1.316B, a difference of $400M.
Another building, which housed the CLICO Guyana Head Office also on Camp Street, was valued between $250M and $300M.
The government valuation of this 11,000 square foot property was just in the middle of the private estimate, at $286M.
A three-storey office block located at Lot 161 Lamaha Street was valued at between $50M and $65M by HB Curtis for CLICO while the government valuator placed the value at $56.7M.
At 129 Irving Street, Queenstown, a two-storey office block was valued by the government valuator at $48.7M, while the CLICO valuator placed it at between $45M and $55M.
The insurance company’s modern two-story house at 52 Lamaha Gardens was also estimated at between $45M and $55M, by HB Curtis.
The same building was valued by Budhram, the government at $46.4M.
HB Curtis placed the value of CLICO’s office at 49 Republic Avenue, Linden at between $30M and $35M, while the government’s value was lower at $22.8M.
And in Berbice, CLICO’s two-storey office building situated at Smythtown, New Amsterdam was valued by the government at $28.2M against $25M to $35M by the private valuator.
It is expected that the liquidation of CLICO’s assets will go towards the payment of thousands of policyholders.
The insurance company was placed under judicial management in February, following the collapse of CLICO Bahamas, in which it had invested a significant amount of its capital.
The issue of its liquidation is currently engaging the courts.
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