The troubled insurer CLICO International Life is coming under judicial management in a move Government expects will stop pensioners and other investors from being badly hurt.
Minister of Finance and Economic Affairs Chris?Sinckler announced the plan that will see the court, or someone appointed by it, directing the affairs of the entity in the initial phase of a rescue plan.
Sinckler said a special oversight committee, which was headed by Permanent Secretary in the Ministry of Finance, William Layne, had recommended the company be placed under judicial management and Government had agreed.
“The Cabinet also agreed on the selection of the judicial manager and that company, I believe, is Deloitte & Touche, and the process, effectively, has now begun and is engaged,” Sinckler reported in Parliament today.
Full story in Wednesday’s MIDWEEK NATION.
