Thursday, February 29, 2024

To court over CLICO

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GOVERNMENT HAS APPLIED to the High Court in a bid to have CLICO International Life Insurance placed under judicial management.
Yesterday, Solicitor General Jennifer Edwards appeared before Justice Jacqueline Cornelius requesting the court’s leave to present a petition for the appointment of a judicial manager for the beleagured insurance company.
The court application was filed on behalf of Supervisor of Insurance Vernese Brathwaite.
The matter has been adjourned until May 2.
The latest development in the CLICO saga follows fierce debate in the House of Assembly over the past several days with Minister of Finance Chris Sinckler taking issue with the way the Opposition Labour Party (BLP) and the media were handling the issue.
Opposition Leader Owen Arthur during the current debate on Government’s Estimates of Income and Expenditure had queried when a judicial manager would be put in place.
Last January, CLICO International Life Insurance president Geoffrey Brewster said the company would cooperate with judicial management of the organisation.
Hundreds of policy holders have expressed deep concern about their investment.
A special Oversight Committee headed by retired permanent secretary in the Ministry of Finance William Layne had recommended to Government that the company be placed under judicial management. (TS)

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