The handling of CLICO International Life Insurance Ltd’s (CIL) assets has come under criticism from the chairperson of the Barbados Investors and Policyholders Alliance (BIPA), June Fowler, who has suggested that it is about time someone be held accountable for the breakdown of the company and to tell policyholders the truth.
Fowler told the WEEKEND NATION she had become even more concerned about what was taking place in CIL now that it had been disclosed that the judicial manager might be challenged in valuing and recovering that company’s assets, as some supporting documentation was missing.
Deloitte Consulting Ltd, represented by Oliver Jordan and Patrick Toppin, said accounts provided by the company as at April 13, 2011, showed that assets totalled $802 million.
This consisted primarily of amounts due from related companies and investments in subsidiaries and associated companies.
Read the full story in today’s WEEKEND NATION.
