Not to blame

The receivers of CLICO Holdings are washing their hands of blame for the sudden halt to several road repair projects across the island that were started by Rayside Construction.
And yesterday Patrick Toppin of Deloitte Consulting told the MIDWEEK NATION that the financial problems facing Rayside Construction existed long before the CLICO Holdings subsidiary was placed in receivership by his accounting firm on September 25.
Deloitte Consulting is also judicial manager of the collapsed CLICO International Life Insurance Company (CIL), another CLICO Holdings subsidiary.
“The problems with Rayside didn’t start when the receivership started. They were there from before. There were work stoppages because they were out of funds. That was the issue then and the receivership in itself did not change anything with regard to the issues. Rayside itself is not in receivership, it is the parent company,” Toppin explained.