Two brothers who were awarded more than $1 million from Clico International Life by a High Court in Dominica, will now have to wait on the restructuring of the beleaguered insurance company before they can get a cent.
That’s because the Court of Appeal in Barbados, comprising Chief Justice Sir Marston Gibson and Justices Sandra Mason and Kaye Goodridge overturned a decision granting them leave to commence proceedings against CLICO on December 6.
CLICO had appealed the decision of High Court Judge Justice Jacqueline Cornelius, granting Dominicans Octavius and Laurent John leave to commence proceedings against the insurance company.
The facts revealed that the brothers, who once lived and worked in the United States, had invested monies in CLICO by way of Executive Premium Annuity policies (EPAs) between 2005 and 2007 as a way of securing their retirement income. (MB)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.