“We are taking the position that CLICO was a massive fraud on the public.”
Ewart Williams, Trinidad and Tobago Central Bank Governor, July 6, 2012
Meanwhile, in Barbados there is no mention of the ‘special relationship’ between CLICO and the governing Democratic Labour Party.
No mention at all in this Barbados Advocate article or anywhere else we can find…
A plan to restructure CLICO International Life Insurance Limited has been approved by the High Court of Barbados. So too has been the completion of the Forensic Audit into the insurance company’s affairs.
Judicial Manager for the company, Deloitte Consulting Ltd. (represented by Oliver Jordan and Patrick Toppin), made the announcement yesterday afternoon in a press release.
According to the statement, the proposed plan will result in a write down in value of all policyholders’ liabilities (traditional policies and EFPAs) to match the estimated value of the company’s net available assets.
It was further noted that the restructured policyholder liabilities and all the assets of CIL will be transferred to a new company, which will be separately governed and managed.
All such activities will be subject to regulatory approval in Barbados and the Eastern Caribbean.
In addition, the Judicial Manager will continue to explore with the Barbados and Eastern Caribbean governments any other possible source of funding that would improve recovery by CIL’s policyholders.
The Judicial Manager also advised that the High Court of Barbados has sanctioned the completion of the Forensic Audit of CIL with a focus on related party transactions and balances.
Such further investigation will assist the JM in assessing the feasibility of possible additional recovery actions for the benefit of policyholders of CIL.