Chief Justice (ag) Ian Chang has granted a further extension to attorneys for Clico (Guyana) following a request for additional time to prepare the company’s final affidavit in the ongoing court case.
The application for an extension was made on Tuesday by attorney, Roysdale Forde during a brief court hearing and was subsequently granted. Forde said the affidavit would be completed shortly and explained to the court that there had been previous setbacks.
Clico (Guyana)’s final affidavit is expected to offer a comprehensive response to an earlier affidavit in a report submitted to the court by Judicial Manager, Maria van Beek, which had recommended that the company be liquidated.
Clico is in court challenging the request for an order to wind up the company. Forde, Clico’s lead counsel has argued frequently for access to the auditor’s report on the company, which had been completed a few months ago. He has argued that van Beek’s final report fails to accurately reflect the true financial position of the company, particularly as it relates to the statutory funds.
Forde said Clico’s statutory funds are in order and the company is in a position to conduct some lines of business. Forde, who is appearing in association with Attorney-at-law Stephen Lewis and Senior Counsel Keith Massiah has entered a formal appearance on behalf of Clico (Guyana) in the winding-up hearing before Justice Chang.
Judicial Manager Maria van Beek has said that it is the best interest of policyholders that the company is wound-up saying that she would not recommend nor “is it possible” for the company’s business to be compartmentalized and some aspects to be pursued.
In her capacity as Commissioner of Insurance, van Beek secured an order from the court in February to place Clico (Guyana) under judicial management prior to winding up of the company; she was also appointed Judicial Manager. The decision came following the move by the Bahamas Supreme Court to order the liquidation of Clico (Bahamas). Clico (Bahamas) held 53% of the assets of Clico (Guyana) at the end of 2007.
Government has passed legislation in Parliament which has paved the way for the Bank of Guyana (BoG) to take over the functions of the Commissioner of Insurance (CoI).
