Judicial manager granted more time to prepare Clico financial report

Clico (Guyana) judicial manager, Maria van Beek is still preparing the company’s financial report for the High Court and was yesterday granted additional time.

As requested by the court, van Beek has filed two affidavits in support of the winding-up application before Chief Justice (ag) Ian Chang. The matter resumes next month.

Commissioner of Insur-ance, Maria van Beek last month secured an order from the court to place Clico (Guyana) under judicial management prior to winding up of the company. 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.

Chief Justice Chang ordered, after reading the petition by van Beek and the affidavit in support, that leave be granted to van Beek to present a petition under section 67 (1) of the Insurance Act 1998 and that upon the filing of the petition that Clico Life and General Insurance Company (South America) Limited be placed immediately under judicial management until further orders by the court.

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