Injunction against CL extended

(Trinidad Express) – An injunction barring the CL Financial Groups from divesting the assets of its insurance subsidiary Clico has been extended to March 24 by Justice Judith Jones.

When the matter was called on Thursday in Room 20 of the Port of Spain High Court, Hall of Justice, attorneys seeking the interest of CL Financial and the Central Bank entered promptly at 10 am. Within 20 minutes they exited, the matter having been adjourned.

On February 22, Justice Gregory Delzin granted an injunction restraining the Lawrence Duprey-led holdings company from “diminishing the value of all or any of the assets” it owned in the country’s largest insurance company, Clico.
The Government and the Central Bank rescued Clico and other struggling CL Financial subsidiaries on January 30, in return for an injection of cash to help protect the company’s depositors and policy holders. In exchange for Government’s financial assistance, the Central Bank took control of, and dissolved Clico Invest-ment Bank and installed a new board of directors to run Clico.

Apart from the injunction to prevent the sale of any of Clico‘s CL Financial-owned assets, Delzin ordered that the identity and location of all Clico‘s assets along with a sworn affidavit by CL Financial attesting to its accuracy be provided. Senior Counsel Russell Martineau and Douglas Mendes appeared for CL Financial Groups and Central Bank respectively.

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