More time on CLICO injunction

(Trinidad Express) PORT-OF-SPAIN – An injunction barring the CL Financial Group from transferring or disposing of its assets of the subsidiary, Clico, has been extended further to April 8 by Justice Judith Jones.

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.

Apart from the injunction to prevent the sale of any of Clico‘s CL Financial-owned assets, Justice 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 disclosed. Senior Counsel Russell Martineau and Douglas Mendes appeared for CL Financial Groups and Central Bank respectively.

Around the Web

Comments