(Barbados Nation) International Life Insurance (CIL) will start next Tuesday, October 11, to investigate undocumented assets worth Bds$350 million as well as any other unknown assets of the embattled company.
Announcing the date at Saturday’s policyholders’ meeting at the Lloyd Erskine Sandiford Centre, CIL’s judicial manager Deloitte Consulting Inc. revealed that its recommendation for the audit had stemmed from CIL’s inability to provide crucial pieces of documentation, especially those related to Bds$350 million in assets.
Deloitte Consulting’s chief executive officer Oliver Jordan stated that, in the May 27 interim report, it was noted that CIL was “unable to provide documentation to support some Bds$350 million of the assets recorded on its balance sheet as of the date the judicial manager was appointed”.
“The judicial manager has therefore recommended that a forensic audit be commissioned to identify other assets that could be identified for the benefit of policyholders. This recommendation was approved by the court on September 20.”
Jordan said there had been a substantial amount of inter-company transfers – mainly related to cash that was raised in CIL and advanced to the parent company, CLICO Holdings – without the relevant documentation.
The forensic audit is to be conducted by the Canadian-based Deloitte as opposed to the local arm of the international consulting firm.