The Caribbean Court of Justice (CCJ) yesterday directed the Judicial Manager of the Clico International Life Insurance Limited (CLICO), to recognise and pay a debt of EC$1,423,329.46 to Octavius John and Laurent John of Dominica, within ten days of the Court’s judgment.
The CCJ noted that the circumstances of the appellants were unique. CLICO is a Barbadian company, in the business of general and life insurance, investment annuities and other investment products, which ran into financial difficulties as did other subsidiaries of the Trinidadian parent company CL Financial.
According to the release from the CCJ, the appellants, who are brothers and live in Dominica, had invested in several “Executive Premium Annuity” policies from CLICO to fund their retirement.
