CLICO audit report remains sealed
Policyholders and investors could soon know how CLICO International Life Insurance Company (CIL) conducted its financial transactions before and after its collapse.
The High Court today set March 10 to hear arguments from Ramon Alleyne, the attorney for CLICO’s judicial manager, who is asking for the forensic audit report on the company to be unsealed.
Alleyne had little else to say, adding only that presiding judge Justice William Chandler gave the judicial manager directions on how to go about handling the process leading up to the hearing by the court.
The judicial manager’s move to have the report made public comes against the background of apparent resistance from the Financial Services Commission (FSC).
Barbados TODAY was also informed today that the judicial manager’s final recommendations surrounding the future of the insurance company have been filed in the court and will be ruled on come April 17.
The Barbados Investors and Policyholders Alliance (BIPA) says it wants the court’s approval to be legally represented during hearing on the recommendations.
“It is BIPA’s understanding that the judicial manager’s final report has been filed and is available for members of the public.
“What happened this morning so far as BIPA is concerned, is that [the judge] set a date for the hearing of BIPA’s application to represent the policyholders at the hearing, which is to take place in relation to that report,” Queen’s Counsel Alair Shepherd said on emerging from the courtroom accompanied by BIPA president June Fowler.
He said he was “perfectly happy” with the outcome of the application because BIPA had been given a date to determine whether the policyholders would be represented in the judicial management.
The senior lawyer for BIPA noted that counsel for the judicial manager had always taken the view that interested parties could not take any part in the hearing until the court was considering the
“So until that consideration is taking place, it has always been the position of counsel for the judicial manager that we cannot be heard.
“It is our understanding that Mr Alleyne is making an application to unseal the report, and we did not want to hold that up in any way by complicating who could be heard on it, and so, once we got our dates, we left the parties inside,” Shepherd explained.
BIPA also has another matter in court – a suit against the directors, auditors, the FSC and former executive chairman of CLICO Holdings Barbados Limited Leroy Parris for, among other things, negligence which led to thousands of policyholders standing to lose substantial sums of money.