Court gives policyholders' group a say in CLICO affairs

A small but welcomed victory came today for the estimated 20,000 policyholders of CLICO International
Life Insurance Limited (CIL).

The High Court this morning issued an order appointing the Barbados Investors and Policyholders Alliance (BIPA) as their representative body in future proceedings dealing with the affairs of the company.

Attorney for BIPA, Queen’s Counsel Alair Shepherd told Barbados TODAY the court order permits the policyholders to be legally represented during the hearings in which the judicial manager, Deloitte Consulting, will seek to have the court approve its final recommendations regarding the fate of CLICO.

Hearing on those recommendations is set for April 17.

“It is hereby ordered that . . . the Barbados Investors and Policyholders Alliance Inc (BIPA) be appointed representative party on behalf of all the individual policyholders of the respondent, CLICO International
Life Insurance Limited, for the purpose of any hearing . . . save and except those who indicate in writing that they wish to be represented by another party,” Justice William Chandler said as he delivered his ruling this morning.

Chairperson of BIPA June Fowler welcomed today’s court ruling.

June Fowler
Chairperson of BIPA, June Fowler

“We are happy. It means that we have a voice in the proceedings going forward as a representative for the policyholders,” she told Barbados TODAY after the judgement was handed down.

The order will also allow BIPA to have legal counsel argue on its behalf when the court hears an application by the judicial manager which is requesting that the seal be removed from the forensic audit report.

That report should reveal the various financial transactions involving CLICO Life, as well as those of the judicial manager.

Three weeks ago when the BIPA officials and their attorney appeared in court requesting a date for their application to be heard, Shepherd noted that counsel for the judicial manager had always taken the view that interested parties could not take any part in the proceedings until the court was considering the final report.

“So until that consideration is taking place, it has always been the position of counsel for the judicial manager that we cannot be heard,” he said at the time. While BIPA is counting today’s court judgement as a victory, the group has a bigger legal battle on its hands.

It is suing the directors, auditors, the Financial Services Commission 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.

Meanwhile, the judicial manager is suing Parris over a $3.3 million payment which they claimed he was
not entitled to. Parris has filed a counter-action.

4 Responses to BIPA WIN

  1. Patrick Blackman February 25, 2015 at 11:34 am

    BIPA, you made a decision to invest with Clico, now this company gone buss you want taxpayers to bail you out. if your investment had turned over a good penny for you, would you be giving it to taxpayers. You people were greedy and lost, stop bugging people with this crap.

  2. Andrew The Voice February 26, 2015 at 7:23 am

    @ Patrick Blackman, I agree with your comments, I also agree that they should use legal means to collect their money, BUT NOT from off the backs of the people of Barbados. Government in NO way should be paying for their investments. ALL investments are a risk, do your homework BEFORE you make your investments, if you are NOT certain either hire a professional (not the one selling you the investment) or don’t take it.

  3. Lana Sealy February 26, 2015 at 10:06 pm

    Patrick and Andrew hindsight is 20/20 and this is not about investing and losing their money seriously??? you two have no idea what you are talking about and no one is asking the taxpayers to repay them but if you know who has stolen your money you are entitled to go after them, it is called justice.

  4. Patrick Blackman February 27, 2015 at 9:57 am

    If its a criminal matter then let them deal with the police, once you start bringing the government into it then you are looking for a bailout. Sorry, they have to take their losses, remember Trade confirmers…


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