Attorneys for Clico (Guyana) are requesting the full financial report of the company as prepared by auditors for the Judicial Manager, and have applied to the court for access.
Chief Justice (ag) Ian Chang entertained the application yesterday, but made no pronouncements as the full report is still to be submitted to the court. He later adjourned the matter to early next month when the completed report is expected to be laid over.
Counsel for the Judicial Manager, Ashton Chase SC submitted a summary of the completed report during the hearing yesterday. He informed the court that the full report would be ready on the next occasion, and gave no indication as to whether the Judicial Manager is prepared to release the report to Clico’s attorneys.
Clico’s lead counsel Roysdale Forde has argued frequently for access to the auditor’s report on the company, which had been completed in part just over a month ago. He has argued that the report fails to accurately reflect the true financial position of the company, particularly as it relates to the statutory funds.
Forde has said that Clico’s statutory funds are in order and that the company is in a position to conduct some lines of business.
Justice Chang had ordered that a full financial report be laid over in court taking into account the statutory funds. Since his order there have been several delays. Judicial Manager Maria van Beek had also been injured in a shooting incident which resulted in her requesting additional time to prepare the full report.
Forde, who is appearing in association with attorneys, Stephen Lewis and Keith Massiah S.C. has entered a formal appearance on behalf of Clico (Guyana) in the winding-up hearing before the Chief Justice.
In her capacity as Commissioner of Insurance, van Beek secured an order from the court in February to place Clico (Guyana) under judicial management prior to winding up of the company; she was also appointed Judicial Manager. The decision came following the move by the Bahamas Supreme Court to order the liquidation of Clico (Bahamas). Clico (Bahamas) held 53% of the assets of Clico (Guyana) at the end of 2007.
Government recently tabled legislation in Parliament which will see the Bank of Guyana (BoG) taking over the functions of the Commissioner of Insurance (CoI).