(Trinidad Express) Even as the Government tries to devise an amicable solution to deal with the Clico insolvency and the losses to shareholders, lawyers representing the Clico Investment Bank (CIB) are moving full speed ahead with an application to wind up the company. But before they can do so, State bodies—National Gas Company (NGC) and NIB (National Insurance Board)—have objected to the winding-up, which is likely to cost them a combined total of TT$1.8 million in investment losses.
On Monday, Justice Ronnie Boodoosingh, who is hearing the winding-up application, told lawyers it was “premature” for him to rule on preliminary points made to the court.
Lawyers for NGC—Dr Claude Denbow, SC, Dharmendra Punwassee and Donna Denbow—had submitted that, among other things, CIB did not have the authority to make an application for the company to be wound up.
