In a bid to recover significant financial losses linked to the collapse of the CLICO Group, the state is seeking to garnish US$20m being held in escrow here for one of the Trinidad group’s subsidiaries, Clico Investment Bank (CIB)
The state’s move follows attempts by CIB to have the money released to it by Guyana’s Registrar of Deeds in accordance with various court rulings.
In a court filing of 11 July, 2024, the Attorney General’s Chambers and CLICO Life and General Insurance Company (South America) Ltd are seeking a declaration that the judgment obtained by the latter in February 2019 against CLICO’s parent company, CL Financial Ltd is enforceable against CIB.
The claimants also want an order substituting CIB as the defendant in place of CL Financial in the High Court action that had been filed by CLICO Life and General Insurance Company (South America) Ltd.