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CLICO (Guyana) ‘chose to not represent self in Court’
… Corbin says decision infers breach of fiduciary duties
One of the CLICO (Guyana) branches
A senior official within Colonial Life Insurance Company (CLICO) Guyana has said that the relevant authorities within the company have taken a decision not to represent the entity in court.
Following the judicial takeover on February 25, last, the company was required to be present in Court on March 6 and again on March 16, last, but was a no-show on both occasions, save for the Commissioner of Insurance who was appointed Judicial Manager of the Company.
Leader of the People’s National Congress Reform (PNCR), Robert Corbin, said that for the company to consciously take a decision not to represent itself, the inference in law was dereliction of duty by the stakeholders entrusted to manage the interest of policy holders.
“This is a breach of fiduciary duty as well as a dereliction of duty.”
He said that for the stakeholders to not attend court demonstrates a lack of concern for policy holders, and they should take a stand against the relevant stakeholders in the courts.
Corbin added that as a policy holder himself he was seriously contemplating court action against the company.
Commissioner of Insurance, Maria van Beek, who was appointed Judicial Manager of CLICO (Guyana), managed to secure a further four-week extension to present a full report into the status of the affairs at the embattled company last Monday.
The extension followed an application by Senior Counsel Ashton Chase who represented the Judicial Manager when an appearance was made before acting Chief Justice Ian Chang yesterday.
That was the second time CLICO (Guyana) was not present in the court to represent itself in the proceedings presided over by Justice Chang.
Ever since the February 25 ruling that placed the company under the jurisdiction of Ms van Beek, Nizam Ali and Company has been contracted to assist her, and Prescience Insurance Consultants and Actuaries based in Toronto, Canada, has been contracted to provide an assessment of the company’s long-term insurance liabilities.
Van Beek told the media last week that the audited financial statements as at December 31, 2008 are now being finalised.
In addition, she said, attorneys in Guyana and a legal team in The Bahamas have been retained to provide legal services to the company.
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