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Guyana hires new lawyer to pursue money in Bahamas

Apr 28, 2009 News

Guyana has now hired a new attorney, John Wilson, of McKinney Bancroft and Hughes, to fight court-appointed liquidator, Craig Tony Gomez, on the issue of Guyana’s US$34M investment in Clico Bahamas.

In a newspaper report out of the Bahamas, Wilson yesterday said that while the lawyers have not yet settled on the formulation of CLICO Guyana’s claim, what is certain is that he does not agree with the provisional liquidation’s view of the liquidation in relation to his characterization of CLICO Guyana.
Weeks ago, not long after CLICO had been placed into liquidation, the Guyana Government had reportedly entered discussions with other Bahamian attorneys and firms about representation, but never followed through with those relationships.

The Nassau Guardian reported that McKinney Bancroft and Hughes are currently looking at information in relation to Guyana’s claim in an effort to support it.
It also stated that the Guyana Government is reportedly looking to be a part of any creditors committee that may be established.

That committee would assist in the oversight of the liquidator’s function and provide advice from the perspective of creditors to protect their interests.
In his liquidation report filed in the Supreme Court last month, liquidator Gomez also confirmed that he had received policy claim packages from CLICO (Guyana) and CLICO (Suriname.)

Guyana is claiming US$34M in policies with CLICO Bahamas, and Suriname is claiming $15.5M.
During an interview on Thursday last, President Jagdeo said that Guyana would get an additional US$15M or $3B from the Petroleum Fund to deal with the CLICO problems.
He added that this means that it is likely that no taxpayer’s money will be used to repay policyholders.
From the inception, the Head of State had assured that all policyholders would receive their monies from CLCIO (Guyana).

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