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A.H & L Kissoon levies on CLICO (Guyana) assets

Aug 14, 2009 News

…seizes three vehicles

AHL&L Kissoon Limited yesterday successfully secured a levy in the High Court against Colonial Life Insurance Company Guyana (CLICO (Guyana).
It was pandemonium when the bailiff, acting on a High Court order by Justice William Ramlal, descended on the CLICO office on Camp Street, with a representative of the plaintiff, and proceeded to seize three vehicles from the Company.
Former Chief Executive Officer of the Company Geeta Singh-Knight attempted unsuccessfully to intervene and prevent the seizure of the vehicles.
Roshan Khan Chief Executive Officer of the security company protecting the company Headquarters at Camp Street also attempted to intervene but when confronted with the court order, backed down.
The court officer, along with police ranks, also attempted to seize a vehicle used by Singh-Knight but the relevant documents by the company for the vehicle could not be located. Even the Licence and Revenue Department reported that it could not find the registration.
The vehicles removed yesterday were PJJ 2579, PKK 6472 and PKK 669.
The court documents stated that some $146.2 million is jointly owed to Kissoon Limited for claims made as a result of a fire in the late 1990s to Clico Life and General Insurance Company, Hand in Hand Mutual Fire Insurance Company Limited, North American Fire and General Insurance Limited, and Guyana Cooperative Insurance Services Incorporated.
It was also stated that all the other Insurance Companies honoured their obligations to Kissoon except CLICO thus the levy order. According to the order issued by Ramlal, it was by Consent order that there be Judgment for Kissoon, plus the annual six per cent interest from June 4, 2001 up to yesterday’s date.
CLICO (Guyana) is currently under Judicial Management after the then Judicial Manager Maria van Beek had moved to liquidate the company given there exposure in that they had more than 50 per cent of their assets invested in a company that has since been liquidated and the company is yet to recover its volatile assets. President Bharrat Jagdeo has since assured policyholders with the embattled company that their claims will be assured.

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