Latest update August 11th, 2026 5:12 PM
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Guyana Appeal for Bahamian Supreme Court on Thursday
With the growing fears that Colonial Life Insurance Company (CLICO) Guyana will stand to lose its entire investment in the Bahamas, there is a sense of renewed hope among some as the matter will be called up for hearing in the Bahamian Supreme Court.
This matter is slated for Thursday and Friday but from all indications in the Bahamas, CLICO (Guyana) is unlikely to recover any of the investment.
Only recently the CLICO Bahamas Liquidator reported that his “preliminary view of the documentation suggests that policies were never issued by [CLICO Bahamas]. Moreover, the premiums received from Guyana and Suriname were never paid to [CLICO Bahamas].
…. “It appears that the funds were remitted directly to a bank account held in the name of [CLICO Bahamas] at Ocean Bank, Miami, Florida, and to another account held by the company in Trinidad.”
This information had prompted Opposition Leader, Robert Corbin, to call on the administration to clearly outline how and when the Guarantee that was made by President Bharrat Jagdeo will be effected.
The Liquidator of CLICO (Bahamas) had rejected almost US$34M worth of claims made against the insolvent insurer by its affiliate in Guyana.
In his third report to the Bahamian Supreme Court on the life and health insurer’s liquidation, Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, said the $34 million and $15.5 million (collectively $49.5 million) claims submitted by CLICO Guyana and CLICO Suriname had not been approved.
“After further consultation, I have rejected the above claims received from Guyana and Suriname,” Gomez said.
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