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Govt. welcomes court decision on Clico – Finance Minister

Sep 12, 2010 News

Minister of Finance, Dr. Ashni Singh said yesterday that the government welcomes Friday’s ruling by Chief Justice Ian Chang that Clico Life and General Insurance (South America) Limited, popularly known as Clico (Guyana), be wound up and that the Bank of Guyana be appointed liquidator for the purpose of executing the order for the company’s winding up.
The Court ruling comes after a number of attempts to frustrate Government’s application for the company to be wound up, stated a release from the Government Information Agency.
GINA reported that the Finance Minister described these attempts by persons connected to, or with vested interests in, the company’s affairs as “a deplorable series of frivolous actions in the Court, with no merit, and with no obvious aim or design but to cause delay and to frustrate the public interest in this matter”.
Minister Singh emphasised that Government’s intentions have always been to ensure an orderly resolution of the difficulties encountered by the company and to protect the public interest, and that yesterday’s Court ruling paves the way for this to be achieved, GINA said.
The Minister added that “now that the approval of the Court has been obtained, Government intends to proceed immediately to liquidate the company and start discharging the company’s liabilities”.

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