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By Leonard GildariePolicyholders hoping for an early conclusion to the liquidation of the CLICO Guyana are facing another setback with the court on Wednesday ordering a temporary stay of proceedings after the company asked that Chief Justice (ag), Ian Chang,Kelly Olynyk Jersey, recuse himself from the case.And a top government official, who asked not to be named, said that had government had its way, more than 2,000 policy holders would have been paid by this Christmas.CLICO Guyana, through its lawyer,Maglietta Roma Bambino, Roysdale Forde, on Wednesday, was granted the stay of proceedings by Justice Franklin Holder after a Writ of Summons and Ex-Parte Application was filed on last week Thursday. The matter comes up again on January 12.According to the Notice of Motion, Justice Chang should recuse himself because of his “predisposition against the respondent” and possible bias.The motion said that Chang abdicated his duties to convene a sitting of the Full Court to hear an application for a stay of proceedings from a decision given by him on November 19.In the Affidavit of Support, Director of CLICO,Argentina Soccer Jerseys, Winston Ramalho,Brice Butler Jersey, said that it was the Chief Justice who had ordered that the company be placed under judicial management in February.The company claimed that “should there be no recusal by the Honorable Justice Ian Chang, S.C, and the court proceeds to order the winding up while this action is pending would result in a change of the status quo from state of Judicial Management to a state of Insolvency with severe and drastic consequences to the respondent.”A top government official yesterday said that the CLICO Guyana situation could also be likened to the ongoing one with Globe Trust which after years is still held up with account holders awaiting their money.In February, the Guyana government took steps to protect policy holders of CLICO Guyana, placing the running of the company under the watch of Maria Van Beek,Calvin Ridley Jersey, Commissioner of Insurance,Omari Spellman Jersey, to act as the Judicial Manager.President Bharrat Jagdeo had made the announcement at a news conference, which was also attended by Van Beek and Dr Ashni Singh, Minister of Finance.“Through the Commissioner of Insurance, the government of Guyana approached the High Court and obtained an order placing CLICO Life and General Insurance Company South America Limited otherwise known as CLICO Guyana under judicial management.”He stated that the legal move followed the financial market developments in parts of the Caribbean, and The Bahamas in particular.That country’s Supreme Court had only a few days before that announcement granted a winding-up order and appointed a liquidator for CLICO Bahamas Limited.A press release from the Office of the Registrar of Insurance Companies said that the order was issued on the application of the Finance Minister and was taken in order to protect the interest of the company’s policyholders.The Bahamian government’s move followed the January 30 takeover of three subsidiaries of the CL Financial Group in Trinidad by the twin-island nation’s government.The companies are Colonial Life Insurance Company (Trinidad) Ltd., CLICO Investment Bank Ltd and British American Insurance Company (Trinidad) Ltd.On Thursday, Jagdeo revealed that his administration had sought updated information on CLICO Guyana’s exposure and discovered that this had been considerable, in particular to the Bahamian company; this, he said, flew in the face of instructions over a year ago from Van Beek and even more recently.“Based on the information received, CLICO Guyana has $6.9 billion or approximately US$34 million invested in CLICO Bahamas,NCAA Hockey Jerseys, which represents 53 percent of the Guyana company’s total assets.“Furthermore, CLICO Guyana has not been able to exchange its illiquid assets for more suitable investments despite repeated instructions by the government of Guyana to do so.”The president had stated that although the investments held in CLICO Bahamas were liquid on paper, investigations revealed that the Bahamas company was exposed to real estate investments in Florida through related party transactions with other subsidiaries in the group.Jagdeo added that a comprehensive assessment of the company’s finances will be obtained and greater protection would be offered to policyholders.“Government intends to work towards recovering the sums outstanding from the Bahamas, and to protect the interests of all policyholders of CLICO Guyana. In this regard, policyholders will be contacted and provided with further information shortly.”He acknowledged that there had been sizable claims on CLICO Guyana following the news from Trinidad, resulting in a liquidity strain on the entity.According to Jagdeo, while the company has so far managed to meet its claims, it has been forced to dispose of some of its investments including its shares in the Berbice River Bridge, which amounts to some $2 billion. The New Building Society has since acquired those shares, Jagdeo revealed.CLICO Guyana and CLICO Suriname, have made claims of US$34mn and US$15.5mn, respectively, against the Bahamas unit, although they were not its direct subsidiaries.

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hos7ey3c — Thu, 25 Oct 2018 18:39:13 +0000

The luck of a 22 year alleged carjacker ran out yesterday afternoon after he was shot twice in the knee by a police patrol in Princes Street.Kaieteur News understands that Cheddi Bacchus, of Lot 28 Norton Street was shot shortly after he had relieved taxi driver Alden McCurdy of about $20,000 and his motor vehicle HB 2929 on Durban Street. He was transported to the hospital by the police. The vehicle was discovered abandoned on Princes Street.This newspaper was also reliably informed that an associate of Bacchus was held shortly after the hijacking and is presently being detained at the Alberttown Police Station.Up to press time the police were still combing the area to retrieve the firearm,Langston Galloway Jersey, which Bacchus allegedly had in his possession.According to eyewitnesses,Discount Soccer Jerseys, Bacchus was confronted by police and decided to abandon the car and run into the burial ground where he was shot in the leg.The wounded bandit being taken to the emergency unit of the hospital Alden McCurdy,Maillot Rabiot Psg, the taxi driver who was outside of the vehicle said that he had stopped to chat with his cousin on D’urban Street,Air Max 1 Scontate, when Bacchus approached him with a gun and relieved him of his keys, $20,Da Ron Payne Jersey,000 and cell phone.McCurdy’s said that right after the bandits struck he immediately called the police. The police in turn confronted the bandits on Princes Street.Residents in the area yesterday told Kaieteur News that Bacchus attempted to run away after he was cornered by the police.The police in turn shot at Bacchus, wounding him twice in the left knee.A hospital source said that the bullets shattered Bacchus’ knee and his leg may be amputated.McCurdy who has been working as a taxi driver for the past three years said it was the third time that he was hijacked,Wholesale MLB Jerseys, but this was the first one that ended so violently.At the hospital yesterday was Bacchus’s mother, Debra McKenzie, who said that she was at a funeral when her sister informed her that Bacchus was shot.The woman said that she is flabbergasted by the entire incident,Cheap Nike Basketball Jerseys, since her son is not known to be a trouble maker.The hijacked carShe said that her son worked as a part-time mason around the community. McKenzie also alleged that her son, who happens to be her only child, was constantly being harassed by the police.The woman said that her son was arrested several times before but was never charged for any offense.The distraught mother also said that her son was threatened by an officer in the x-ray department. She said that the officer told her son that if he tried to run, he would kill him.Police searching the burial ground for the fire arm.

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