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CLICO Court option

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CLICO Court option

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RETIRED CLICO HOLDINGS chairman Leroy Parris and the other directors of that company may face legal action from the Barbados Investors and Policyholders Alliance (BIPA).
That is one of the options the group, which is now a registered non-profit organization, is exploring to recover the millions owed to it in Executive Flexible Premium Annuities (EFPA).
Word of this comes in the wake of a lawsuit filed by the Trinidad and Tobago Central Bank and CLICO against former CL Financial chairman Lawrence Duprey and ex-CL Financial executive Andre Monteil in the twin-island republic this week. That suit alleges mismanagement and misappropriation of CLICO assets leading to the company’s collapse in early 2009.
BIPA’s attorney Tariq Khan said yesterday such a challenge was just one of the options that would be explored.
“As to whether Leroy Parris has been identified as a possible person for legal action, I don’t want to name names. We are not at a stage where we can identify individuals but we can identify the company and its directors; and in any analysis the company is the creature of its directors and therefore they have to be looked at very closely,” Khan added.