Trinidad central bank sues former CLICO owner

The Central Bank of Trinidad and Tobago has filed civil proceedings against Lawrence Duprey, the former chairman and owner Colonial Life Insurance Company Limited (CLICO).



Allegations against CLICO include the misapplication and misappropriation of its income and assets to the detriment of its policyholders and mutual fund investors.



The bank said it has acted under the emergency powers of Section 44D of the Central Bank Act that allowed it to assume control of CLICO.



According to the central bank, the allegations emphasise that Duprey had put his private interests over the interests of CLICO.