High Court orders CLICO to repay $60 million T&T dollars
Published:Saturday | July 23, 2011 | 1:07 PM
A High Court judge in Trinidad has ordered the financially troubled Colonial Life Insurance Company (CLICO) to repay nearly 60 million TT dollars or US-10 million to six policy holders.
In a 51-page ruling yester, Justice Maureen Rajnauth-Lee ordered that in addition to the TT-58.7 million to be paid to the six CLICO Executive policyholders, the company must also meet legal costs estimated at more than one million or US-167,000.
But the High Court has also granted a 42 day on the ruling since CLICO indicated it will be appealing Rajnauth-Lee's ruling.
The St Christopher and St Nevis Security Services was among those named in the law suit against CLICO. The others are attorneys Alvin Fitzpatrick, SC, and Lesley-ann Lucky-Samaroo.
The six had sued for the return of money which they invested in CLICO.