Guyana CLICO worries

Opposition parties in Guyana have raised concern over the stability of the country\'s financial sector following a High Court order placing CLICO (Guyana) Limited under judicial management.



Chief Justice Ian Chang issued the order appointing Commissioner of Insurance Maria van Beek as the judicial manager of CLICO (Guyana) Limited.



Based on a petition filed on Wednesday by the Commissioner of Insurance on behalf of the Guyanese government, the embattled insurance company is also to remain under judicial management until further orders by the court.



Earlier this week, a similar order was issued by the Bahamas Supreme Court for liquidation of CLICO (Bahamas) Limited, which held 51 per cent of assets in CLICO (Guyana) at the end of 2007.



The developments follow last month’s announcement of a multi-billion dollar bailout package for CLICO’s parent company, CL Financial, by the government of Trinidad and Tobago.