Guyana CLICO assets status
Published:Thursday | April 16, 2009 | 9:16 AM
The liabilities of the embattled CLICO (Guyana) Limited have reportedly been found to exceed the company’s assets.
The information was revealed during a hearing in the Guyana High Court before Chief Justice Ian Chang.
In a highly anticipated report, the Judicial Manager of CLICO Guyana, Maria van Beek, strongly criticised the manner in which the insurance company was run.
She said that given the likely impairment of the Guyana company’s investment in CLICO (Bahamas), the net deficit could rise to US$58M should the company be wound-up.
On February 25, the government of Guyana moved to obtain a court order to have the local operations of CLICO placed under judicial management, after it was announced that CLICO (Bahamas) was facing liquidation.
The final position of CLICO (Bahamas), in which Guyana held investments, showed its liabilities exceeding its assets by US$18M.