MORE 'UNORTHODOX' CLICO PRACTICES

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November 22, 2010

By NEIL HARTNELL

Tribune Business
Editor

CLICO (Bahamas) liquidator has uncovered more "unorthodox" practices that were engaged in by the insolvent life and health insurer, including the use of funds payable to policyholders to meet reinsurance premiums, and failing to obtain Investment Board approvals - as a foreign-owned company - to purchase Bahamian real estate.

Craig A. 'Tony' Gomez, the Baker Tilly Gomez accountant and partner, in his fourth report to the Supreme Court on the insurer's liquidation, disclosed that while CLICO Bahamas and its wholly-owned subsidiary, CLICO Enterprises, sought Bahamas Investment Authority approval to acquire real estate in the fashion ...

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News date : 11/22/2010    Category : Tribune Stories

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