A businessman is being questioned by police in connection with investigations into the operations of Executive Rentals Inc.
A senior police officer confirmed to Barbados TODAY this evening that while the man was assisting in the investigations, no charges have been laid.
This is the latest development into the probe by the Royal Barbados Police Force’s Fraud Squad into official complaints by at least two auto finance companies, Nassco Limited and Globe Finance. The police department had also been asked to investigate reports related to loans for vehicles that did not exist.
Meantime, there are indications that vehicle owners could find it tougher to get insurance.
That’s because the General Insurance Association of Barbados (GIAB) will meet shortly to determine whether its member companies need to tighten their insurance procedures, following concerns that insurance coverage had been given to non-existent vehicles based solely on paperwork presented by customers.
“We are still not privy to all the facts regarding this situation or from what angle we have to approach it differently,” Chairman of the GIAB’s Public Relations Committee, Anton Lovell, told Barbados TODAY this afternoon.
However, he warned vehicle owners, that general insurers were being “very vigilant now.”
“[But] we are still waiting for the stats to come in. What actually occurred . . . that is still not known to the body. The body is going to meet very, very soon; everybody will come together, all the companies will come together and get a brief on what occurred, so that then we would have to look and see if we need to tighten our approach regarding insuring of vehicles,” added the GIAB spokesman.
More than 100 vehicles have so far been seized from Executive Rentals.
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