Former executive chairman of the collapsed CLICO International Life Insurance Company Leroy Parris is expected to know before yearend if he will get back the $4.5 million frozen by the High Court on January 27, 2015.
A key legal source close to the case told Barbados TODAY this week a Court of Appeal ruling was highly likely before the end of this year.
“A decision is imminent . . . yes. I expect it [to be handed down] before yearend,” he said, adding that this case was the mother of all CLICO-related cases, which would set a precedent for other such cases.
Justice William Chandler had made the freeze order in an ex parte hearing filed by CLICO’s judicial manager Deloitte Consulting Limited against Parris and his private company, Branlee Consulting Inc.
The claim also named the estate of late Prime Minister David Thompson, represented by his widow, Mara Thompson, the executrix, as a defendant in the matter.
The order states: “If Leroy Parris (the first defendant) and/or Branlee Consulting Services Inc (the second defendant) fails to comply with the terms of this order, proceedings may be commenced for contempt of court. The first defendant and second defendant may be liable to have an order of sequestration made in respect of his/its or their property, and in the case of Branlee Consulting Services Inc any of your directors may be sent to prison.”
Parris subsequently appealed the High Court decision through attorneys Hal Gollop, QC, and Vernon Smith, QC.
News of an imminent decision in that matter comes on the eve of promised payouts to the 15,000 policyholders and investors of CLICO, scheduled to begin next month, bringing to an end eight years of pain and suffering by those who have invested their hard-earned money in the beleaguered life insurance company.
“Right now we just waiting for the process to take place now that the bar dates are finished for the transfer to happen. So we are holding, making sure that the judicial manager honours those commitments and those dates and times that have been checked. We are still hoping that December we will see people start getting payments,” President of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler told Barbados TODAY.
Separate orders were issued in December last year by the High Court paving the way for the policyholders to receive their money next month.
On December 16, Justice William Chandler approved a transfer agreement between CLICO International Life Insurance Ltd, under judicial management, and New Life Investment Company Inc and Resolution Life Insurance Limited.