Thousands of policies transferred, millions paid out
Article by February 12, 2021
The liquidation of the collapsed British American Insurance Company (BAICO) is expected to be completed by May this year, but all the creditors will not be able to recover the full amounts they invested in the Barbados insurer.
In making the revelation during an interview with
Barbados TODAY, the man in charge of the BAICO liquidation, Dave Collins said however that the judicial manager – accounting firm KPMG – has already dealt with the vast majority of policyholders with third party funding having been provided by the Barbados Government.
Collins, the Director of Advisory Services with KPMG – also the Liquidator – said that this funding enabled over 10,000 policies to be transferred to Sagicor Life Inc. and more than $35 million to be distributed to eligible policyholders.
Agriculture, pumpkin and bhaji
TREVOR SUDAMA
OVER THE years, journalists, commentators and letter writers in the media have assigned to me the label of “Minister of Pumpkin and Bhaji.” It was a fanciful term of disparagement of both myself and local agriculture. Recently, columnist Indera Sagewan, writing under the elaborate title of “Specialist Economist in Competitiveness,” would devote a whole column to regurgitating hoary rebuttals of Minister Clarence Rambharat’s unfortunate, misguided and selective attack on the consumption of doubles in which, unrelatedly, she chose to identify me as the “bhajie minister” which she claimed I protested to be beneath my ilk.
Monday 14 December 2020
THE Court of Appeal has upheld a judge’s decision on a legal challenge brought by a property developer in its legal battle over the purchase of 16 acres of land from a subsidiary of CL Financial.
In a written decision on Friday, Justices of Appeal Peter Rajkumar and Vasheist Kokaram dismissed the procedural appeal of Select Properties Ltd (SPL) which challenged a decision of Justice Kevin Ramcharan to order that the land, located at South Park, Tarouba, as well as other properties owned by CLF’s subsidiary Home Construction Limited (HCL) be publicly advertised.
HCL’s subsidiary, Trincity Commercial Centre Ltd (TCCL), had agreed to sell the land to SPL for $60 million. The company agreed to pay a 10 per cent deposit, which was to be refunded if the deal fell through.