Signage at the Caribbean Court of Justice (CCJ) at its headquarters in Trinidad’s capital city, Port of Spain. Photo by Gerrard Gomez
PORT OF SPAIN, Trinidad – The Caribbean Court of Justice (CCJ) recently directed the judicial manager of the Clico International Life Insurance Limited (CLICO), to recognise and pay a debt of EC$1,423,329.46 to Octavius John and Laurent John within ten days of the court’s judgment.
The CCJ noted that the circumstances of the appellants were unique, given the circumstances of the case. CLICO is a Barbadian company, in the business of general and life insurance, investment annuities and other investment products, which ran into financial difficulties. The appellants, who are brothers and live in Dominica, had invested in several “executive premium annuity” policies from CLICO to fund their retirement.
At the expiration of these policies, CLICO did not pay the John brothers their entitlements. After much stalling by CLICO, the brothers were forced to resort to the High Court of Dominica to recover the funds due on surrendering the policies. In September 2010, the brothers obtained a default judgment against CLICO in the sum of EC$1,423,329.46 plus interest.
After further delay by CLICO, the John brothers obtained a consent order in February 2011 by which CLICO undertook to pay EC$75,000 monthly, though beginning at the end of April in that year and continuing until the judgment was paid. CLICO also undertook to pay costs and interest to them.
