BASSETERRE St. Kitts - FOLLOWING a 2010 court order, the Colonial Life Insurance Company (CLICO) will have to pay the Bank of Nevis (BON) and its subsidiary, the Bank of Nevis International Limited (BONI), US$4.3M over a 15-month period.
According to an article published by the Trinidad Guardian on Sunday (Aug. 7) and headlined ‘Clico honours Nevis $$ commitment’, “The banks were awarded judgment in default of appearance against CLICO on May 26, 2010.”
The article states that the agreement between CLICO and the Nevis banks followed legal action initiated by the financial institutions against the insurance company for the full repayment of all outstanding principal and interest payments on May 17, 2010.
According to the bank’s annual report as at June 30, 2010, total fixed deposits held with CLICO by the Bank of Nevis Limited and its subsidiary collectively, were EC$11,734,097, which is equivalent to US$4.3M with an accrued interest of EC$176,757.
In an effort to get a comment on the situation from an official of the Bank of Nevis, SKNVibes contacted its General Manager, Everett Martin, who reluctantly said, “No comment.”
