Friday, February 23, 2018

Multi-million-dollar lawsuit stayed against CL Financial*

port of spain
A MULTI-MILLION-dollar claim for payment against CL Financial by one of its subsidiaries, British American Company Ltd, has been stayed indefinitely.
Justice James Aboud, presiding at the Hall of Justice in Port of Spain yesterday, continued the stay on the claim which first came into effect in 2014 given that joint provisional liquidators have been appointed to preserve and conserve the assets of the cash-strapped company.
The $50 million debt being owed to British American stems from Government’s bailout of the conglomerate in 2009. But even though the claim had been filed since 2011 at the High Court, British American will now have to prove to the liquidators that it is being owed the money.

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