Monday, February 19, 2018

Is the Central Bank breaching law on CIB?*

On October 25, in this space under the headline “Is CIB key to CLF resolution?” reference was made to a June 2012 letter that former CEO of CLICO, Carolyn John, wrote to the former head of the Deposit Insurance Company, which is the liquidator of CLICO Investment Bank (CIB).
In that letter, as Ms John set out very clearly: “The effect of CIB’s winding up is to give rise to an automatic and wide-ranging set-off of mutual debts and dealings between CLICO and CIB.”

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