Ramesh wants interim Clico payments
THE LAWYER representing former CLICO policyholders says he intends to ask the Appeal Court to grant an interim payment to his clients should the State challenge a High Court ruling relating to the refund of their investments.
"If there is an appeal we will ask the Court of Appeal to provide an interim payment because the Government had said that their policies were worth 80 cents on the dollar. We are going to ask the Court of Appeal to either order or for the other side to agree to give us an interim payment of the judgment or for the Court of Appeal to hear the appeal as a matter of urgency," Ramesh Lawrence Maharaj said yesterday at a press conference held at Gaston Courts, Chaguanas.
It was last week Tuesday that Charles ruled in the High Court that the People's Partnership Government partial repayment plan was unlawful.
The State was ordered to pay a group of Executive Flexible Premium Annuity (EFPA) policyholders all the money they invested along with interest.
Maharaj added yesterday, "If they (the State) appeal they will have to ask for the judgment of the court to be stayed until the Court of Appeal hears the appeal. The law provides that if there is an appeal, they must satisfy the Court of Appeal that they would succeed in an appeal otherwise they will not grant a stay," he said.