Govt files claim against financial institution

A claim has been filed against one of this country’s financial institutions by the Government of St Vincent and the Grenadines.{{more}}

Prime Minister Dr Ralph Gonsalves, at a press briefing on Tuesday, said that the suit was filed on Monday, May 14 in the Eastern Caribbean Supreme High Court of Justice, St Vincent and the Grenadines, in the sum of EC$135.6 million between the Supervisor of Insurance, Maurice Edwards and the financial institution.

“We feel the case is grounded on an issue where we feel the financial institution is liable to the Supervisor of Insurance,” the prime minister explained.

During the last session of Parliament on March 26, as he presented the latest on the progress on the British American and CLICO issues, Gonsalves announced that the preparatory work was being done to file a law suit against one of this country’s financial institutions.

He said then that the bank “held out that it…was in a fiduciary position in relation to certain accounts.”

Gonsalves further said that whatever funds were received from the civil action would not be shared in the Eastern Caribbean.

“These are resources which relate to St Vincent and the Grenadines,” he said.

Gonsalves further stated that the money would go to the affected policy holders of British American, should there be a favourable judgement in the matter. (DD)