The chairman of CL Financial, Gerald Yetming, has said that the lawsuits filed against CL's former chairman Lawrence Duprey and ex CL executive Andre Monteil won't affect the operations of CLICO.
Yetming told the Express newspaper the legal action affects the two men, not the company. And he suggested that Duprey and Monteil will have a tough fight in dealing with the lawsuits.
The Central Bank and CLICO filed the civil suits against them earlier this week claiming that they misused millions of dollars of CLICO's funds to the detriment of the company.
Yetming told the Express newspaper the legal action affects the two men, not the company. And he suggested that Duprey and Monteil will have a tough fight in dealing with the lawsuits.
The Central Bank and CLICO filed the civil suits against them earlier this week claiming that they misused millions of dollars of CLICO's funds to the detriment of the company.
The Statement of Case alleges breach of statutory and common law duties and accessory liabilities and highlights "certain egregious transactions involving the use of CLICO's assets and income".In addition the lawsuit said there was a lack of proper governance and that CLICO's funds and assets were mismanaged.
Duprey is said to be preparing for his defence and has reportedly been in contact with a high profile British lawyer to represent him. The Express said sources close to the former CL boss have said so far Duprey has not been served with any legal papers. Duprey lives in Florida.
Duprey is said to be preparing for his defence and has reportedly been in contact with a high profile British lawyer to represent him. The Express said sources close to the former CL boss have said so far Duprey has not been served with any legal papers. Duprey lives in Florida.
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