Former Clico director sues Imbert

Nigel Salina, an international business consultant from Cascade, and his company Nigel Salina and Associates are challenging the minister’s decision, which Salina said he was told about in a letter from Clico’s attorneys, dated September 26.

Justice Frank Seepersad, on Monday, granted leave to Salina at an in chamber hearing.

Salina, who was appointed a director of Clico in September 2008, was not entitled to the bond offer of the government in 2010 and 2011.

Salina, who is represented by a team of attorneys led by Ramesh Lawrence Maharaj SC, said he was distressed and angered as he had to explain his part as a director of Clico and has been completely exonerated but is being denied payment.

He said he received payment of US$461,748.04 last year and is yet to receive the remainder US$110,298.67 in order to meet daily living expenses and pay for his children’s private education.

Salina is seeking several declarations that the decision is unlawful in that it is inconsistent with and departs from the previous clearly stated lawful policy of the government and Central Bank without a cogent justification or lawful reason.

He also wants the court to declare that the decision is unlawful and unfair in that it frustrates and departs from his reasonable and legitimate expectation that he would be treated the same as other creditors of Clico and paid the 15 percent balance.

He claims that the decision is unfair and in breach of the principles of natural justice, in denying or postponing payment, contrary to policy and contrary to what they had been led reasonably to expect without being informed of a (and in breach of their legitimate expectations), without informing him of the proposed change in policy or giving him an opportunity to be heard before the decision was taken.

The matter comes up for hearing again on December 15 in the San Fernando High Court.

Salinas’ lawsuit is one of many filed against the state by Clico policyholders following the Central Bank’s suspension of the insurance company’s activities after the company’s collapse in January, 2009.

The TT Government currently has control of Clico and portions of the financial arm of the CL Financial parent group as part of a billion-dollar bailout plan for the cash strapped conglomerate.