OECS Considering Legal action in BAICO Matter

Douglas said, “It has always been our view here in the OECS that fraud would have most likely been committed.” Douglas also indicated that several meetings ago the monetary council received a report from special subcommittee of the monetary council to deal with insurance.

Douglas also revealed that a number of proposals have been made by investors to purchase the remainder of the BAICO business, after the medical health and property insurance have already been liquidated.

He said the OECS is still not sure how the investment issue would be solved but stated that investors who are part of the annuities instrument would be taken care of, but for those who are beyond that limit there is no settlement that has been worked out for them. They are hoping that they would be able to do so with time.

Douglas also revealed that the CLICO situation is not as bad as the BAICO situation here in St. Kitts, and he said that there is enough assets that can be liquidated to ensure that those who have been involved with the CLICO insurance would be appropriately compensated.

He however stated, “The real tragedy with BAICO is reaching to the point where charges of criminal negligence of a deliberate nature might have been perpetrated and as a result of that the appropriate decision will be taken at the right time as to how we would pursue that.”

It was just earlier this week Prime Minister of St Vincent and the Grenadines Ralf Gonzales stated that this issue can really destroy CARICOM if not resolved quickly, while OECS Chainman Dr. Kenny Anthony has call for a quick resolution to the matter.

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