Chief Justice grants order to sell Clico assets

Jun 12, 2009 News

In a move that appears to be a mini liquidation of Clico, Chief Justice Ian Chang yesterday granted an order to the current Judicial Manager to sell the company’s assets to cover legal costs.
As the Clico fiasco unfolds, Commissioner of Insurance Maria van Beek in late February had gone to the courts to have the insurance company liquidated, but the Chief Justice had said cause should be shown.
Van Beek in turn sought and was granted an extension to submit her report on the assets and finances at Clico.
Earlier, Clico had adopted cost-cutting measures by retrenching staff and closing down several of its offices.