Court stays Clico judgment

PORT OF SPAIN, Trinidad - The Court of Appeal yesterday granted a stay stopping the decision of a High Court judgment which ordered that almost 250 Clico policyholders be repaid their full investments in the failed insurance giant. The stay was granted by Appeal Court judge Alice Yorke Soo Hon during a chamber court hearing at the Hall of Justice, Port-of-Spain. Soo Hon decided to grant the stay after she heard the State’s submissions on the merits of the appeal. The application for the stay was not opposed by the legal team for the United Policyholders Group, which is representing the group of policyholders. The stay will expire upon the determination of the appeal. The appeal of Justice Joan Charles’ 47-page judgment was filed by State attorneys on April 5. As part of the 21-ground appeal, the State sought the stay preventing Charles’ decision to order that the policyholders receive 100 per cent of Clico’s contractual liability to them.