Thursday 19 September, 2019

Court orders Lawrence Duprey to repay US$122 million

A High Court Judge has ordered former CL Financial executive chairman Lawrence Duprey to repay more than US$122 million to British American Insurance Company (BAICO).

Justice Ricky Rahim handed down the ruling at the Hall of Justice on Thursday.

The judgement follows a ruling by US judge Erik P Kimball in 2017, in which the former CL Financial executive chairman was ordered to pay more than US$60 million to BAICO in damages in relation to the TT$1.9 billion Green Island project in Osceola County, Florida.

BAICO had taken Duprey to court claiming a breach of fiduciary duties.

The Bahamas based company invested $US295 million in the multi-million-dollar Green Island Project, which lead to over US$100 million in losses.

The former CL Financial executive chairman has 28 days to appeal the matter.

 

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