Court orders Lawrence Duprey to repay US$122 million
Created : 28 September 2018
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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