The Clico Policyholders group has announced that it will be taking its fight to the Privy Council following a judgment made today by the Court of Appeal. In a media release, attorney representing the Clico Policy Holders group, Ramesh Lawrence Maharaj SC, said the appeal would be filed within the next few days and a request will be made for the matter to be expedited by the Privy Council.
The Court of Appeal on Monday reversed the Judgment of the High Court, which had decided that the Clico Policyholders of the United Policy Holders Group were entitled to be paid the full sum due under their policies of insurance with the accrued interest.
The High court had found that the previous government had made a clear promise to guarantee payment of the sums due under their policies of insurance, in consideration of them keeping their monies in Clico.
The Court of Appeal said no such clear promise was made to the group and there was no legitimate expectation of a benefit and that the government is not liable as the issues involved macro -economic matters and is not an issue for the courts.
Mr. Maharaj in responding to the court’s judgment today, said with all respect to the Court of Appeal, its judgment is wrong in law and the policyholders will exercise their rights given by the constitution and the laws to appeal to the final court of appeal which is the Judicial Committee of the Privy Council