THE FINANCIAL Sector Adjustment Company Limited (FINSAC) has filed a summons in the Supreme Court seeking an order to set aside the 30-day ex parte injunction granted last week to ICWI Investments Ltd, barring the sale of Life of Jamaica (LoJ).
The summons has been set for hearing tomorrow.
Last week Tuesday, the government announced in Parli-ament, FINSAC had invited and recently received bids for the sale of its shareholding in LoJ.
Dr. Omar Davies, Minister of Finance, said then that "based on the timetable which has been developed, it should be possible to determine the winner of the bid by early May with the sale completed by mid-year."
Colonial Life Insurance Company Ltd., Barbados Mutual Life Assurance Com-pany and First Life Insurance Company Ltd. are bidding for the 140,816,330 ordinary shares in LoJ.
ICWI Investments, of which former LoJ boss Dennis Lalor is chairman, has accused FINSAC of breaching the Securities (Take-over and Merger) Regu-lations because in receiving and considering the offers for sale of LoJ, it had failed to consult with ICWI Investments and other shareholders, failed to exercise its right of control in good faith and with due regard to the minority rights.
Mr. Lalor and FINSAC are now engaged in a legal battle in the Supreme Court. Mr. Lalor has sued FINSAC to recover $31 million in compensation for his services as executive chairman of LoJ as well as pension benefits.
FINSAC has contended Mr. Lalor is not entitled to any benefits and has filed a counter-claim accusing Mr. Lalor and his wife of inducing LoJ to pay a service provider agreement of $8.5 million annually to Mr. Lalor.
