Glenroy Sinclair, Staff Reporter
MARK THWAITES, the 47-year-old former chief executive officer of Dyoll Insurance Company Ltd., had his bail extended and travel restrictions placed
on him temporarily lifted when he appeared yesterday in the Half-Way Tree Criminal Court.
Thwaites, who is at the centre of a major financial scandal involving the collapse of Dyoll, was given permission by the court to travel overseas on family and business matters. He is being represented by attorneys-at-law Winston Spaulding, Q.C., and Linton Walters.
BREACHES OF THE INSURANCE ACT
The bespectacled businessman who was dapperly dressed in a grey suit, appeared before Senior Resident Magistrate Martin Gayle, charged with four counts of breaching the Insurance Act. He is to return to court on Thursday, October 13, at which time a date is to be set for trial.
Mr. Thwaites was arrested and charged on July 14 by members of the Financial Investigation Division (FID). He was bailed in the sum of $1.5 million.
Allegations are that the insurance executive violated Section 147 of the Insurance Act of 2001. He has been accused of recklessly supplying false information under the provisions of the act. Further allegations are that he also failed to comply with directives that were given on December 17, 2004, by the Financial Services Commission.
Reports are that Dyoll's problems began late last year following a deluge of claims arising from property damage as a result of Hurricane Ivan last September. The vast majority of the claims originated in the Cayman Islands, amounting to $850 million, and contributed to the company's deficit of $1.1 billion, wiping out its capital base.
