THE SUPREME Court is now deciding the future of a $40 million deposit being held by the Financial Services Commission (FSC) which had been made by Dyoll Insurance Company.
The decision reached is crucial for Dyoll creditors, as it will impact on the size of the payment made to them. The hearing started on Monday and a decision favourable to the creditors could substantially boost the amount they receive.
$600 MILLION EQUITY
Dyoll is in liquidation stemming from claims presented by clients in the Cayman Islands from damage caused by Hurricane Ivan in September last year. Earlier this year it was determined that the Dyoll claims totalled about $850 million while the company had equity of about $600 million.
An advertisement in the media yesterday stated that the first interim dividend, amounting to 17 per cent of any liabilities, was to have been paid by October 26.
This has been delayed, however, as so that the status of the deposit being held by the FSC could be determined. The matter is being heard by
the Justice Bryan Sykes in chambers at the Supreme Court in Kingston.
