Andre Monteil, Clico Investment Bank ex-CEO ordered to repay bank $78m plus interest
Former CIB chairman Andre Monteil.
FORMER Clico Investment Bank (CIB) chairman Andre Monteil, his company Stone Street Capital (SSC), and the bank’s former CEO Richard Trotman have been ordered to repay a whopping $78 million, plus almost $20 million in interest, to the bank.
In a recent decision, Justice Avason Quinlan-Williams also gave CIB permission to trace assets owned by the two men and SSC from a $78 million loan agreement back in 2007.
The CIB – which is currently in compulsory liquidation and therefore under the management of the Central Bank (CB) sued Monteil. It alleged that a $78 million loan paid out in 2007 to facilitate Stone Street Capital’s acquisition of Clico’s 43.8 per cent interest in the Home Mortgage Bank (HMB), of which he was chairman until April 2008, breached the bank’s internal controls and was an act of “self-dealing.”
Digicel loses second round of porting dispute with TSTT -
DIGICEL has lost round two of its legal battle against its main competitor, TSTT, over a complaint that TSTT was rejecting its subscribers who want to port (switch) their numbers to the Digicel network.
On Thursday last week, two appellate court judges upheld a judge’s ruling to stay Digicel’s complaint and refer the dispute to the Telecommunications Authority (TATT).
Justices of Appeal Prakash Moosai and Vasheist Kokaram on Thursday held that Justice Nadia Kangaloo was “not plainly wrong” when she stayed Digicel s complaint and referred the dispute the regulator for resolution.