The Privy Council this morning ruled against the Central Bank of T&T in its appeal against the rulings of local courts in a matter involving the sale of the CLICO and British American (Trinidad) traditional portfolios.
Maritime Life (Caribbean) Ltd started judicial review proceedings in April 2020 against the Central Bank for its 2019 decision to allow Sagicor Life to acquire the portfolios.
Maritime Life submitted a competing bid.
The five law lords determined that the Central Bank, in effect, allowed Sagicor to submit a conditional bid, which was contrary to the Central Bank’s stated process.
The Privy Councilors said: “In relation to that example the Board agrees with the judge and the majority in the Court of Appeal that there is evidential material which gives rise to an arguable case with a realistic prospect of success that the appellant had acted unlawfully in terms of the public law standard…”
Source-Trinidad Express
