Providenciales, 12 Nov 2014 – While we await what will be the fate of floundering British Atlantic Financial Services Ltd, the government is deciding if it will bail the company out to save the thousands of policies…and there will also be an investigation into the handling of the company’s case.
The Turks and Caicos Weekly News runs a story on the probe, announced to media by the Premier. Hon Dr Rufus Ewing is quoted saying: “We will be investigating internally this particular issue with regard to this particular case and the FSC in general,” It took the FSC six months to come to the determination that BAFSL should be wound up or liquidated and it is said, FSC Managing Director, Kevin Higgins charged that the regulatory framework of the FSC needs bolstering… he hit out at government and government retaliated with “efforts have been made to introduce relevant laws.” Managing Director of BAFSL, Wilbur Caley went on a media campaign to explain that his company had a plan to expand and grow the business, but was prevented; that public relations move and the decision of policy holders not to liquidate as yet anyway, has caused the Supreme Court to delay its decision.
The Premier publically asked for deep consideration by all of those involved. It is said British Atlantic is some $6.2 million dollars in the hole.