Bridgetown.
A forensic audit of CLICO International Life is expected to start in a few weeks to trace
several inter-company transactions.
This was revealed yesterday by Oliver Jordan, the chief executive officer of Deloitte Consulting, who along with Patrick Toppin acts as judicial manager for CLICO Life.
Speaking during a media briefing held at Deloitte's George Street, St Michael office. Jordan said, the purpose of the audit , which was approved by the Supreme of Barbados on Tuesday was to establish the nature of these transactions.
"A lot of cash that was raise in the Life company was advanced to the Holding company in many cases without clear documentation.The role of the forensic is to try and trace those transaction back, and establish if the correct procedures were followed", Jordan said.
The audit will also identify any assets, of which the judicial manager is not aware,that were aquired with funds from the the life insurance company, he added.
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