I.C.W.I Investments Ltd v Colonial Life Insurance Co. Ltd et al

Case Number: 
C.L I 016/01
Date of Delivery: 
26.08.2015

IN THE SUPREME COURT OF JUDICATURE OF JAMAICA
IN COMMON LAW
SUIT NO. C.L I 016101
BETWEEN I.C.WI INVESTMENTS LIMITED PLAINTIFF
AND COLONIAL LIFE INSURANCE COMPANY LTD. lSTD EFENDANT
AND BARBADOS MUTUAL LIFE ASSURANCE CO. 2ND DEFENDANT
AhTD FIRST LIFE INSURANCE COMPANY LTD. 3RD DEFENDANT
AND FINSAC LIMITED 4TH DEFENDANT
AND LIFE OF JAMAICA LIMITED 5TH DEFENDANT
Mr. Michael Hylton Q.C, Miss I. Mangatal and Mr. John Francis instructed by Miss
Valerie Alexander for the 4' Defendant/Applicant.
Mr. A. Wood and Mr. R Braham instructed by Mrs. Susan Risden Foster for the 5' -
Defendant/Applicant.
Mr. D. Scharschmidt Q.C instructed by Mrs. P. Levers for the Plaintiff.
-
Heard: April 24,25; May 2,2001
HARRISON J
Background to the application
This matter concerns an application by the 4' and sth named defendants respectively to
set aside an ex-parte order for injunction granted to the plaintiff. No objections were
raised to the applications being heard together.
Before I proceed to deal with the applications however, it will be useful to look briefly at
the background surrounding this issue.
The plaintiff is a registered company and up and until December 2000, it was the largest
single shareholder in the fifth defendant (LOJ) with the Won. Dennis Lalor 0. J owning
majority of the shares.
The fourth named defendant, (FINSAC) is a company established and funded by the
Government of Jamaica. It has utilized public funds in the amount of approximately $3.2
Billion by way of capital injections in L.0.J due to its insolvency. As a result of that
investment, FINSAC now holds approximately 76% of the shares in L.O.J. It has
indicated its intention to sell these shares in L.0.J and has invited offers. The first three
defendants have each tendered bids in order to purchase those shares.

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