JAMAICA – Dyoll to meet with coffee trustees on Friday

KINGSTON – The joint liquidators of the now Dyoll Insurance Company will meet on Friday with the coffee trustees, the entity charged with the responsibility of securing insurance for thousands of Jamaican coffee farmers, to discuss a possible out-of -court settlement.
John Lee of PriceWaterhouse Coopers, one of the two liquidators, yesterday, expressed concern over whether the meeting will lead to an agreement, or “framework for eventual settlement”,

The meeting is to involve the trustees’ lawyer only who will represent farmers at the meeting, and not the trustees themselves, who would have to make the decision on whether to settle.
The original ruling, however, determined that Dyoll was not the primary insurer and had only lent its name to legitimise the transactions which the parties had with other insurers; hence money paid by foreign insurers was to go to the trustees.

As at September 30, 2006, just under $1 billion was accounted for on Dyoll Insurance’s books and amounts held in trust by regulatory authorities.

Source: www.comunicaffe.com