Dominica High Court appoint Michael Toney, Former Marpin Receiver, as Judicial Manager of First Domestic Insurance Company and owner Curtis Tonge hopes he will see how best to pay the company’s debts
Dominica’s High Court has appointed Michael Toney, Former Marpin Receiver as Judicial Manager of First Domestic Insurance Company.
Since the passage of Hurricane Maria in September 2017, Chief Executive Officer of the Company Curtis Tonge said First Domestic Insurance has been trying to meet its financial obligations to clients.
Tonge said “The Government of Dominica has been good enough to provide us with a loan of $5 million and I repeat it’s a loan of $5 million for ten years at a small interest rate of 3% and had to give properties as securities. If we had to go to the bank it would have been at seven, eight, nine, or even ten percent interest.”
But insurers believe that not enough is being done to pay and the government should have done much more. “The government is also responsible and should ensure that every insurance holder gets paid, it is not fair almost three years after Hurricane Maria,” another said.
Tonge says the debt owed to insurers is “probably well over 20 million Eastern Caribbean dollars and the company needs some financial help, so the negotiation with the government continues.”
Curtis Tonge says he is pleased that Michael Toney will be taking control of the company as the court-appointed Judicial Manager, in efforts to see how best the debts of the company can be paid.
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