United security's future a mystery
been made to the High Court of Trinidad and Tobago -- but the authorities in Bermuda were still in the dark yesterday.
Mr. Brian Fortier, United Security's court-appointed administrator, is believed to have recommended that the life and medical insurance company be kept going but with reduced benefits.
But Mr. Fortier, who has spoken freely with the press in the past, has been gagged by his bosses at Trinidad-based Acumen, where he works.
All inquiries into the matter are now being handled by Acumen's join manager and consulting actuary Mr. Ronald Poon-Affat.
"I can confirm that we have filed a report to the High Court of Trinidad and Tobago but I cannot discuss its contents at the moment,'' he said.
By yesterday afternoon, none of the authorities in Bermuda who are monitoring knew anything about the recommendation.
Mrs. Janice Burns, standing in for the company's Bermuda-appointed provisional liquidator Mr. Gil Tucker, said she had not heard anything. Neither had Bermuda's Registrar of Companies not the Ministry of Finance.
Acumen's recommendation on United Security's future will be taken into account when a hearing to wind up the firm is heard at Bermuda Supreme Court on October 6.
Although United Security is based in Trinidad, it is believed the firm can be wound up in Bermuda under a reciprocal Commonwealth treaty. however, this area of law is very hazy. United Security has about 2,000 policyholders in Bermuda.
It was put into court administration in Trinidad on June 16 of this year.