BY JONIQUE GAYNOR, Staff Reporter
THE TRIAL OF business tycoon Mark Thwaites has been delayed.
The case is to be mentioned in the Corporate Area Resident Magistrate's Court on January 17. Thwaites' $1.5 million bail was extended and the prosecuting officers in the case were bound over.
Thwaites was arrested and charged on July 14, 2005 by members of the Financial Investigation Division (FID) for allegedly breaching Section 147 of the Insurance Act of 2001. He is accused of recklessly supplying false information under the provisions of the act. Further allegations are that he also failed to comply with directives that were issued by the Financial Services Commission on December 17, 2004.
Dyoll's problems reportedly began late last year following a deluge of claims arising from property damage caused by Hurricane Ivan last year September. The majority of the claims originated in the Cayman Islands and amounted to $850 million. This contributed to the company's deficit of $1.1 billion and to the subsequent wipe out its capital base.
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