TESTIMONY from former Central Bank governor Ewart Williams marked the opening of a long-running High Court lawsuit arising out of the collapse of Colonial Life Insurance Company (Clico), as the matter came up for trial more than a decade after proceedings were initiated.

Williams took the witness stand on Tuesday before Justice Robin Mohammed at the Waterfront Judicial Centre, Port of Spain. Under cross-examination by Christopher George, attorney for defendant Andre Monteil, Williams was questioned extensively about regulatory oversight of Clico prior to its collapse.

George focused on a December 2005 investigation carried out by the Inspector of Financial Institutions into Clico’s operations. That investigation produced a report recommending that the company bring its operations into compliance with the Insurance Act.