8 Dec 2006

Solomon Islands's High Court approves liquidation proposal of Solomon Mutual Insurance

12:55 pm on 8 December 2006

The High Court in Solomon Islands has approved a liquidation proposal of the company Solomon Mutual Insurance.

The Solomon Islands Broadcasting Corporation reports the High Court Judge Justice Brown handed down his judgment on Tuesday after months of objection by shareholders.

Under the scheme policy holders will receive the value of their respective policies plus a premium of approximately 70 percent of their cancelled policies.