The US Department of Justice has closed its investigation into Insurance Corporation of Barbados Ltd, a Barbadian insurance company of which Bermudian-based BF&M Limited is a majority shareholder.

In a statement today, BF&M said the decision brings to a close a review of two improper payments made by the Barbadian company in 2015 and 2016.

John Wight, chairman of ICBL and chief executive of BF&M, said he was pleased the matter was now closed and “behind us”.

A court case is in progress involving a former minister of the Government of Barbados, who has been criminally charged in the US with allegedly laundering the funds from bribes said to have been received from ICBL.

Prosecutors claim Donville Inniss, former commerce minister of Barbados, accepted more than $36,000 in bribes from the insurer in exchange for helping it secure government contracts. He entered a not guilty plea in New York on Thursday and has been released on bail.

In its statement, BF&M said key factors influencing the Department of Justice’s decision to close the investigation into ICBL without charging the company include ICBL’s “swift self-disclosure of the payments to the DOJ, the robust co-operation of its board and management, and the company’s remediation, including the fact that all executives and employees involved in the misconduct are no longer at the company”.

In addition, the company agreed to disgorge the profit obtained by ICBL from any contracts associated with the improper payments.

Mr Wight said: “I am pleased that the investigation of ICBL is closed and that this matter is now behind us. The matter originally came to light as a result of our robust internal accounting and compliance controls, which we continue to review regularly as part of our governance process.

“ICBL is in good hands under the leadership of its new CEO Geoffrey Scott and the company is fully focused on serving its customers and stakeholders with excellence.”

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