The Office of the Attorney General has reported that CL Financial has agreed to sell shares from CLICO Energy to Proman, a move that allows government to recover significant funds.
The case was centred on a 2009 agreement, in which CL Financial attempted to transfer 51% of its shareholding to Proman.
The High Court and the Court of Appeal later ruled Proman would have to return the shares and pay dividends at approximately US$185.9 million.
The new agreement has the approval of the liquidator and the Court and allows government to recover funds and avoid the risk and costs of further Privy Council litigation.
