One cheque for TT$5 million to Patrick Manning's PNM (Trinidad). Keltruth Blog questions how many Barbados dollars ended up covering CL Financial Group's political donations instead of paying CLICO Barbados policy holders.
How Can Prime Minister David Thompson Justify This Abuse By Leroy Parris & CLICO Barbados?
In the corrupt convoluted mess that is the story of CL Financial and CLICO Barbados, there is one fact that stands clear: CLICO Barbados would have done just fine weathering the financial storms if only CEO Leroy Parris and the other CLICO management hadn’t allowed their company to be raped to prop up CL Financial’s fraudulent schemes and payoffs.
And what a rape it was. As we detailed in our stories…
and
… Leroy Parris and his fellow conspirators traded CLICO Barbados financial health and assets for worthless paper secured by Florida swampland in a deal arranged by other CL Financial companies. And that is just one example of the “management” provided by Leroy Parris.
Now your tax dollars are cleaning up the mess and Leroy Parris continues with his fat government position at the CBC as given to him by his old friend Prime Minister David Thompson. And at CBC, Parris still can’t seem to obey the rules – even the ones he insists upon for other lower human beings.
How Many Millions Did CLICO & CL Financial Spend On “Political Donations” ?
Keltruth Blog has the story that CL Financial and associated companies paid millions of dollars to Caribbean politicians – writing cheques like the one featured at the top of our story. Without integrity legislation and the transparency of campaign financing rules and disclosure, Barbados citizens will just have to guess as to the amount that was given to David Thompson’s DLP campaign.
But no matter how many tens of millions of dollars that CL Financial and CLICO gave to politicians, YOU, the Barbados taxpayer, are on the hook.
Prime Minister David Thompson is bailing out CLICO and your tax dollars are going to cover the sins of Leroy Parris and company.
Read Keltruth Blog’s CLICO: Trinidad Politicians Before Policy Holders?
26 Comments
July 14, 2009 at 4:02 pm
When are you going to stop telling untruths, BFP? Is all of this over the Graeme Hall swamp? I know this IP address will now get blacklisted as others did.
Produce one shred of evidence that Clico Barbados did any of the above or that Clico Trinidad received a cent in dividends from Clico Barbados.
BFP, you are a bunch of dangerous liars!!
July 14, 2009 at 5:47 pm
Kitty, I have some observations and questions for you.
First of all I went to the KEltruth website and from there followed the links to the Trinidad and Tobago Express story that shows CL Financial gave $20 million to the People’s National Movement party.
Quote from that story that had the cheque shown above too. “Sources say CL was the single largest financier to the PNM’s 2007 re-election campaign”. That proves that CL Group was spending millions on political donations. That is step one in verifying the BFP and Keltruth stories.
Then I went to the two BFP stories linked above and followed their links about CL Financial and CLICO and read the original court papers filed in the Florida land fraud case that show that CL Financial subsidiaries purchased Florida land for much more than its true value and that “incentives” were paid to CL insiders to have the company accept the overprice of the land.
I also read in the T&T Newsday article linked from BFP about “criminal” activities associated with high ranking CLICO people going back several years.
I also read stories online saying the current forensic investigators looking into CL group say many assets are “paper” or over valued outrageously. (my words, not MR. Lindquist’s)
That is step two which is showing that CL group is weak because of over-valued real estate holdings and fraud amongst other things.
I also read that the Government of Barbados has pledged money to support the Caribbean bailout of CL Financial and the various subsidiaries. That truth is covered in this link and many others where Prime Minister Thompson is quoted:
http://www.trinidadexpress.com/index.pl/article_news?id=161467371
That is step three that shows our Barbados tax dollars are going to bailout “the region”.
Fourth, Prime Minister Thompson says Clico Barbados is in bad shape and it would take a “significant sum” to bail out CLICO Barbados.
Here is what he Thompson say June 17, 2009 in the Nation:
“”What we have been giving undertakings on is that the Barbados operations will meet all of its legitimate obligations in Barbados and the Eastern Caribbean,” Thompson said.
The Prime Minister added that if Government had to look for a sum of money to bail out CLICO Barbados, it would be a significant sum.
And he assured that the injunction registered in Trinidad would not be registered in Barbados.
“Our first commitment is not to any individual in CLICO. It is to the 1 500 jobs and the 1 500 people who are still working and the people who have pension funds,” he said.
In addition, he said, the only correspondence he had received in respect of CLICO was from “people living in the islands” asking Barbados to intervene and assist them in getting their money from the Trinidad operation.
He said Government had realised how severe the situation was and that was why it had placed $10 million into the regional fund.
————–
Also Clico is in bad shape and it’s reserves are depleted because money was taken from the subsidiary Barbados Clico and put into CL groups fraudulent holdings
http://www.stabroeknews.com/2009/news/regional/05/02/clico-cib-under-forensic-audits/
_______________
Summary: CLICO Barbados was weakened by the fraudulent activities of CL Group. CL Group gave TENS OF MILLIONS to Trini political parties and NOW YOUR BARBADOS TAX DOLLARS ARE GOING TO BAIL THEM OUT.
How about this? How about Barbados Political Parties return any money they took from CL Group and associated companies? !!!
July 14, 2009 at 6:49 pm
How about this? How about Barbados Political Parties return any money they took from CL Group and associated companies? !!!
Could as well watch for hell to freeze over too. The chances for either one happening are probably about the same.
July 14, 2009 at 8:08 pm
Clicker
You call that proof?
I still waiting for the proof BFP!
July 14, 2009 at 8:31 pm
BFP,
Another feeble try on your part…..the David Thompson Administration is the most prudent and accountable administration in the Caribbean over the past 15 years.
July 14, 2009 at 10:04 pm
BARBADOS NATIONAL BANK (BNB) has submitted a formal bid to take over CLICO Mortgage and Finance, a subsidiary of CLICO Holdings (Barbados) Limited.
July 15, 2009 at 1:25 am
I went through the process that clicker did. I have my proof that my tax dollars from Barbados are paying for CL’s debt: part of which came from giving millions to political parties.
Therefore, my tax dollars are supporting the political debts (and other debts) of CL Group.
That is proof enough for me.
July 15, 2009 at 1:28 am
Thompson administration is accountable?
By what process? By what law? To whom?
No FOI. No way for me to examine government documents. No way for the press to examine government documents. No detail accounts released.
By what magic do you say the Thompson government is “accountable”? Because they say so? Because you say so?
Tell them to list their campaign donations in detail and that will be a start.
July 15, 2009 at 3:17 am
I agree with Red Lake Lassie. I visited all the links and it is true that our government is using public money to cover those political party donations. SHAME!
July 15, 2009 at 3:39 am
Something or sombody is wrong.
My understanding is that Clico Insurane was in bad shape.
Now I am hearing that Clico Mortgage and Finance is in trouble.
How can this be if there are at least 3 Financial entities trying to leap over each other for CMF?
Le Hunte and Mckenzie (BNB & Consolidated) are on record saying that “it is a very well run company”
Someone is not being accurate.
July 15, 2009 at 8:29 am
Facts
well lets start with the fact that no audited statements were produced for these large financial companies with David Thompson as their lawyer. Do you think any of the 5 international banks in Barbados would get away with this?
The shortfall of equity in the Insurance company was in the many millions of dollars for a number of years which was known by both parties. They both failed to act.
It is simply amazing that anyone would try and dispute or defend these links and facts.
The chickens are coming home to roost.
clicker seems to have a good grasp of reality.
July 15, 2009 at 11:27 am
Some people, you could rub their noses in the poo but they still doan smell the s***.
July 15, 2009 at 12:33 pm
According to BFP there is poor management, there is corruption, yet companies are tripping over each other to buy of CM&F.
You have it wrong BFP. Admit it.
July 15, 2009 at 2:13 pm
There is usually a lineup when governments dispose of companies in trouble because after all the public money they go for firesale prices. Poorly run or not, these companies will be sold for pennies on the dollar with the taxpayers absorbing the loss.
July 15, 2009 at 5:13 pm
one has to ask the question if the Barbados National Bank now run from Trinidad is any better shape than Clico?
You can bet that if there is a deal and the BNB purchases Clico assets, BNB will probaly only pay a small fraction of what the assets are recorded on the books for. Who will get fees offshore for this juicy purchase?
The losses from the sale will inevitably be paid by the citizens of Barbados, not Thompson and definitely not the DLP and BLP who, in a transparent society, would all be facing charges.
July 15, 2009 at 9:13 pm
[...] appears that CLICO or its various parent companies and subsidiaries made large political donations in the Caribbean region. Some of the governments have used taxpayers’ money to bail out the same companies. This is a [...]
July 16, 2009 at 3:20 am
Blinkers,
You have only restated what is known – that it is the insurance arm that is in trouble.
The serious offers are being made for CMFC – which is a very well run company.
July 16, 2009 at 3:46 am
I went through all the links too and I agree our tax dollars are bailing out CL Group that gave tens of millions to political parties.
That means it is true that our tax dollars are covering CL’s political donations and I don’t like that one iota.
Those political contributions should be put back into the kitty.
July 16, 2009 at 3:49 am
Those offers will be pennies on the dollar and our Barbados tax dollars are still bailing out the Trinis political donations.
I don’t like it.
July 16, 2009 at 11:06 am
So let’s do a rewind… Thompson wants to buy back shares of BNB.. . For all to see, except for the blind and flag waving followers, everyone was asking why? and how? Was is grand standing for setting this up?Or laying the footwork on this possibility.
July 16, 2009 at 4:30 pm
FACTS
If CMFC was run or controlled by the same cast of characters who managed to loot and ravage an old respected insurance company directly in front of our esteemed politicians, I highly doubt that assertion.
Whatever offers are made for CMFC will be at fire sale prices.
While I may be restating known facts, that it is the insurance company that is in trouble, do you have ANY idea how serious this matter is for each and every Barbadian?
July 16, 2009 at 6:23 pm
How much money did CL Financial have invested Credit Default Swaps?
How much money did L. Duprey and his cronies have invested in the Antigua-based Stanford International Bank?
Were there investments in Millennium Bank of St Vincent and the Grenadines and the Ponzi Scheme that was running down there?
How could a giant company which controls more than $100 billion in assets in 28 companies have seen its fortunes gone totally pear-shaped?
We have learnt that Trinidad & Tobago Finance Minister Karen Nunez-Tesheira has presided over the billion-dollar bailout of the CL Financial group, even as she herself has owned shares in the conglomerate.
Where was Parliamentary oversight?
Is this kind of fiasco part of Parliamentary democracy in the West Indies?
The revelations raise questions about whether Nunez-Tesheira has a serious conflict of interest, why she has not disclosed her ownership of the CL Financial shares before and even why the shares are held in her name and not in a blind trust.
Is someone get locked up here or is this another white (black) wash?
The T & T Government has agreed to pump in $315 million (US$50 million) to rescue struggling subsidiary companies of CL Financial to protect insurance policyholders in smaller Caribbean countries.
It follows an initial $1 billion of taxpayers monies injected into the local financial system by the State to pay depositors, pension and medical plans of the failed CL Financial subsidiary CLICO Investment Bank and CLICO, the country’s largest insurance company.
The Antigua agreement meant that Trinidad and Tobago had agreed to inject an initial US$50 million to support the policyholders of Caribbean countries where British American and CLICO companies tether tottering on the brink of collapse.
Government diverted US$50 million from the Caricom Petroleum Fund.
The Barbados government agreed to pitch in US$5 million, the Eastern Caribbean will spend US$10 million and regional and international institutions have agreed to inject US$15 million in financial support.
What a travesty!!!
All I can conclude, is that this is another major financial*heist of epic proportions where the taxpayer continues to bailout the rich and infamous as governments are complicit in what can only be described as a *con on a Biblical scale.
July 20, 2009 at 1:03 am
Free Press please stop your disrespect to the Government of Barbados.
July 20, 2009 at 3:17 am
I don’t know how BFP will answer you, but for me:
Government of Barbados, please be worthy of respect by passing the integrity legislation that was promised. Please declare conflict of interest rules for Government ministers as promised. Please pass Freedom of Information as promised.
And finally, please be transparent by declaring how much CLICO and CL Group gave the DLP during the last election campaign.
July 22, 2009 at 2:32 pm
This whole CLICO issue seems to be out of the spotlight for a while. My main issue is where are the audited acounts for 2008. They should have been released since april 30, 2009 to the public.
July 27, 2009 at 7:58 pm
[...] for depositing “campaign donations” into his personal bank account – or when Prime Minister Thompson can misuse his position to give public funds to his friend’s company (… – and at the same time shield it from public scrutiny – the citizens soon learn that [...]