Sam Lord’s Castle as an over-valued asset in the CLICO – CL Financial pyramid fraud

In 2005 CLICO’s Leroy Parris said he had to talk with CL Financial about Sam Lord’s Castle, but…

Isn’t the official line that Clico Holdings (Barbados) was “separate and distinct” from its parent company CL Financial in Trinidad?

The burning of Sam Lord’s Castle two days ago was predictable, and was predicted by us in April of 2009.

What is interesting though, is that the burning is causing folks to reexamine how Sam Lord’s Castle fit into the CL Financial and CLICO pyramid fraud. After reading a recently updated article at The Antillean, I think that Leroy Parris probably now regrets some of what he said in a 2005 press conference.

There is a story here if the regular news media or the CLICO – CL Financial investigators and regulators cared, but they would rather let sleeping dogs lie. Especially if the taxpayers are on the hook for everything and there is no plan to recover assets from the former executives of the CL Financial group of pyramids, er, companies.

Have a read of The Antillean’s updated article Remembering Sam Lord’s Castle: the tragic fairytale of Barbados’ best hotel

Here are a few snippets, with the link to the full Antillean article at the end…

Here’s a fairy tale for you…

Once upon a time, Barbados was the it country for tourism in the West Indies.

Its economy was strong, its tourism product (honed from early colonial days) was the envy of other islands, and the standard of its accommodation was bar none.

That was then.

Then, as fairy tales go, I stayed in a castle in St. Philip, built by a notorious buccaneer who probably could have never had a clue that the mansion he founded on plunder could one day be one of the greatest hotels in Barbados’ stock.

(big snip)

Nothing lasts forever, of course, and Sam Lord’s (then owned by Marriot’s) was sold to (presumably) a local company called Grants Hotels Inc. in 2001.

In short order, the quality and standards that seasoned repeat visitors grew accustomed to had gone, the Castle’s debt grew and its coup de grace was its sale to the CLICO Group of Companies in 2005.

(Snip)

During the question-and-answer period, Parris said he had a “tourism vision” for Clico, but was keeping it “close to his chest” until he had the opportunity to discuss it with executives from Trinidadian parent company CL Financial Ltd.

CL Financial Ltd?

Isn’t Clico Holdings (Barbados) “separate and distinct” from its parent company CL Financial in Trinidad³? The recent drama and PR response coming out of Barbados says as much, yet one can’t help but to  wonder if the failed restoration of Sam Lord’s Castle thus far speaks to a cash issue at home. Some will recall that there was even speculation that Sam Lord’s may be ready for Cricket World Cup 2007, which gives an idea of just how long the Castle was slated to be redeveloped.

Read the full article at The Antillean: Remembering Sam Lord’s Castle: the tragic fairytale of Barbados’ best hotel

Our thanks to an old BFP friend for suggesting the article from The Antillean.

Which CL Financial companies listed Sam Lord’s Castle as an asset?

As our fellow blogger Afra Raymond pointed out in his article The Official Version – Mystery of the Missing Money, there seems to be a few dollars (Ha! like $76 billion) in missing CL Financial assets that went missing over the course of less than a year – or even a few weeks when the books were (cough, cough) “adjusted”.

We wonder which CL Financial companies listed Sam Lord’s as an asset, how many separate times it was listed, and for how much. After all, we taxpayers are going to pick up the tab for this so we have a right to know.

Not that we think the elites will be giving us any answers soon, you understand.

 

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10 Comments

Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Economy, Political Corruption, Politics & Corruption

10 responses to “Sam Lord’s Castle as an over-valued asset in the CLICO – CL Financial pyramid fraud

  1. Bajan Boy

    Sam Lords burns, our heritage gone-long; CLICO on fire; Brit-American smoking-hot; evahbody in the Caribbean dat that touch dem people, got scorch-maks! Buhbayduss itself, got smoke coming forth from all orifices. However, Leroy P. is coated in teflon. STILL COATED IN TEFLON???? Time and twine, perhaps?

  2. Time and twine, whuh??

    A man like Leroy P ain’t Teflon for nuthin!

    You will never see him in handcuffs.
    Keep on dreaming,den!

  3. Bajan Booby

    Handcuffs are too good for him. He has totally disgraced our counry and all I hope is that the current PM does not disgrace hismelf by even thinking about associating with this scoundrel in the body of a human.
    He might not repay his debt to mankind but he will repay!!!
    Could you believe that after all that he has done to the policy holders of CLICO he is still trying to rape it for severance and bonus for 2009 when he ran the company to the ground in the same year that he is fighting for bonus. He must now even be paid for mismanagement twice!!!!DISGRACEFUL..
    Can anyone tell me why they are still employing marketing and sales people when the company cant sell anything,Should;nt there be only a skeleton staff for service and the company trying to find as much money as it can for the people who put their last dollar in that dreadful place.
    There is a real PM in place now May God guide and bless him

  4. 205

    People to avoid :
    1. persons with education but no money.
    2. persons with money but no education.
    3. drunkards
    4. religious fanatics
    5. persons with lots of common sense but no money or education.

    All those who “invested ” with Clico made a mistake by dealing with obviously wrong persons.

    Never get caught up with hero worship. Examine the persons you are doing business with or electing to high office.

  5. Bajan Booby

    205 you are so right it is unimaginable and you the know the hero worship thing remember that the hero at times feel he is a god and you know god a jealous god. The minions actually worship him or her for real

  6. rasta man

    I am awaiting the report from the judicial manager at the end of the month on British American

  7. Erika Weber- Ehrlich

    Ich bin erschüttert, ueber das ausgebrannte Schloss Sam Lord s Castle.
    Soviel ich von meiner Familie Weber in Erfahrung bringen konnte, hat mein Großonkeln das Anwesen ab August immer aufgesucht und in den Wintermonaten ueber bewohnt . Er ist viel in den usa gereist, da er Unternehmer war. Ich möchte von Ihnen wissen, wer der Besitzer 1924 von Sam Lord s Castle war. Vielleicht war es wie ich stark vermute, sogar mein Großonkel. Sollte es so sein, dann wird es garantiert eine gute Wende fuer Sam Lord s Castle geben. Denn ich wuerde versuchen es wieder zurueck zu kaufen und mit Hilfe von den Bewohnern von Barbados wieder aufbauen. Bitte alle Antworten auf Deutsch, da ich der englischen Sprache nicht mächtig bin.

  8. rastaman

    @BFP..Maybe you can translate for us?

  9. Babelfish

    Babelfish says:

    I am shaken, over the burned out lock SAM lord s Castle. As much I of my family Weber to get to know could, my large uncles the property starting from August always visited and during the winter months over inhabited. It traveled much in the USA, since he was an entrepreneur. I would like to know from you, who the owner was 1924 of SAM lord s Castle. Perhaps it was as I strongly assumes, even my large uncle. If it should be like that, then it guarantees a good turn for SAM lord s Castle giving. Because I will try it again back to buy and by the inhabitants of Barbados again construct. Ask all answers to German, since I am not powerful the English language.

  10. Erika Weber

    Wer war der Eigentümer von Sam Lord s Castle
    von 1924 bis zur Gegenwart?

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