Tag Archives: CLICO Fraud

What Lies Beneath

BFP:

The cover-up of the CLICO – CL Financial fraud continues, and our old friend Afra Raymond asks all kinds of very inconvenient questions…

Originally posted on AfraRaymond.com:

The public is being told that the CL Financial bailout is being resolved, while at the same time the Minister of Finance & the Economy is withholding the fundamental information which any prudent person would need to make a decision.  So, what is the secret?

Apart from the details I have been asking for, there are other questions which occur to me –

  1. Directors’ Fees – What is the comparative level of Directors’ fees before and after the bailout on 30 January 2009?  In particular, what are the fees & expenses payable to CL Financial Directors?  Have those increased?  If so, to what level and on what rationale?
  2. Related Party dealings – We were told that one of the main causes of the CL Financial collapse was excessive related-party transactions.  Has that pattern of dealings has really changed? What are the contracts between the group and companies in which Directors hold…

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CL Financial – CLICO bailout: Afra Raymond documents The Treasury Scandal

CL Financial Fraud

“In my view the failure and or refusal to account for the colossal and unprecedented expense of the CL Financial bailout is indicative of a ‘Quiet Coup‘ against our Republic.  I am deliberately borrowing Simon Johnson’s potent phrase, used to describe the coup of Financial Capital against the USA published in a fascinating and essential article from The Atlantic.  The fact that two successive administrations have remained bound to these arrangements and the low priority given to transparency and accountability in this matter all speak to the potency of the plotters.”

Afra Raymond gives ‘em hell with The Treasury Scandal

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BIPA: CLICO cover up scandal exposed

BIPA

June 29, 2013
Dear Member

The Barbados Investors and Policyholders Alliance Leadership Team learnt yesterday that the Final Forensic Audit Report of CLICO has been completed and that the Judicial Manager of CLICO, along with its attorneys-at-law are seeking the Court’s approval to keep the Report sealed from the public.  We the policyholders deserve the right to see the contents of the report, and so the President is asking as many members as possible to be present at the Supreme Court on Monday, JULY 1, 2012 to let your objections be heard.  Full details are set out in the following Release from BIPA.

Regards,
Patricia Corbin
for Secretary, BIPA

CLICO COVER UP SCANDAL EXPOSED!

The Barbados Investors & Policyholders Alliance is appalled that the Judicial Manager of CLICO, along with their attorneys-at-law, are seeking the Court’s approval to keep the final Forensic Audit sealed from the public of Barbados giving only as its reason that “The Report contains sensitive information about the operations of the Respondent (CLICO), its subsidiaries, CLICO Holdings (Barbados) Limited and the activities of officers and agents of these entities”.

What is particularly of note is the hasty manner in which the submission to the Court was made and the equally hasty expectation of the Respondent, CLICO International Life Insurance Limited that the Order will be granted on Monday 1st July, having only been submitted one working day earlier on Friday June 28th.

Where is the transparency, integrity and accountability of which we hear so much?  What is in this final report that is so ‘sensitive’ that the public of Barbados and especially the policyholders must be kept from seeing it?

Furthermore, one of the principles set out by the Working Group established in December 2012 by representatives from Barbados and the ECCU Governments was that ‘legal action should be pursued to seek recovery from any company or individuals whose action may have contributed to the loss to CIL’s policyholders’. Is sealing this document intended to cause delay to that process and similar action currently being pursued here in Barbados?

The Forensic Audit Report in Trinidad was revealed to the public and caused that country to set up a Commission of Enquiry to investigate the mismanagement and malfeasance that took place in the CL Financial Empire. Continue reading

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CLICO, CL Financial: Trinidad and Tobago Director of Public Prosecutions calls for criminal actions against Duprey, others

Clico CL Financial Fraud

Trini DPP’s letter to Attorney General flowing freely on the internet

A September 10, 2012 letter from the Trini DPP to the Attorney General Ananad Ramlogan calling for Criminal actions against former CEO Lawrence Duprey is circulating freely on the internet and amongst professional journalists in the U.K. and throughout the Caribbean. Carefully worded news articles by the T&T Guardian, Caricom News Network and others report snippets of the letter but don’t quote even 1% of the juicy stuff.

We at BFP aren’t quite sure what we’ll do with this story. Do we publish the entire letter? Some? Bits and pieces?

The letter says that the DPP doesn’t intend to provide details to the public to “in order to avoid others destroying evidence and concealing assets.” Then there follows 25 pages of highly detailed facts including secret companies, secret deals and dirty deeds done dirt cheap on the backs of the public and little shareholders.

We have a feeling that “others’ already have a copy of the DPP’s letter and are busy shredding away records and selling assets if not already done, probably years ago!

But still, we can’t bring ourselves to publish the entire letter right now.

What say all, folks? Should we? Should we not?

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Barbados continues the CLICO – Democratic Labour Party cover-up

In Trinidad…

“We are taking the position that CLICO was a massive fraud on the public.”

Ewart Williams, Trinidad and Tobago Central Bank Governor, July 6, 2012

Meanwhile, in Barbados there is no mention of the ‘special relationship’ between CLICO and the governing Democratic Labour Party.

No mention at all in this Barbados Advocate article or anywhere else we can find…

Green light for CLICO restructuring

10/27/2012

A plan to restructure CLICO International Life Insurance Limited has been approved by the High Court of Barbados. So too has been the completion of the Forensic Audit into the insurance company’s affairs.

Judicial Manager for the company, Deloitte Consulting Ltd. (represented by Oliver Jordan and Patrick Toppin), made the announcement yesterday afternoon in a press release. Continue reading

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The neighbourhood of CL Financial’s Lawrence Duprey

Hey… that sure looks like my place at Grape Hall!

“10 Harborage Drive, Fort Lauderdale, Florida

This spectacular Intracoastal estate home is located on a private gated island in the heart of the Venice of America. Built in a contemporary Mediterranean design, the home features an open floor plan with soaring ceilings and luxury amenities. This smart home offers both Lutron and Crestron entertainment and lighting effects. Special features include gourmet gas kitchen inside and out, gymnasium, large 3rd floor theater, sauna and up or downstairs master. The garage can accommodate eight cars.”

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Prime Minister Stuart won’t talk about this Clico issue…

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

The DLP protect Leroy Parris because they have to… or else!

Had former Prime Minister David Thompson lived to lead the Democratic Labour Party into the coming election, it would have been a very messy fight indeed… because Thompson was Clico’s lawyer when so much wrongdoing happened, and he knew about many contentious activities.

“It gets worse, much worse. Former PM David Thompson was in the thick of it in August 2007, prior to being elected. Thompson’s law firm took 4% of the purchase of CLICO’s new business jet for ‘legal fees’. We told you so, folks. We told you.”

… from BFP’s Former PM David Thompson law firm money-laundered millions from CLICO to Parris: How much came back to Thompson & DLP?

Voters remember that it was David Thompson who during the 2007-2008 election campaign voiced the DLP’s promise to bring integrity to government, and transparency in the government’s dealings in every area. He promised new laws and government rules to stop the abuses. It was David Thompson who held up a campaign cheque for $75,000 that Owen Arthur illegally deposited into his own personal bank account. Arthur stole that money from the BLP election coffers and Thompson proved it to Bajans and the world. (No one asked where Thompson got the cheque – it was, of course, stolen from banking records by a DLP supporter!)

So Thompson and the DLP were elected to provide integrity legislation, freedom of information, conflict of interest rules and to generally clean up what had become a government and civil service rotten to the core with corruption, injustice and nepotism.

PM Thompson Says His Use Of CLICO’s Business Jet Is None Of Your Business

Clico perks were cheap for the DLP, expensive for policyholders

Unfortunately though, it was also David Thompson who (once elected) spent days on end enjoying perks from his friends at CL Financial, including free business jet use. Continue reading

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