Tag Archives: CLICO Fraud

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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CL Financial – CLICO fraud: Dr. Terrence Farrell wilfully blind?

Protecting Sacred Cows…

Our old friend Afra Raymond takes issue with the former Deputy Governor, Central Bank of Trinidad and Tobago, Dr. Terrence Farrell and Farrell’s statements in support of the bank’s outgoing governor, Ewart S. Williams.

Considering that Ewart Williams knew in 2004 that CL Financial Group was having serious trouble and was in violation of the law – and that Williams and the Trinidad Central Bank did nothing until the house of cards collapsed, Dr. Farrell’s praise is indeed misplaced and almost comical except for the great human tragedy that the Central Bank’s failures contributed to.

Always an excellent read at AfraRaymond.com:

“The entire scenario reeks of corruption in the highest offices in the Republic and on the largest possible scale.  We are witness to an epic swindle being carried out on our Treasury and in broad daylight.”

from Afra Raymond’s new article The Sacred Cow

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Stabroek News Editorial: Barbados DLP government on the way out due to CLICO corruption, Stuart’s poor leadership.

Arthur & Mottley licking their lips…

If Prime Minster David Thompson had lived, would even he have been able to hold it together in the face of the CLICO corruption revelations? We don’t think so. Nevermind our accidental and invisible Prime Minister Fruendel Stuart – he’s out of his depth as a leader of his party let alone as the leader of our country.

The saddest truth is that Owen Arthur, Mia Mottley and the whole corrupt BLP gang are headed back into power – at least according to today’s editorial at Stabroek News. For what it’s worth, we have to disgustedly agree that will be the result of the coming election.

If Thompson and the DLP had just kept their promises about Integrity Legislation and Freedom of Information… if they had just TRIED to be honest – to at least try to act for the good of the entire country instead of covering up for Leroy Parris, Bajans might have given them another term.

We’re faced with two corrupt groups wanting power… and the question has become this: ‘We know that the DLP and the BLP are equally corrupt. Aside from that, which party will provide the most capable corrupt government?’

Sad, isn’t it?

Further Reading

BFP readers are requested to visit Stabroek News to read Barbados approaching elections, but because Caribbean news outlets often change history and stories for political agendas, we have to reprint the entire story here. Please do visit Stabroek News to read the entire piece…

Barbados’ approaching elections

In less than a year now, Barbados will be going to the polls, following the last general elections held in January 2008. The signs are that both of the main political parties, but the opposition Barbados Labour Party (BLP) in particular, are once again gearing up, and the issues that will define the campaign are beginning to become clearer. Some of these showed themselves in the Budget debate held in March, when the governing Democratic Labour Party (DLP) had to indicate how it would come to terms with the current recession affecting the country and accumulated debt in the face of sluggish economic growth. The fact of the matter is that since the DLP’s return to office, the Barbados economy has been strongly affected by global recessionary conditions reflected in a contraction of economic growth in 2009 of 4.7%, and 0.2% in 2010, and an unemployment level sticking at around 10%.

In those conditions, the hope that was held out by the DLP’s sweeping electoral victory (20 seats to 10 for the BLP) has not materialised. This situation has not been helped by the early death of the party’s dynamic new leader, David Thompson, and then by the cloud of the CLICO disaster which continues to linger over the country, with its continuing effect of loss of income and savings by Barbadian policyholders. In addition, a certain distrust of the government has begun to develop as a result of increasing indications, bolstered by a recent report, of apparently corrupt practices engaged in by the CLICO leadership which had had close connections to David Thompson, both in his situation as a legal practitioner and as leader of the DLP which allegedly received strong financial support from CLICO. A continuing silence on the part of the new Prime Minister, Freundel Stuart, has not helped, giving as it has, an impression of inability to decide how to treat the CLICO affair. Continue reading

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Barbados court orders CLICO criminal charges stayed against Terrence Thornhill, Leroy Parris

Unethical, Corrupt: CLICO Bigshots Leroy Parris, Terrance Thornhill

No surprise at all!

Come on, folks! You know that Leroy Parris was the godfather to one of Prime Minister Thompson’s children. You know that Thompson was CLICO’s lawyer. You know that CLICO gave oodles of money to the Democratic Labour Party and let them use the corporate jet. You know that as a lawyer Prime Minister David Thompson money-laundered funds from CLICO to Leroy Parris. That’s what the auditors say.

We poor CLICO policy holders are suckers. The poor taxpayers are suckers.

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Nothing changes ’bout hey.

Forget about your children’s futures and education: you and your children will be a long time paying (it’s called ‘bailing out’) the elites who built that Ponzi house of cards called CLICO.

I’m sure there’s some good legal reason why High Court Justice Kaye Goodridge ordered the Barbados Police to put the CLICO criminal charges on hold. Always is some good legal reason for doing what is done.

It’s just that we predicted this months ago. Futures destroyed, pensions gone, lifetimes of work and savings stolen… and nobody will ever pay.

Nothing changes ’bout hey. Nothing. Ever. Changes.

Further Reading

Nation News (read it at the Nation News website here)

Stop Order

Commissioner of Police Darwin Dottin has been ordered to stop the criminal matter brought against the president of CLICO International Life, Terrence Thornhill, at least for now. Continue reading

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Anonymous tip: Deloitte Consulting taking millions from CLICO for ‘oversight’ services

“May 30, 2011 to February 24, 2012. For management and oversight services: $8,729,525.09″

BFP Editor cautions: The following was submitted anonymously. This is the internet folks: anonymous and with a touch of Bridgetown in ’37. Take it with some salt until it’s confirmed, okay?

CLICO – A rape victim… but who are the rapists?

Submitted anonymously by someone using the name Jason Fellows

The policy holders and investors in CLICO will be shocked to discover the goings-on since that company has been put under Judicial Management with Deloitte Consulting Inc in Barbados.

I was going to write a long story with all the facts but I reconsidered and thought the the below evidence is sufficient to shock the public to the core:-

1) BNB Cheque #00566 in the amount $480,000.00 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 30/05/2011.

2) BNB Cheque #00568 in the amount $356,213.00 drawn to Deloitte Consulting and signed by Toppin / Marshall and dated 06/07/2011.

3) BNB Cheque #00575 in the amount $400,000.00 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 28/06/2011.

4) BNB Cheque #00582 in the amount $336,050.00 drawn to Deloitte Consulting and signed by Toppin / Marshall and dated 27/09/2011.

5) BNB Cheque #00584 in the amount $450,000.00 drawn to Deloitte Consulting and signed by Jordan / Marshall and dated 14/10/2011.

6) BNB Cheque #00586 in the amount $1,292,357.53 drawn to Deloitte Consulting and signed by Jordan / Marshall and dated 27/10/2011.

7) BNB Cheque #00591 in the amount $1,248,081.56 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 29/11/2011.

8) BNB Cheque #00594 in the amount $1,149,152.00 drawn to Deloitte Consulting and signed by Jordan / Marchall and dated 14/12/2011.

9) BNB Cheque #00566 in the amount $480,000.00 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 30/05/2011.

10) BNB Cheque #00597 in the amount $927,815.25 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 20/01/2012.

10) BNB Cheque #00599 in the amount $1,609,855.75 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 24/02/2012

Based on the above it would appear that by time the Judicial Manager is finished with CLICO the policy holders and investors will be 10 – 20 million the poorer.

If they can’t get bread let them eat cake.

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Continued mismanagement of CLICO – CL Financial “devastating” to policy holders

Policy holders: Your Country Needs You

by David Walker of Santa Rosa Team

  • The realities of the “offer” are not as described by the Minister and others.
  • Once you sign, you have given up all rights, even if they don’t honour the stated terms.
  • The “offer” is open until June 2012, so only your financial circumstances should force you to sign now.

While the happenings at CLICO and CL Financial have already had a devastating effect on your lives, it pains me to say that the continued mismanagement of the companies is about to hit you even harder. Like every other taxpayer and citizen, you will suffer from both the immediate financial impact, and the long term destruction of our investment and business climate. And YOU are the only ones standing in the way of the impending catastrophe.

“When a nation abandons the rule of law, when there is no attempt at regulatory oversight, when accountability and transparency are non-existent, and when any pretense of equity is openly shunned by authority, the inevitable result will be economic decline.

Who would invest in a country where you cannot enforce contracts against a company? Who would leave their money in companies that do not offer audited statements for over five years, with evident impunity? The answer is obvious.”

Recently, the authorities took legal action against directors of e-Teck for failures far less severe and with much milder consequences than what happened at CLICO/CLF. No authority has seen it fit to take similar action against the directors of CLICO/CLF. The nation needs to cleanse itself of these heinous acts. YOU are the only ones who will take the necessary action against both former and present directors of CLICO/CLF.

The Regulators failed disastrously at CLICO/CLF. Rather than punishment and condemnation, they have been handed the reins at CLICO.

There is now no Regulator at CLICO as a result. The ills that the Regulator identified as causes of the collapse have been continued, even accelerated under his stewardship. We still see interlocking directorships and related party transactions at the expense of policyholders. Only YOU and your actions can force the Governor of the Central Bank to honour his role as Regulator, and look after the interests of policyholders. Continue reading

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CL Financial collapse: Colman Commission hiding facts from the public

“Sir Anthony Colman needs to be watchful of the wily attorneys, who may seek again to tempt him to agree to conceal some more financial information which might be awkward for their clients.

The fact is that all those companies are now being funded by the Treasury and we have a right to know what caused this huge mess.”

The Colman Commission – The Importance of Money

by Afra Raymond

The Colman Commission was established about a year ago as a Public Enquiry into the failure of the CL Financial group, some of its subsidiaries, and the Hindu Credit Union.  The Commission is also mandated to report on the causes of these costly failures, so that it can make recommendations for possible prosecutions and the regulatory or systemic changes needed to avoid further collapses.

There has been a lot of fresh information revealed at the Commission and that is good, since the public now has a much better view of the various episodes behind the scenes.  The sole Commissioner, Sir Anthony Colman, has now made a statement which outlines his progress in this huge and complex matter.  Colman expects to take at least one more year and will be continuing his examination of the HCU matter when the CL Financial stage is completed.

Despite all the evidence about staggering sums of money and the heated public discussion that has sparked, I am perturbed by the way the essential information is being handled.

Since it is a Public Enquiry into a huge financial collapse, the financial information has to be front and centre if we are to get at the facts.

It is common knowledge that the link between performance and pay is essential in obtaining quality results in any competitive situation.  That basic fact, with which most people would agree, is now seriously challenged by some of the key events in the global financial meltdown.  It is beyond the scope of this article to delve into the new learning emerging from this global crisis, suffice to say that the old learning has literally been ‘tested to destruction’.

An unhealthy relationship between pay and performance would be a problem for any company, but in a financial company the issue is worse.  That is because the investors expect those companies to endure and prosper, so that they can collect the expected returns.

The Colman Commission will be unable to fulfill its mandate if it does not uncover the relationship between pay and performance in the failed companies.  Colman will also need to consider the motives and behaviour of the investors, who must also form a significant part of the story.  Without their participation and investments, the failed companies would have had no money to lose.

There is a strong interest in keeping the real figures and circumstances out of the news and some of the main items are –

  • The Accounts
  • The true levels of salaries, fees, dividends and bonuses
  • The identities and sums of money returned to those who have benefited from the bailout
  • The delinquent borrowers who owe the failed companies huge sums of money
  • The extent to which the failed companies and their chiefs complied with our tax laws

In ‘The Colman Commission – Cloudy Concessions’, published here on 1st September, I pointed out the danger of allowing the HCU claimants to testify without stating the amounts invested for the public record.  It was my view that those concessions represented the ‘thin edge of the wedge’ in terms of the entire exercise being a Public Enquiry into a series of financial collapses.

In this recent, third session of evidence Hearings, we have had three examples of the ‘widening wedge’ in respect of financial information. Continue reading

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British American Insurance fat cats doing fine as policy holders take beating

Cocky BA, CL Financial and CLICO executives have no worries

The numbers have been crunched and the result is what everyone already knew: ordinary BA policy holders will lose. Barbados Today neatly lays it out in a single sentence…

“Thousands of Barbadians who own policies with British American Insurance Company (Barbados) Limited will have to walk away from the insurer without all of what they are owed.” (Barbados Today article here)

A second Barbados Today story about the sale of the new BA office building tells us that although the building was carried on BA’s books with a value of $34 million dollars, it was in fact worth only about half of that.

This outrageous over-valuation of assets is so typical of the entire CL Financial / Clico / British American scandal. Policy holders should remember that company executives made the decisions to over-value assets, and that these decisions were taken for a purpose: to deceive the public and policy holders who believed that the auditors and government regulators were protecting them.

What the public and policy holders didn’t know though, was that the regulators and auditors were more like partners in crime with the CL Financial crooks than unwitting dupes.

Over valuations were only one part of the fraud, for there were other crimes committed too. We published an exclusive story in June, 2009 that showed how CL Financial Group – British American insiders took bribes and kickbacks to have the company purchase land for more than market value…

Court documents sent to Barbados Free Press reveal that a CL Financial Group company involved in a US$300 million dollar Florida land deal – paid more than market value for the land. This happened because the seller of the land provided “incentives” (read “secret commissions”, “bribes” or “gifts”) to company insiders in return for having CL Financial Group purchase the land for more than it was worth.

from BFP’s story CL Financial Group Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

Partners in Crime then. Partners in the cover-up now.

Government regulators, company auditors & British American Insurance executives – can you really tell them apart?

For years Bajans faithfully made those investments, premium payments and pension contributions. We trusted our Government’s oversight of the Insurance industry. We didn’t ask if our pension funds were segregated and protected: we knew they were because that was the law and we had auditors and government to keep an eye on the insurance companies.

We were lied to: by British American, by our government and by the auditors.

We trusted our government leaders – who took political contributions from CL Financial companies and then looked the other way when those same companies violated the rules, gambled with our money and stole what they didn’t lose.

Then when that house of cards, that Ponzi scheme, collapsed – our DLP Government protected CLICO CEO Leroy Parris and all his friends. And lest the BLP Opposition gloat, we remind Owen Arthur that he was in thick as thieves too.

Once again the ordinary folks who trusted these fine leaders get the backhand, while the crooks continue to live the good life with no worries.

No one will go to jail for what happened, no matter the evidence. You can take that to the bank… which is exactly what Leroy Parris and his friends are doing.

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CL Financial Fraud: 31 months of government control and no accounts yet!

UPDATED: November 9, 2011 – 6pm

Afra Raymond testified today at 2pm before the Colman Commission into the CL Financial collapse. No word if the video or audio of his testimony will be made available.

CL Financial bailout – The Final Solution?

by Afra Raymond

The new bailout formula was approved, as two new Acts, by Trinidad and Tobago Parliament on 14th September, 2011…

The Central Bank (Amendment) Bill, 2011

The Purchase of Certain Rights and Validation Bill, 2011

The first one prevents any lawsuits against the Central Bank by claimants, while the second gives the Minister of Finance the right to borrow up to $10.7Bn and places the Republic Bank Ltd. (RBL) shares formerly held by CLICO into a new investment vehicle, NEL 2.

A perversion of our Treasury

These seem to represent what I am calling the Final Solution, in that the clamour and protest which had marked the last year seems to have been fading away.  There have been queries from the various ‘Policyholders’ groups’, but those have been limited.

Whatever one thinks of the actual bailout, which I maintain is a perversion of our Treasury, there are valuable lessons to be learned from all this.  The main lesson for me is the Power of the Few. 

In that although only about 16,000 investors were affected, they were able to mount a successful campaign to improve their position.  We need to note that lobbying and campaigning can be effective in gaining benefits for limited groups.  To all the weak-hearts who say nothing ever changes, please take note. Continue reading

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Peter Boos warns about NIS “investing” in Four Seasons

NIS fund should be most jealously guarded.”

“…The fact that we are in a deep long term economic recession should not lead to a relaxation of the legal and socio economic principles governing the manner in which the NIS fund is allocated and invested. On the contrary…

I am of the firm view that it is precisely in times such as these that the integrity of a fund in the nature of the NIS fund should be most jealously guarded. 

The fund is not a commercial or development fund. It is a social security and pension fund, which should, for obvious reasons, be invested on a conservative basis to meet long-term liabilities.

Some may recall that CLICO failed essentially because it strayed from sound investment management practices as mandated in the law under insurance regulations, and took on several speculative investments, which eventually it could not support financially. Looked at objectively CLICO and the NIS have something very important in common: CLICO derived and the NIS derives large volumes of cash from insurance premiums, pension contributions, investment income etc.

As a corollary to that, the people whose money was held by CLICO and is held by the NIS were/are depending on receiving the benefit of those funds. In many cases those funds are the only savings and retirement planning provision made by such people.

Against this background some important questions arise on the appropriate use of NIS Funds by Government…”

Read the entire article at Caribbean360.com – Is an investment in Four Seasons development appropriate?

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The demise of Rayside Construction, Barbados

Barbados Free Press cautions all to take this and everything you read at BFP or anywhere with a good dose of salt. Rayside Construction is now tied up in the whole CLICO mess, so this story matters because it’s OUR MONEY at stake as usual. That said, here’s some information from…

“Everyone Loves Rayside”

submitted anonymously via European proxy

This is nothing but the whole truth;

For sometime now, evil persons have sought repeatedly to attribute blame to Mrs Marquetta Rayside, wife of Keith Rayside Snr, for the demise of the Rayside Group of companies.

She has been accused of stripping the group of companies of its financial assets since assuming the office of Chief Executive Officer in 2005.

However, in this expose, this writer hopes to apportion blame where it is rightfully due.

Are Barbadians aware that prior to his marriage to this beautiful young lady, the group of companies was heavily indebted to the VAT Office, the National Insurance Scheme and Inland Revenue?

Are Barbadians aware that the group of companies was facing major challenges in servicing their bank loans having secured overdraught facilities carrying interest rates as high as 14 per cent in some cases?

Are Barbadians aware that on many occasions funds due to the company for work done for government agencies were garnished in an attempt to collect arrears due to the government agencies identified above?

How can anyone strip a company of its financial assets when its bankers and government agencies were keeping a keen eye on its financial dealings? Continue reading

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New car for CLICO crook Leroy Parris?

By now I think that everybody on the island has heard the rumour that CLICO’s Leroy Parris purchased a brand new Jaguar XJ. Nice car!

One thing I don’t understand though: where did Leroy get the time to shop for a new auto? I thought he’d be spending all his free moments looking for those hundreds of millions of dollars of missing CLICO assets.

Oh Dear! Barbadians know that Parris will never be held accountable for the missing assets because it probably involved former Prime Minister David Thompson who was CLICO’s lawyer for the decade when they broke the law and failed to file annual accounts.

Freundel Stuart’s DLP Government doesn’t want to touch that situation at all.

You know, as a CLICO policy holder I think I at least deserved dinner, a show and a couple of drinks from Leroy before he did what he did to me. At least with dinner and a show I’d be able to say I got something out of the relationship.

submitted by RLL

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CLICO Indian Fraud: Should Leroy Parris and Lawrence Duprey go to jail for this alone?

Leroy Parris and good friend Government Minister Chris Sinckler share champagne

My friends, you should go to Trinidad and Tobago Newsday to read this article, AND PLEASE DO!

But just in case it disappears from the net as happens in the Caribbean, we’re going to reprint the entire article here. But please… go to Newsday first to read the whole thing, okay?

WARNING: If you’re a CLICO victim, you’re going to be mad as hell after the first paragraph!

‘Clico fronted $38M in Indian business’
By ANDRE BAGOO Monday, October 3 2011

CLICO fronted $38 million in Indian business carried out by a Miami-based broker without the approval of the Central Bank, according to documents disclosed to the Commission of Inquiry into Clico which paint a picture of an insurance company with a long history of breaking the law and hiding key aspects of its operations from its books.

The documents disclose that $29.4 million in interest payments on a secret $302.4 million Home Mortgage Bank loan to Clico for the Lascelles de Mercado transaction was dressed up as “an amount receivable” from parent company CL Financial. Additionally, the company had “significant off balance sheet exposures” to connected companies totalling $2 billion, according to Central Bank estimates. Continue reading

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