Tag Archives: CLICO Scandal

Winston Dookeran, former Trinidad Minister of Finance: CLICO funded CL Financial’s disasterous expansion.

PM Thompson promised Freedom of Information laws within 100 days of election. He lied.

David Thompson was CLICO’s lawyer

Leroy Parris and David Thompson: partners in raping Bajan policy holders

Former Minister of Finance, Winston Dookeran, has often shied away from controversy in his long political career. But in an explosive affidavit in response to a lawsuit against the Government’s handling of the Clico affair, brought by his former Cabinet colleague, Ramesh Lawrence Maharaj, Dookeran makes some astonishing revelations, including:

• It may take a further $21 billion to resolve the Clico issue;
• Why Clico’s assets could not have been sold in 2009 and 2010

From Dookeran’s affidavit… Continue reading

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Filed under Barbados, Consumer Issues

CLICO Scandal: Leroy Parris charged criminally, Former PM David Thompson law firm money-laundered millions from CLICO to Parris: How much came back to Thompson & DLP?

CLICO's lawyer, David Thompson, helped build the house of cards.

UPDATED: February 23, 2012

It gets worse, much worse. Former PM David Thompson was in the 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.

Stabreoek News: Stunning revelations in Barbados CLICO probe

PM Thompson said DLP use of CLICO's business jet was none of your business, but policy holders didn't know just how dearly it was costing them.

BFP’s original story published February 22, 2012…

Deloitte Auditors list shocking revelations

We all knew the relationship between Parris, Thompson and the DLP was dirty. Now, as they say, you can take it to the bank… except the bank is empty.

I still don’t believe we’re really going to get to the whole truth, but for now this is the news…

Legal Fees for Parris

Late Prime Minister David Thompson’s law firm received a whopping $3.3 million in legal and retainer fees from CLICO International Life Insurance Limited (CIL), but the fees were actually destined for former CLICO executive chairman Leroy Parris.

This was among the explosive revelations of the Deloitte Canada-led forensic audit into the operations of the insurance company and its financial relationship to the parent company – CLICO Holdings Barbados Limited (CHBL) – and other members of the local CLICO empire.

“On January 16, 2009, a payment for $3.333 [million] was made to the law firm Thompson & Associates by CIL…

The Nation: Full story: Legal fees for Parris

And…

CLICO Action

Criminal charges have been filed in the magistrates’ court against former executive chairman of CLICO Holdings (Barbados) Limited, Leroy Parris, and current president Terrence Thornhill.

Official police sources have told the MIDWEEK NATION that the two executives are to be served with summonses to appear in court.

They are accused of contravening an order by the Supervisor of Insurance in August 2009, which prohibited the company’s subsidiary CLICO International Life Insurance (CIL) from selling new business.

Read the full story: CLICO Action

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Filed under Barbados, Consumer Issues, Corruption

Afra Raymond resigns from Trinidad & Tobago Guardian: Paper wants politicians to preview articles

Afra Raymond targeted by CL Financial big-ups?

Barbados Free Press understands from an internal source that journalist Afra Raymond has resigned from writing for the Trinidad & Tobago Guardian after learning that the paper sends unpublished articles to politicians: apparently seeking to have the politicians pre-approve or vet opinion pieces before publication.

Afra Raymond is a T&T journalist whose effective work on the CL Financial scandal has continually exposed the unethical and illegal actions of many of the main players in the financial debacle. Much of Afra Raymond’s work is jointly published here at Barbados Free Press, at the Guardian, and at Mr. Raymond’s own website.

We have sent Mr. Raymond an email asking for confirmation and to clarify what we are hearing.

If it is true that the Trinidad & Tobago Guardian is sending unpublished articles to politicians for pre-approval, this would seriously undermine the credibility of the Guardian news organization. It would be a serious affront to journalistic integrity and independence.

We’ll update this story as we learn more.

Robert

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Filed under Barbados, Ethics, Freedom Of The Press, Trinidad and Tobago

CL Financial – CLICO payouts: Afra Raymond asks on television “Who got payouts first?”


“One rule for one set of people, another rule for another set of people”

Our friend Afra Raymond as interviewed by Fazeer Mohammed on Morning Edition television, March 24, 2011.

No word yet on whether the Colman Commission will grant standing to Afra. If Afra does get standing, he’ll be able to ask questions – and then, look out!

Click on the photo to watch. There’s lots more on the subject at Afra Raymond.com

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Trinidad and Tobago

New Barbados Senator Is Proof Of Ongoing CLICO DLP Incest

Swearing in Ceremony - Senator Jepter Ince promises to protect Clico's interests, come what may!

Swearing in Ceremony - Senator Jepter Ince promises to protect Clico's interests, come what may!

Does CLICO still own the David Thompson government?

One thing you have to admire about Prime Minister David Thompson – he never forgets his friends. Thompson has not forgotten all those long years when CLICO and CEO Leroy Parris supported the losing DLP Democratic Labour Party with campaign donations and supported David Thompson personality by handing CLICO’s legal work to Thompson’s law firm.

Yes sir – you can admire loyalty to friends.

CLICO Barbados ThompsonThe problem starts when the friends are now the Barbados government that dispenses your tax dollars to CLICO without transparency or rules about conflicts of interest. Then the friends arrange to place CLICO alumni in strategic positions throughout the government to assist the interests of this “band of brothers”.

Yup, there is far more to Friday’s appointment of CLICOite Jepter Ince as a new Barbados senator than simply tossing out a perk to an old friend. For Leroy Parris, David Thompson and the CLICO band of brothers, it is about the continued implementation of the strategy to protect their past business dealings from real scrutiny by the public and burned shareholders.

Senator Ince’s Qualifications?

Qualifications? Hell – he should be under investigation for the CLICO Fund debacle!

For a start, when Jepter Ince was working for CLICO and advising Barbadians to borrow from Clico Mortgage & Finance Corporation to invest in the Clico Balanced Fund, he and CLICO failed to tell folks that some of the so-called “investments” were into the less than solid “investments” of other CL Financial Group companies. “Investments” like way over-priced Florida swamp land real estate where it is now alleged that senior CL Financial people took millions in kickbacks while Mr. Ince’s clients got screwed.

See BFP’s articles…

EXCLUSIVE REPORT BY BARBADOS FREE PRESS: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

See Keltruth’s articles about the oh-so-close relationship between Clico and Prime Minister David Thompson…

Payback!

Lack of Transparency – Private Citizens Losing Money

What is the Nature of the Relationship between Leroy Parris of CLICO and Barbados Prime Minister David Thompson?

We should be having a public inquiry where Mr. Ince would have to answer questions about his actions, the actions of the companies he worked for and the actions of the other senior CLICO allumni who worked with him.

But that isn’t going to happen, friends.

The fix is in.

Say hello to your new Barbados Senator Jepter Ince…

Ince is new Senator

8/1/2009 – Barbados Advocate

BARBADOS has a new Senator. He is financial consultant, Jepter Ince, who was sworn in yesterday in a brief ceremony at Government House.

Speaking with the Barbados Advocate just after the occasion, the new Democratic Labour Party Senator said that his appointment came about after he was recommended by the Prime Minister, David Thompson and his appointment was approved by Cabinet. He replaces former Senator Derek Alleyne, who is the new Director at the Urban Development Commission. Continue reading

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Filed under Barbados, Corruption, Freedom Of Information, Offshore Investments, Political Corruption, Politics, Politics & Corruption

Barbados Supervisor Of Insurance Announces $2,500 Voluntary Fine For Infractions… That Should Stop Multi-Million Dollar Insurance Frauds Like CLICO!

Prior to being appointed to his regulatory position, (Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds”  … from OffshoreAlert’s 2006 “Worst Regulator” Award

Prior to being appointed to his regulatory position, (Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds” … from OffshoreAlert’s 2006 “Worst Regulator” Award

Carlos Belgrave, Former Chicken Feed Manager, Sets The Standard For Barbados Insurance Industry

The recent collapse of the CLICO insurance company exposed the fact that successive Barbados governments have allowed insurance companies and offshore corporations to pretty much do as they please so long as those political campaign donations, kickbacks and business jet rides keep rolling in.

But now that the world’s attention has come to focus upon our failings, Barbados decided to make some noises so investors and other governments will believe we’ve taken effective measures to supervise our offshore insurance industry. The key here is that we haven’t taken any new steps… we just make noises and promises so others will be taken in and believe that things have changed in Barbados.

The sham press conference by Barbados Supervisor of Insurance was all about repairing investor confidence after the CLICO debacle – not about real change to protect investors & policy holders

To kick things off, our Supervisor of Insurance held a press conference (Nation News article) announcing that the General Insurance Association of Barbados (GIAB) members have agreed to some voluntary standards that may be enforced by a $2,500 fine. It is hoped that maybe, sometime in the future, these voluntary standards might possibly become law in Barbados. Maybe. If. Sometime.

Judging by the accounts in the local news rags, the revelations at the press conference were shocking – but true to form the Barbados media spun an outrageous admission of incompetence, guilt and amateurism into a positive story. In truth, the Barbados Supervisor of Insurance admitted that Barbados lacks effective standards in law respecting the financial health, financial management and financial strength of insurance companies. (Barbados Advocate coverage of press conference here)

CLICO investors and policy holders probably thought we had such standards as laws – but they thought wrong.

But hey, we’re going to put those laws in place. Someday, maybe, if… but for now the Barbados insurance companies promise to volunteer to maintain those standards or risk having to pay (again voluntarily) a whopping BDS$2,500 (US$1,250) fine. Wow! That should prevent another CLICO-type collapse, don’t you think?

Our lack of rules, laws or effective oversight is what allowed a healthy insurance company like CLICO Barbados to “invest” in huge loans to parent company CL Financial and other Clico companies – loans that were secured by way-overvalued swampland in Florida. Loans secured by deals where executives of CLICO-associated companies took secret commissions and kickbacks for engineering the over-payment for swampland!

See our articles about the CLICO fraud…

CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

EXCLUSIVE REPORT BY BARBADOS FREE PRESS: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

A US$3 Million Florida Mansion Belonging To CL Financial Director - Thanks For The Bailout, Prime Minister Thompson!

One of many: A US$3 Million Florida mansion belonging to CL Financial Director - Thanks for the bailout, Prime Minister Thompson!

Meanwhile, the Directors of CL Financial were purchasing millions of dollars of prime, upscale Florida waterfront mansions for their own enjoyment and profit.

That is the legacy of two successive Barbados governments and our Supervisor of Insurance, Carlos Belgrave.

Now Belgrave says he wants to make a law requiring minimum capital standards for insurance companies. Hopefully Belgrave no longer accepts “bearer peat certificates” as security for capital! Such standards saw Belgrave named in 2006 as the “worst regulator” by Offshore Alert.

The CLICO Chicken Came Home To Roost

A Chicken Named CLICO

A Chicken Named CLICO

In the case of CLICO, the Barbados insurance company was allowed to operate for years without sufficient cash reserves – and no one thought it dangerous when a otherwise healthy CLICO loaned all kinds of money to its parent company to purchase swampland in Florida at a price that greatly exceeded the real value of the land!

Not to be outdone by the previous BLP Government for looking after friends and concealing the truth from the public, current Prime Minister David Thompson has pledged millions of your tax dollars to assist collapsed CLICO. Oh… did you know that the Prime Minister and CLICO CEO Leroy Parris are godfathers to each other’s child? Did you know that CLICO contributed to the DLP election campaign and that David Thompson borrowed CLICO’s business jet?

All a coincidence I’m sure as the Prime Minister works diligently to socialize Clico’s losses with our tax dollars.

You know the drill for the Prime Minister’s friends: Profits are private, but losses are paid for with your public tax dollars!

Barbados Supervisor Of Insurance Carlos Belgrave Approved US$ Half A Billion Insurance Assets That Were “Bearer Peat Certificates” !

Instead of pulling Reliant’s license and despite there being no change of control or management, Belgrave allowed Reliant to continue in business by approving replacement capital with a face value of $518 million that consisted of nothing more substantial than a loan note issued by a newly-formed Panama firm that was secured by “bearer peat certificates representing the right to obtain peat, a pre-coal state organic material used as energy or for horticultural use, from the Changuinola Peat Deposit of Northwestern Panama”…

… quoted from Offshore Alert in the BFP Article: Carlos Belgrave, Supervisor of Insurance and Pensions in Barbados, Called “Worst Regulator” By OffshoreAlert

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Filed under Barbados, Consumer Issues, Corruption, Ethics, Offshore Investments, Political Corruption, Politics, Politics & Corruption