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