Daily Archives: February 25, 2009

People You Can Rely Upon: Pretty Ethiopian Orphans, Rich African Widows, CLICO Investment Bankers…

Jepter Ince has never said "Now is not the time to invest."

Jepter Ince has never said "Now is not the time to invest."

We’re All Going To Be Rich! Filthy Rich, I Tell You!

One never knows what little GEMS of financial information and advice will show up in your inbox each morning. Today all I have to do is to show a little faith in what these folks are telling me and I shall be rich, rich, rich!!!!

Email #1 – From A Beautiful Ethiopian Orphan..

My dear

I am miss florence naissm from Ethiopia , i am single and 26 year old girl. Immediately after going through your profile i made up my mind to contact you for friendship, marriage or long term relationship because you are my choice of trust. I must reveal to you that my daddy was the Financial controler to the Common Wealth North African Region who was killed with my mother. i am the only child. Before my daddy died he made me the beneficiary of his final WILL and i am the beneficiary of the sum of 4.5 Million USD$ in his Domicilary US Dollar account…

Email #2 – From A Rich Widow In Need Of Assistance…

Dearest One,

I am Mrs. Aisatou Mohammed; My late husband used to worked with Chevron/Texaco Cote D’Ivoire for twenty years before he died in 2005. My late husband deposited some money $7.5 million with a local bank here. And this money is still with the bank as the management just wrote me as the beneficiary to come forward to receive the money or rather issue a letter of authorization to somebody to receive it on my behalf if I can not come over due to my health situation…

Email #3 – Nation News Publishes Promises From Former CLICO Investment Banker Jepter Ince…

jepter-ince-barbados

For years Jepter Ince and others like him have been flogging Barbadians all kinds of “investment vehicles” – financial products like the CLICO Balanced Fund he launched in 2000 with his promise as Fund Manager that it was “designed to create economic wealth for individuals and families in the short, medium and long-term.

Mr. Ince even advised people to borrow to invest in his fund…

Yup, back in the year 2000 Mr. Ince and CLICO said we should all just step right up and borrow from Clico Mortgage & Finance Corporation to invest in the Clico Balanced Fund. Then the fund would invest “throughout the region”.

Hmmmmmm…. I guess Mr. Ince forgot to tell us that the Clico fund would be investing in companies owned by Clico and its affiliates.

If that all sounds a bit circular and house-of-cards-ish, well couldn’t we all see back in 2000 that everything was fine and under control? Silly people… step right and borrow the money from CLICO and we’ll invest it in the CLICO fund that will invest in the CLICO companies. Simple, yes?

Of course in Barbados we are all honest so there was no real oversight necessary. Never mind that now in 2009 everybody is saying that there should be better oversight in the financial and banking industries…

Now Mr. Ince is telling us “A recession can be a time for prudent financial investing…” and “now is the time to strategically invest, with the potential of great pay-offs…”

Really, Mr. Ince? Well, I guess that could be true if things are not going to get any worse. And if we had any faith left in your industry, or in the products you previously sold us.

Mr. Ince, why don’t you tell us what returns you’ve achieved for your clients since you created the CLICO Balanced Fund in 2000? How did all those folks do who borrowed money from you to invest in your fund so you could put that money back into Clico? Huh? How did they do?

And one more thing, Mr. Ince…

Was there any time in the past ten years when you told us “Now is NOT the time to invest…”

I’ve been looking all over and I can’t find one report of you saying such a thing. Why not?

Further Reading

The Nation: Jepter Ince – Now “good time” to invest

Stabroek News: Clico (Barbados) statutory fund in deficit – Mottley

Keltruth Blog: CLICO Quiz (You must take this delightful quiz!, Cliverton)

AND HERE’S A LITTLE SOMETHING WE REMEMBER TOO!

CLICO fund decline
(Wednesday, 15 February 2006)

The CLICO Balance Fund is looking to 2006 for an improved showing. Fund Manager, Jepter Ince, says there was a five percent decline, but he is optimistic this year’s performance will be better.

Speaking at a training seminar for over 70 agents at the Accra Beach Hotel, Mr. Ince anticipates a growth in the capital market and greater harmonisation in cross border trading. He says recent education programmes have also contributed to the fund’s viability.

One of the fund’s director’s, Tony Marshall suggests it’s never too late to invest in the fund.

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Filed under Barbados, Business, Business & Banking, Consumer Issues, Ethics, Offshore Investments

Trinidad and Tobago Central Bank & CLICO Obtain Injunction Against CL Financial

A High Court judge has granted an ex-parte injunction to the Central Bank of Trinidad and Tobago (CBTT) and the Colonial Life Insurance Company Limited (CLICO) preventing the embattled local conglomerate CL Financial from conducting any local or international business with its assets…

<snip>

CL Financial must also “disclose to the Inspector of Financial Institutions, or his designated officer, the identity, and location of all or any assets of CLICO in or out of the jurisdiction, and provide a sworn affidavit of the Chief Executive Officer, or Chairman of CCLICO within two working days of service of the order”.

The embattled company was also mandated to make, “forthwith, and full disclosure to the claimants of all or any information relevant to the existence of any interest held in any of the said assets in CLICO whether it be controlled by the Board of Directors, senior management, officers, servants, agents, subsidiaries, associated, related or affiliated companies”. ..

… read the full story at CBC: TT High Court Grants Injunction To Central Bank

How Much CLICO Assets & Cash Was Transferred To CL Financial Prior To The Injunction?

The most interesting aspects of this ex-parte injunction article are:

1/ The court issued the injunction without telling CL Financial that the court was considering the request.

2/ CLICO was asking for the injunction in concert with the Central Bank of T&T.

3/ CL Financial Group Finance Director Michael Carballo made statements that the company hadn’t dealt with or disposed of any assets “since the intervention by the Central Bank”… which makes us wonder about what mischief was done in the few weeks leading up to the day when the Central Bank intervened. CLICO’s participation in asking for the injunction is an indicator that some improper events probably took place before CL Financial’s dire straights became known.

Once again… the fact that this injunction was rushed through secretly without telling CL Financial is a huge indicator that something unusual was about to happen, or already did.

clico-barbadosThe phrase that best describes what is happening with CL Financial, CLICO and the rest of the world right now?

Feet of clay, my friends. Feet of clay.

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Filed under Barbados, Business & Banking