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…

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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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31 Comments

Filed under Barbados, Business & Banking

31 responses to “Trinidad and Tobago Central Bank & CLICO Obtain Injunction Against CL Financial

  1. Pingback: Trinidad and Tobago Central Bank & CLICO Obtain Injunction Against … | Caribdestination

  2. Sargeant

    Despite the short term gains realized from the sale of BNB, the handover of this institution to Trinidad interests will prove in the long run to be one of the biggest blunders of the Owen Arthur led Gov’t.

    Now we read that the repurchasing of this entity by Barbadian interests will be beset by legal minefields or even illegal under the terms of agreements contained in the CSME treaty. The same CSME which the former PM has so vigorously promoted.

    I guess the “intellectual giants” must have been snoozing or in their cups when they came up with the idea to sell this prime asset.

    http://www.nationnews.com/story/2418000554981.php

  3. Anonymouss

    Won’t the injunction prohibit a sale of BNB?

  4. Pingback: Global Voices Online » Barbados, Trinidad & Tobago: Injunction

  5. Ah Non E Mus

    BFP, Why should they tell CL Financial that they were considering the request? It would not be ex parte then, would it?

  6. BFP

    Normally the entity to be impacted by an injunction would be called to the hearing. When this is not done it is because someone convinced a judge that to give them warning might enable them to move assets etc beforehand. Ex-parte hearings are abnormal by their very existence so we are told.

  7. Optimist Prime

    THE Central Bank and Colonial Life Insurance Company Limited yesterday secured a restraining order against cash strapped CL Financial, barring the company from conducting any local or international business with its assets.

    In the restraining order, High Court Judge Gregory Delzin prevented CL Financial from dealing with, selling, pledging, assigning, mortgaging, charging, disposing, transferring, divesting, diminishing the value of all or any of the assets, howsoever held by or to the use of, and or vested in the defendant, wheresoever located, and howsoever described.

    The restraining order was granted following an urgent ex-parte application brought by attorneys for the Central Bank.

    When will David Thompson give back his friend and client – Leroy parrish, the 6 acres of prime agricultural land which parrish purported to be giving Barbadians as a gift to build a school?

    We all know that it was a back-door move to get a change of use from: “agriculture to building” simply to put money into Clico through the back door.

    Well, if that isn’t corruption I do not know. Now! Yesterday in Parliament, Sleeve Blackette – who benefitted from the millions that Clico pumped into the DLP – said he is against corruption.

  8. Sargeant

    Yes, I agree that an injunction would preclude the sale but according to the gist of the article and Mr. Blake’s opinion, the B’dos Gov’t and or Barbadian interests would be hard pressed to consummate a deal if there were other Caribbean purchasers.

  9. FairPlay

    BFP, do you have the where-withal for some investigative journalism to uncover if there was movement of large sums of money and/or large divestments by any person or persons associated with the local chapter of said insurance company, and/or any of its affiliates within the last six months to one year? That should make some interesting reading.

  10. Hants

    It is obvious that in times of crisis there is a lot of “movement of money” and paper assets.

    We will soon find out if Clico Barbados was the jewel in the crown or the slush fund.

    Anyway keep an eye on Michael Lee Chin and CIBC. They have the Cash to buy Clico Bank assets.

  11. Wuh?

    FairPlay

    BFP, do you have the where-withal for some investigative journalism to uncover if there was movement of large sums of money and/or large divestments by any person or persons associated with the local chapter of said insurance company, and/or any of its affiliates within the last six months to one year? That should make some interesting reading.

    ____________________

    Do you mean by former Cabinet Ministers? I think Mia should check because I know of two who had SUBSTANTIAL deposits! Does Mia really want this No-Confidence motion?

  12. Optimist Prime

    @ FairPlay

    To the best of my knowlege, unlike the DLP – the BLP did not take any money from Sanford or Clico.

    It would be interesting to know how many million Thompson received from Clico and Sanford.

    ***By the way, Sinckler turned in his “gift from Parrish (the Jaguar) to Simpson Motors on Monday***

    Citing Clico’s unaudited accounts that showed surpluses in the statutory fund in 2004, 2005 and 2006 but which shifted to a deficit of about $600 million in 2007, T&T Central Bank Governor Ewart Williams said it was still not clear where the money went.

    Think about it for a while!

    What happened in the region between 2006 and 2008? Could it be General Elections in Trinidad; Barbados and a number of other countries? And, what was Clico buying?

    Could it be the six government Parrish boasts about – the very six “hartley bolgovich’ purports to be advising?

    Remember Thompson’s words to the United Nations General Assembly:

    “Barbados believes that those responsible for the crisis, and who also created, controlled, and manipulated the global financial system for their own advantage, cannot now be trusted to heal it.”

    The question is:

    Is your money safe?

    Is Prime Minister Thompson telling you the truth? If not, why not?

    Why is the DLP putting Clico first?

    Whose future is Thompson and the DLP securing, yours or Parris’?

    OP

  13. Sargeant

    Is this a shot across the bow or a bluff? Somewhere some politician(s) will be not be sleeping so soundly after reading this article.

    Consider the source…. A leading DLP member who is very much aware of some of the internal dynamics going on among the insiders. Here is my take on the article….

    a) I think that some very prominent members of the BLP were named in the FBI report which meant that
    b) Arthur had to bury it and
    c) The DLP on assuming office became aware of the contents and were saving their ammunition for a rainy day such as
    d) CLICO and the non confidence motion proposed by the Leader of the Opposition which is
    e) Likely to release some dirt on Thompson and the DLP’s dealing with CLICO so the DLP is
    f) Using their columnist to send a signal to the BLP that if you want to play dirty so can we which leads me to the following conclusion
    g) The non confidence debate will be anti climatic and everyone gets to keep their secrets …… until the next time.

    Isn’t politics in Barbados grand? I am slowly becoming a cynic where politicians are concerned, of course I could be wrong and everyone goes for broke in which case it becomes a question of who do you trust?

    http://www.nationnews.com/editorial/4270731745137.php

  14. B -"herd"

    BFP says…

    Optimist Prime…

    We erased this message because you signed in under another identity to post it.

    Do it again and we’ll ban you.

  15. I have just posted this on keltruthblog: “CLICO: Sylvia Baldini’s Four Multi-Million Dollar Homes in Florida! Wife of Lawrence Duprey?”

  16. Sing-a-song

    Clico (Bahamas) ordered by the court to be wound up. Clico (Guyana) under the supervision of the court via their supervisior of insurance. Clico (Belize) under the direction of the supervisor of insurance. Should we be concerned about Clico (Barbados)?

  17. Hants

    PORT-OF-SPAIN –CL Financial chairman Lawrence Duprey went on a shopping spree in south Florida in the last five years, buying or developing up to a dozen properties and spending an estimated US$1.5 billion.

  18. Hants,

    Lawrence Duprey was buying property for his company. Sylvia Baldini owns millions of dollars of property in her own name.

    Here is the link to my story:
    http://keltruthblog.com/blog/?p=410

  19. Hants

    Are we to believe that this woman cannot possibly have been wealthy before she married?

    I know nothing about her.

    Prehaps Keltruth can enlighten us with some proof that she is using her husbands money.

  20. I have no proof that Baldini was not independently wealthy before she married Duprey. In addition Sylvia Baldini-Duprey was reported in the 2007 CL Financial Annual Report to be the Deputy Chairman.

    However, the first multi-million dollar purchase that I could find for Baldini was in 2002. The couple are reported to have a 7 year old son. This implies that they were together in 2002.

  21. Straight talk

    StS:

    Why worry your head about these small island problems.

    The can’t see the big deal which is buying the bank off the Trinis, at an exorbitant price, which can then easily service Clico’s toxic debt, and we Bajans in our nationalistic fervour will cheer them all the way whilst they are doing it ( and us).

    Che sera , sera.

  22. Wuh?

    To the best of my knowlege, unlike the DLP – the BLP did not take any money from Sanford or Clico.

    It would be interesting to know how many million Thompson received from Clico and Sanford.

    ________________

    Optimist Prime (aka Clyde Mascoll), the BLP got $800,000.00 from CCB – a Clico subsidiary – in the 2003 election. I saw the cheques myself at Haggat Hall! So did 20,000 Barbadians. Don’t you get it?

    What rubbish are you talking?

    Heard David Thompson say tonight the matter will be investigated.

  23. Anonymous

    The question is (IF?). If owen get $800,000.00 and he ain’t nuh real, real friend. Wuh you tink his opponent get? Are we missing a (0) somewhere!!!!!

  24. Sing-a-song

    What is amazing is how gullible some Bajans are. In the same speech at Haggatt Hall, David Thompson pointed out that the DLP also got money from some (unnamed) sources. He pointed out the DLP’s slick campaign as compared to the BLP’s. To paraphrase him “our benefactors can see where the money went not so in the case of the BLP!”

    So who are (is?) the DLP’s benefactors? What influence on Gov’t policy do they now have?

    Sorry BFP you supported the DLP. Now it’s coming back to bite you. You should have remained independent. Graeme Hall gone, Greenland gone, Arch Cot gone, ITAL gone ….I hope Barbados ain’t gone.

  25. BFP

    Don’t be silly. We slammed Thompson and the DLP before the election and only begrudgingly supported them when they promised integrity legislation at the last minute. We said we would attack again if they didn’t keep their promises, so at the end of 100 days we spit on the ground and called them for the crooks that they are.

    To say we are DLP supporters is laughable. (Reference the photo of Thompson, Mottley and Arthur as piggies at the trough)

    Don’t be silly.

  26. Sing-a-song

    This nonsense about “nobody dictating to the Gov’t” is laughable. Allard wants to donate the sanctuary and attachs conditions. Nothing unusual in that. It’s been going on for centuries. Let’s take the land on which the Ministry of Education now stands (the old Queen’s College site). That land was donated by the Drax family hundreds of years ago for the building of a school. The land MUST be used for educational purposes according to the terms of the original grant. Combermere started there. When Queen’s college was moved, the land could not be used for just any office block. So the Ministry of Education was put there so as to remain “true” to the original legacy.

    If the Gov’t does not want to commit to a nature reserve being there in perpetuity just say so and move on. This innuendo (a familiar Thompson tactic) about Allard’s presumed ulterior (read dishonorable) motives is annoying.

  27. Sing-a-song

    Your reply is acknowledgment enough. All o dem (Bee’s too) is de same.

  28. Pingback: » CLICO: Sylvia Baldini’s Four Multi-Million Dollar Homes in Florida! Wife of Lawrence Duprey? Keltruth Corp.: News Blog of Keltruth Corp. - Miami, Florida, USA.

  29. Sir Bentwood Dick

    There is an interesting name mentioned above, I will try to research a bit, but not sure if I can make a certain link.

    Get back to you.

  30. Sir Bentwood Dick

    Just a question, what are the nationalities of the persons mentioned in the article?