CLICO SCANDAL: Lawrence Duprey’s Wife Bought Yet Another Florida Mansion As The Company Was Failing

Mrs. Duprey Is Also CL Financial Board Member!

Mrs. Duprey Is Also CL Financial Board Member

Mrs. Duprey Owns 4 Florida USA Mansions On The Same Street – Worth Over US$14 Million

At the same time that CLICO parent CL Financial was failing, Sylvia Baldini – Deputy Chairman of CL Financial and wife of big boss Lawrence Duprey – bought a fourth mansion on her Florida street for a cool US$3 million dollars. Yup… Mrs. Duprey owns four homes in Florida.

That sure makes me feel good about Barbados Prime Minister David Thompson handing 10 million dollars to bail out failing CLICO Barbados without hardly a thought. What security did Prime Minister Thompson receive for the ten million dollars? Hey… none a your bidness!

Keltruth Blog has been doing some online research and appears to have come up with a way to identifiy Florida real estate owned by non-residents!

Oh…..!!!! This should be fun. 🙂

Has anyone looked up “Owen Arthur”???

Don’t go to Keltruth unless you want to be even more infuriated…

Keltruth Blog: CLICO: Sylvia Baldini’s Four Multi-Million Dollar Homes In Florida!

42 Comments

Filed under Barbados

42 responses to “CLICO SCANDAL: Lawrence Duprey’s Wife Bought Yet Another Florida Mansion As The Company Was Failing

  1. reality check

    I don’t know why you are picking on this poor Mrs Baldini. She bought these properties from her own hard earned salary.

    Actually, this would clearly be JAIL TIME in the US not to mention immediate return of the assets to Clico.

    The Barbados and Trinidad government should be asking for immediate return of these properties plus criminal charges against all Directors of Clico.

    Don’t hold your breath for The Central Bank in Barbados to do the right thing.

  2. Hants

    CL Financial is supposed to be worth $16 Billon US.

    How much do you think Duprey has paid himself out of his $16 Billion US company ?

    More on this later but more important to me….

    Toronto’s S&P/TSX dropped 462.1 points or 5.6 percent to 7,660.90, erasing last week’s 2.2-percent gain. The drop came after a Statistics Canada report showed fourth-quarter gross domestic product was down 3.4 percent on an annualized basis.

    “Obviously things are getting bad and they are steadily getting worse. The worst is yet to come.”

    Thats a reality check today March 2 2009.

    It will be the survival of the smartest.

  3. Hants

    Is he a future leader of the BLP following in the footsteps of his late father ?

    The 3rd Adams to lead the BLP could be “in Training”.

    Bajan politics sweet.

  4. Sad To Say

    Just a reminder: I stated on February 15, 2009 at 2:46 pm on BFP:
    As we “speak” there is a lot going on behind the scenes regarding CLICO. Leroy Parris is trying to put together at team to buy CLICO (Barbados & Eastern Caribbean) from the parent company in Trinidad. The problem is he is unlikely to be able to raise the 1.2 billion USD, so he is in the mean time trying to persuade the parent company to part with the non-real estate aspect of the company while they hold on to the real estate. It is very unlikely that this deal will take off. Keep your eyes open and ears tuned as this story evolves, I estimate that we have seen less than 20% of the whole story.

    Now that I have stirred up your appetite who wants to hear more?

  5. Checkin-out

    Me!!

    Your revelations over two weeks ago are totally in synch with the interesting Barbados Government initiative MoU enunciated by the Prime Minister last night.

    Could you also give us some hints about the respected insurance company that is to sign a memorandum for the takeover of Clico minus its other assets with Government’s assistance?

    Could you also hint at the risks that this scenario involves for Clico clients, since the PM himself hinted a few days ago that the only big barbadian Insurance Company that is likely to fill the bill as the MoU partner is also in financial trouble?

    Could there be another Barbadian Insurance Company willing and able to take the huge risks in this interesting climate since the PM did not indicate that Government was funding a bailout?

    Methinks the debate on the Vote of Confidence will be very interesting, if it ever gets going. Both sides have some serious questions to answer.

  6. Straight Talk

    As events unfold, I’d like to highlight the original post of Jan 30th and its 200+ responses.

    It shows the abundance of independent thought in the general populace of Barbados.

    Common sense, aversion to spin and propaganda, and plain speaking were in abundance.

    As it has turned out the majority opinion in doubting the official line, is turning out to be more aligned to the true situation.

    I, for one, am proud to see the strides we have taken as a people, and its independence of thought, that can bring about such a result.

    A re-run of those month old comments makes very interesting reading.

    Well done David, and all your contributors.

  7. PiedPiper

    C’est vous? Vous etes David?

  8. Hants

    I am betting on Canadians to buy a chunk of Clico Barbados.

    Watch the ride.

  9. Sad To Say

    Did you read: http://www.caribbeanpressreleases.com/articles/4687/1/Belize-Supervisor-of-Insurance-Protects-CLICO-Belize-Policyholders/Page1.html

    Do you believe that PM Thompson will do what is necessary to protect CLICO’s Bajan 40K policy holders? I do.

    In a strange way I feel sorry for PM Thompson because he is torn between loyalty to one of his best friends and protecting a significant constituency of this country. I do know that Thompson is a politician first and he would do the politically expedient thing and off-load even Leroy Parris if and when it becomes necessary.

    There are at least four serious players for CLICO Insurance BDS. They are Leroy Parris & Co. SAGICOR, CGI and UNITED. The last three are at this time in talks with Leroy Parris. They are all giving him a chance to bow out gracefully and he in turn is negotiating with each for his pound of flesh. This pound of flesh varies from a lump sum of 4 million BDS for pulling off the deal to a monthly consultancy fee of 50K BDS for the next 4 years.

    Whatever direction the deal takes will involve the use of the PM “former” law chambers. The legal fees for this deal are to top 4.5 million BDS.

    Government will not (can not) fund the CLICO bailout. The major players are looking at an equity exchange (SAGICOR, UNITED) to raising capital for the other two interested parties.

    The whole process is moving very quickly and all parties are hoping that by March 15 a MOU will be signed and by April 15 the deal will be complete.

    I have heard that the Fair Trading Commission is likely to turn a blind eye to this deal even if SAGICOR or UNITED were to end up with CLICO Insurance BDS even though they will grow their local insurance portfolio to greater than 50% of the general insurance business.

    While your concerns are noted however it is better to have someone like a SAGICOR take over CLICO Insurance BDS rather than letting CLICO Barbados fail.

    More to come as this story plays out like the days of our lives.

  10. Sad To Say

    While I heard that a Canadian entity may be involved I have not SEEN and evidence to support this suggestion. Do you have any supporting facts that you would care to share? Or is it Canadian $ behind LP?

  11. Hants

    Information is power. The world is in recession.

    http://www.bnn.ca/

  12. Hants

    Pat and Sargeant. We need input from the diaspora.

    TSX down 435 today
    Oil $39
    Canadian dollar $1.55 Barbados or 78 cents US

    Have to spend more Canadian dollars in Barbados.
    In plenty.. and in time of Need….

  13. Sad To Say

    How do you explain the rise in my gas prices here in BDS with the fall in oil prices on the international markets? I am the man on the street who is only able to see everything in black and white and f##$% the shades of grey in between.

    The BDS economy is likely to contract in 2009, and neither the Central Bank Governor nor the MOF has projected the inevitable. They have both pussy-footed around the blatant facts and are trying to convince the M(ASSES) that it is business as usual with a few minor to no modifications to our respective individual lifestyles.

    I know where I stand because of my line of work but there are a number of innocent BAJANS who take their lead from the pronouncements of those who supposed to know better.

  14. Checkin-out

    Hi StS

    There was a news item on CBC TV tonight that gas prices had been slashed by a few cents.

    I sense that I have the same sentiments as you re. the leadership of Government, the Central Bank and UWI economists, in terms of them not preparing the general public for the coming economic carnage that has been evident to the proverbial blind man on a trotting horse for many months now.

    Over the weekend, I caught the tail end of an interview with the Canadian Prime Minister on CNN who reminded me of our own leaders. He was essentially saying that everything was fine with Canada’s economy, unlike the rest of the world and especially his neighbour to the south. But the news today is far from that. Canada is in a recession. Its stock market is plunging. Its joining the rest of the world.

    Could’nt our leaders intersperse the pep talk with some admonitions to the populace to be careful in their spending, etc., given the clear, ominous and distinct evidence that points to a worldwide depression?

  15. Chicago

    I suspect that the BFP crowd is happy to have more blogs online because their purpose is about empowerment of the ordinary citizen. Four years ago there were no political blogs in Barbados. Then came Barbados Free Press and the rest is history.

  16. Tell me Why

    There was a news item on CBC TV tonight that gas prices had been slashed by a few cents.
    ………………………………………………………………………………..
    The news is about an increase

  17. keltruth

    Today was very very busy over at keltruthblog!

    Reality Check,

    I have been told that Sylvia Baldini lives in the US. She has a phone number listed to #2 Harborage in Ft. Lauderdale.

    CL Financial has major US exposure. It won’t surprise me if more US lawsuits fly. I know of one already involving a CLICO subsidiary.

  18. British American sued for US$38m

    http://guardian.co.tt/news/general/2009/02/28/british-american-sued-us38m

    Published: February 27th, 2009 by Gail Alexander

    The US company which sold 6,000 acres of land in Florida to British American has sued the insurance company, a subsidiary of the beleaguered CL Financial group, to recover US$38.2 million in a move which could end with the lender owning British American Trinidad.

  19. livinginbarbados

    Come on, guys. What is the story from a bit of cutting and pasting of some pieces of public information? Adding a few innuendos does not make a story. I found out that in most of the US people from abroad buy houses. Yippee! Revelations! What is the source of the financing–private, his, hers? Is Mr. Duprey not actually married to a Ms. Baldini? Has he done something to evade taxes in TT or US? Has she? Is there speculation that CLICO money was mis-appropriated? And… This reads like news from a press release.

    *******************

    BFP says

    Hey there LIB, maybe you run or did run in that world of big money and are a bit jaded. When the director of a private company that just failed and is being investigated and just got a whack of our tax money purchases FOUR multi-million dollar mansions – as late as two months before the troubles became public…

    …That is not only NEWS, it is worthy of investigation by authorities in multiple countries and the “real” news media.

    You raise a number of excellent questions that deserve answers from real investigations by people and agencies who are dedicated to providing transparency, integrity and accountability for the public good.

    Your all-too-typical “you ain’t got no proof so shut you mouth til you do” is past. Massa day over, and soon the new massas’ days will be over too.

    Much respect from us for your work and your blog, but in this single issue and story my friend, your perspective and opinion is so far from the ordinary citizens’ that you need to rethink.

  20. thoughtful

    Sad to say.. you are right on the money. At the end of 2007 our esteemed Governor was telling bajans to “tighten their belts”. Christmas ’08 PM Thompson was telling the populace to “spend”. As of today, no more word from Marion regarding tightening belts. Most of the bajan populace is taking the PMs words to”spend”. The thing that annoys me most is that all we are hearing now is that” we are well positioned to ride out the storm”-wah de hell da mean? Are the powers that be not going to come clean and tell us”boys and girls we in for a rough ride, hold on to those pennies, now is not the time to overextend yourself”?

  21. bajanbat

    The reason for the increase in petrol price my dear friend is that Thompy is playing his usual slick politricks! He knows that the Clico affair and his relationship (I have to use that word carefully) with Parris has given him very bad press recently and he needs to do something. So – he reduces the K’oil and diesel prices and increases the petrol price. He does not want to lose tax revenue but he needs to be “seen” to be doing “something” to reduce the cost of living. Duh!

  22. livinginbarbados

    @BFP, and with due respect. Please do not put words into my mouth and not with quotation marks. Some people do not read carefully and may attribute remarks you make to me.

    The responsible think to do is ask the questions not blurt out guilt by association remarks, aka ‘yellow journalism’ that you would normally condemn. The words ‘integrity’ and ‘accountability’ are ones that have general meaning, not just when applied to politicians or those whom we distrust. It applies equally to those who purport to write ‘news’.

    As an ordinary citizen, I am interested in facts that are well established, not ‘baseless rumour’ and speculation.

    A sale often has a long history and many turns. The company in question is not new to financial problems, so a new transaction is almost less interesting than say transactions that took place several years ago, when the company appeared to be doing well.

    Let’s establish the right markers on the trail not just the most visible and recent. As they say, ‘follow the money’. Where does it lead?
    *******************

    BFP says,

    With zero transparency, accountability and power, citizens cannot say “follow the money” because NOBODY IN BARBADOS will “follow de money”.

    We have to say “Look at the money. Where did it come from?”

    Until we have some rules about accountability, conflict of interest and impartial oversight (not to mention behavioral standards for corporations in the first place), we shall continue. Once again, your perspective on this is not that of the average citizen.

  23. Royalrumble

    SAD TO SAY SAYS:

    Do you believe that PM Thompson will do what is necessary to protect Clico’s Bajan 40K policyholders? I do.

    You are wrong on this “Sad to say”. Thompson cares more about the money his law firm earns from Clico than he is about the 40,000 policyholders at Clico Bds.

    In fact I am telling you that had the BLP not raised the matter with respect to the statutory fund deficit of Clico it would never have been raised by Thompson.

    Don’t you all see that Thompson is now speaking to Clico issues as if he is the CEO. He displays more knowledge of Clico than he displays on the economy of Barbados. Who was it that announced to Barbadians that Clico Life Insurance Limited would be sold? Was it Parris? NO. It was Thompson. Parris has now been silenced.

    If Thompson can find a buyer for the Life Insurance section of Clico then he would earn the cash to relieve the company of its debt to the fund deficit. He and Parris believe that they can live on the reduced scale of Clico, which will now include its General Insurance, real estate and construction arm.

    Every attempt is being made by Thompson and Parris to allow Duprey to fall in Trinidad, buy out the Clico General, the real estates and Construction arm from Clico Trinidad and build back a dynasty for Parris.

  24. livinginbarbados

    Without getting into a ridiculous discussion, what is an average perspective? If you define it we can discuss who do or does not have it. I may not have your perspective, but I can find many whose are the same as mine and they stretch over various social and economic classes. Let’s agree that our perspectives are different. But that is also what makes for healthy discussion.

    What I am trying to get away from is the trial by innuendo. It does not add credibility. Put out something and make the links. If there are none, then so be it. Ask some pertinent questions and/or try to give answers that are based on some real assessment rather than a bunch of speculative assertions. It’s not difficult, but it is less sensational.

    Wealthy people often do not hold assets in their own name for a range or legitimate legal and financial reasons, especially if they head private companies. On one hand, it protects them from personal financial ruin. A Bajan lawyer tells me that clients are often advised to set up corporate entities to make certain expensive real estate purchases to protect themselves.

    If we are being asked to believe that ‘Sylvia Baldini’ is not a real person then there is a raft of legal fog that needs to be cleared, given that she is supposed to be a CLICO director and certain steps need to have been taken. If we are being asked ot dispute that ‘she’ is married to Mr. Duprey, then let’s hear that and if that is the case then let the Trinidad Guardian start to wipe egg off its face for reporting that Mrs. Baldini-Duprey met Mr. Duprey with their 7 year old son (see http://www.trinidadexpress.com/index.pl/article_news?id=161432743). Etc.

  25. ru4real

    Man, aint that gal heard bout Global warmin?
    That house is right next to the alligators and what with hurricanes and all who wants it.

  26. Rumboy

    Ever considered the fact that she may have her own money.

    **************
    \
    BFP says,

    Oh well then… if she MAY have her own money, then there couldn’t possibly be a reason for a thinking person to even remotely consider transparency or accountability for the 10 million of public money. So sorry to have even mentioned it.

  27. Sad To Say

    Royalrumble: Thompson is a politician first and if he has to off load “Dear old Leroy” P to save his sinking rass he would not have a second thoght in doing so. Thompson is going to do his utmost to ensure he is not a one term PM relegated to the footnotes of our future history.

  28. Pat

    @Hants:

    I am going down Thursday and taking down my son, my nephew and my neighbour. (No, I did not ship any barrels, did not have time!) I spread the news and several others from the City leaving over the next few weeks. The teller at my Bank’s cousin just came back and now she wants to go. It may be a trickle, but it will heat up if all the seat sales continue.

    However, on the radio today, at every newscast, they were broadcasting news of the Ottawa resident who was attacked and robbed and is now in hospital with pressure on the brain. She was struck over the head with a 2×4 or some such piece of wood. No one has been arrested as of yet.

    My friend in Tto is going with his wife and daughter too. They leave on Friday. Of course, there are the cheapskates and those who have abandoned the island who are not going and will not go, if they dont have “free accommodations”. Such people never thought of buying nor building and now find relatives residences too poor for them. lol!

    See me, I dont care how poor my family is. I visit, take my friends, eat, drink and have a good time with good food and company. I am a true Bajan.

  29. Hants

    Good for you Pat. Enjoy yourself.

    I am sorry for the lady who was attacked. I hope she recovers.

    Prehaps it is time to put the defence force to work patrolling the beaches.

    If handled properly Tourists would not be intimidated by the presence of soldiers patrolling.

    Lots of damage control should be forthcoming from the BTA and the High Commission in Ottawa.

    Have a great trip.

  30. J

    Dear BFP you wrote “Yup… Mrs. Duprey owns four homes in Florida.”

    I have a real problem with people using the word home when what they really mean is house or building

    The lady bought 4 buildings.

    When you say home it makes it seem as though she bought something of moral worth, when what she was REALLY doing is speculating in real estate.

    It is possible to have 10 houses, but in truth one can only have ONE HOME at a time.

    *********************

    BFP says,

    While we acknowledge your point and our desire is to meet journalistic standards such as they are in Barbados, we must politely disagree on the number of residences that one person can call “home”.

  31. J

    No Pied Piper it ain’t David. It is me. J.

  32. Royalrumble

    Sad To Say: It is Parris and Clico that gave Thompson the opportunity to call himself a man. It is Parris that first wet Thompson’s appetite to money when he gave him is first $150,000.00 back in 1987.

    Thompson’s loyalty to Parris is much deeper than you think. Thompson earns more from Clico than he does from being Prime Minister and would easily give it up before he turns his back on Parris.

    Thompson is fully aware that his pension as Prime Minister is secured so there is nothing left to lose or hold on for. Since he is not and has never been interested in the welfare or well-being of people his retirement from active politics at this time will not be a lost.

  33. Sad To Say

    This is sad news and our MOT must do everything possible to ease the pain of this lady’s family. I heard that she returned to Canada this morning via air ambulance. She was still in a state of coma apparantly.

    http://www.calgaryherald.com/news/woman+Barbados+hospital+after+attack/1349911/story.html

    http://www.nationalpost.com/rss/story.html?id=1349921

    http://news.aol.ca/article/canadian-mugged/549828/

  34. Hants

    ICB Limited has agreed to a confidentiality agreement and will sit with the principals of CLICO,” he informed.

    Noting that ICBL – set up by Government in 1978 – was a reputable company, Thompson said seeking private sector assistance to ease the financial burden upon the Government was a desirable option at this time. Government is a minority shareholder in ICBL which is majority-owned by BermudaFire & Marine (BF&M ).

  35. Hants

    This article in the Nation today is very interesting and we could read and discuss it.

    http://www.nationnews.com/news/local/LEAD-sir-courtney-copy-for-web

  36. Thomas Gresham

    The government of Barbados has a 20%-odd stage in ICB and so ICB is probably doing their shareholder a courtesy in looking at Clico.

    Remember that under the terms of the MOU and subsequent injunction, Clico Barbados cannot sell any assets without the permission of Trinidad and this restriction is there to protect the 100,000 TnT policy holders and so they are not going to let anyone take good assets out of the company until the TnT Statutory deficit, over T$10bn is covered.

    Given this, the timing of the announcement, just after the announcement of a motion of no confidence which criticises the lack of action by the government, is perhaps the only piece of substance around the ICB story. Am I the only person getting tired of the government playing tactical politics as if it were still in opposition, as opposed to governing?

    In the international arena, companies are not financial queuing up to buy troubled financial companies unless they come with generous government guarantees and cash.

    As Hants has been trying to tell us, even the Canadian banks and economy, considered relatively safe, are feeling the pinch.

    I suspect the only solution is some kind of government administration to ensure policy makers do not suffer losses, until the situation normalises and the company can be sold. Forget about BNB, with Clico Barbados the government is going to end up owning a big chunk of the financial sector.

  37. Given this, the timing of the announcement, just after the announcement of a motion of no confidence which criticises the lack of action by the government, is perhaps the only piece of substance around the ICB story. Am I the only person getting tired of the government playing tactical politics as if it were still in opposition, as opposed to governing?

    —————————————————————–

    ya know?!

  38. 8

    this is so unfair, lawrence duprey

  39. RACHELLE

    U RIGHT LAWRENCE U THE BEST FYI:NEVER HEARD OF U

  40. ocean

    So sad to be remembered, Arnold Duprey is probably turning in his grave to see what nasty Lawrence Duprey did, stole all his inheritance too and his children, tie him in woodford square and beat his ass till dawn, i’ll show up!!