Barbados Government Bailed Out CLICO Even Though Company Failed To File Financial Statements

PM Thompson Says His Conflicts Of Interest Are None Of Your Business

PM Thompson Says His Conflicts Of Interest Are None Of Your Business... but CLICO is getting an excellent return on loaning their corporate jet to David Thompson!

Barbados Prime Minister Thompson Was Lawyer For CLICO When They Failed To File Financials For 13 Years!

David Thompson and CLICO CEO Leroy Parris have had quite the cozy relationship and it just keeps getting better. Well, better for them anyway. Whether the relationship is healthy for the taxpayers of Barbados, that is another question. Especially after they read the new article by Keltruth that shines some light on a few areas the two gentlemen would probably rather not have mentioned.

Thompson was the lawyer for CLICO in 2004 when that company hadn’t filed financial statements for over a decade. CLICO Holdings (Barbados) Ltd. 1993 financial statements were filed in 2006!!!

Some of the CLICO sub-companies haven’t filed financial statements in years and years and some have NEVER FILED financial statements!

But Prime Minister David Thompson and his government are bailing them out anyway.

And it is the same with his rich horse-owner friends at the Barbados Turf Club where Thompy’s government bailed them out to the tune of $19 million dollars or so even though the latest financial statements on file are for the year 2004!

Keltruth Blog did proper searches at the government office and has copies of the corporate records to back up everything they have printed in their latest story.

Oversight? Rule of law? Accountability?

Cha! The DLP is handing out millions and millions of your tax dollars to bail out companies that don’t even keep or file their financial statements according to law.

Another disgusting illustration that electing the Thompson DLP government changed nothing except to provide a new bunch of piggies with their time at the public trough.

Keltruth Blog: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out?

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11 Comments

Filed under Barbados, Barbados Government, Business, Consumer Issues, Corruption, Crime & Law, Ethics, Freedom Of Information, Offshore Investments, Political Corruption, Politics, Politics & Corruption

11 responses to “Barbados Government Bailed Out CLICO Even Though Company Failed To File Financial Statements

  1. RRRicky

    Ho hum. So typical. More Bajan corruption and incompetence.

    No one is really surprised, are they?

  2. CMFC is a subsidiary of Clico Holdings Barbados Limited which, in turn, is a subsidiary of CL Financial.

  3. West Side Davie

    We are reminded for about the hundredth time why David Thompson and his government refuse to introduce integrity legislation, conflict of interest lawss etc etc etc.

    OINK OINK!!!!!

    Here piggy, piggy, piggy!

  4. J

    I wonder if the Insurance Corporation of Barbados buys CLico Life for about $100 million today; would ICB be able to honour all claims if Barbados is hit by a Hurricane Ivan or a Katrina 6 months from now?

    “Cause sure as hell, God ain’t a Bajan.

    The very worst Atlantic hurricane on record hit Barbados full on and killed more than 4,000 people.

    One of these days maybe less than 6 months from now a monster hurricane with Barbados written on it will hit.

    Will our insurance companies be able to honor claims?

    This is not about “big boys” playing let’s pretend.

    This is about real life (or death)

  5. reality check

    most life insurance companies take a reasonable risk and then reinsure through the several world wide reinsurers.

    The real questions are

    1) what risk has the local insurance companies taken on for each potential risk?
    2) what liquid assets do they have backing those risks?
    3) how much as been reinsured offshore for each risk taken?
    4) How solid is the reinsurer and what assets are backing that reinsured risk.

    A good solid actuary should have assessed that risk but this has to be looked at every 3 months or so as assets keep getting devalued in this economy.

    I have no doubt that our qualified Superintedent of Insurance is right on top of this?

  6. Pingback: CLICO Refused To Allow Due Diligence by Insurance Corporation of Barbados – TT$Billions In Assets Found “Worthless” By Trinidad Government – Fraud Fears Growing… « Barbados Free Press

  7. Pingback: CLICO Refused To Allow Due Diligence by Insurance Corporation of Barbados – TT$Billions In Assets Found “Worthless” By Trinidad Government – Fraud Fears Growing… « Barbados Free Press

  8. Pingback: US “Stop Tax Haven Abuse Act” Names & Targets Barbados – Has David Thompson Actually Read The Legislation? « Barbados Free Press

  9. Bajan Nobility

    Its only money.

    Unfortunately, its our money now that Thompson and the DLP are supporting CLICO with no questions asked.

  10. Pingback: CLICO stupid question #1 “Where were the politicians and business leaders when this was happening?” « Barbados Free Press

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