Daily Archives: May 8, 2009

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

Trinidad & Tobago Finance Minister Announces TT$ Billions Of Supposed CLICO Assets On Books “Worthless”

Trinidad And Tobago’s Finance Minister announced says that forensic audits have been ordered for CLICO Investment Bank and the Colonial Life Insurance Company and that TT$ billions in assets carried on the books are worthless. When asked if there had been any lawbreaking, Finance Minister Karin Nunez-Tesheira replied, “At this point in time I can’t form an opinion. I wouldn’t dare form an opinion.”

CLICO Wouldn’t Sign Due Diligence Confidentiality Agreement With ICBL – – NO WONDER!

Meanwhile in Barbados, the Insurance Corporation of Barbados Ltd. (ICBL) has pulled out of negotiations to purchase CLICO’s life insurance business to try and save Barbadian policy holders.

It turns out that CLICO wouldn’t sign a confidentiality agreement to allow the due diligence process to start. Ha! That is understandable considering the announcement by the Trinidad and Tobago Finance Minister.

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

PM Thompson Says His CLICO Jet Rides Are None Of Your Business

Prime Minister Thompson’s Personal Relationship With CLICO’s Leroy Parris Causes Doubts – No Kidding!

Barbados Opposition Interim Leader Mia Mottley yesterday called for the Insurance Supervisor to take-over CLICO, saying that the discontinuation by ICBL “tears into shreds the Government’s strategy for CLICO”. Last March she filed a (unsuccessful) non-confidence motion against the Thompson DLP government – which was laughable considering that it was the Owen Arthur – Mia Mottley BLP government that first let CLICO run wild and break the statutory funding laws.

The new revelations by the T&T Finance Minister also rip Prime Minister Thompson’s credibility to shreds – because all of Thompsons polite assurances about CLICO’s health were based in part upon many assets that have just been exposed as worthless paper.

(That’s if there is any paper left. SHHHH!!!! If my ears don’t deceive me, I think I can hear the sound of shredders working overtime at CLICO’s office!)

There is a price for all those “free” rides that Prime Minister Thompson had on CLICO’s business jet – and you and your children will pay that price for decades.

This morning, Friday May 8, 2009, Prime Minister Thompson met with his old pal Leroy Parris to try and figure out what to do with the mess. No doubt there will be some announcement designed to soothe the people of Barbados – but the money will have to come from somewhere and I have a feeling that it will be another load on the backs of Bajan taxpayers.

Last time the Prime Minister gave his old friend’s company some public cash, he ignored the fact that some CLICO companies hadn’t filed financial statements in years. Due Diligence? Ha! Where it concerns giving your money to CLICO, David Thompson doesn’t know the meaning of the words “due diligence”. Check out the Keltruth article Did Thompson’s DLP Have Audited Financials for the Companines that they Bailed Out? as well as our previous article Barbados Government Bailed Out CLICO Even Though Company Failed To File Financial Statements

You want to know how CLICO got where we are today?

In part, this mess is because people like David Thompson, Owen Arthur, Mia Mottley and other politicians let CLICO do whatever it wanted to, when it wanted to and to hell with the rules, laws, oversight and public accountability.

There is a price for all those “free” rides that Prime Minister Thompson had on CLICO’s business jet – and you and your children will pay that price for decades.


Filed under Barbados