Criminal Probe Into CLICO – The Plot Thickens!

CLICO Barbados Thompson

Trinidad & Tobago Central Bank Hires Ace Forensic Investigator Robert Lindquist

Bad judgment or criminal wrongdoing? The Government of Trinidad and Tobago has launched a criminal investigation into the house of cards known as CLICO and has hired one of the most respected forensic investigators in the world: Robert Lindquist. We say “House of Cards” because in the past few days things seem to have started coming apart even more than thought.

Sylvia Baldini-Duprey, wife of CL Financial big shot Lawrence Duprey, resigned her position as deputy chairman. Perhaps her four multi-million dollar Miami homes (yes, count ’em FOUR homes) were becoming too much to clean on her own. Or perhaps she needed more time to make fish cutters for her husband’s lunch.

Or maybe the heat was getting a little hot. It seems that much of the declared asset base of CLICO is over valued – having been invested in Florida swamp land.

Yup, the breaking news of the last few weeks indicates that much of the declared “assets” of various sectors of CLICO are nothing more than overvalued “loans” made to other CLICO entities!

Meanwhile the Barbados Government of David Thompson provides financial aid to CLICO even though the company has failed to publish public financial statements as per law.

But don’t get too excited, folks. You know how things are ’bout hey: lots of shoutin and fist shaking, but nobody goes to jail in Barbados for this kind of stuff. And you know who will pay for it all.

Don’t forget the Prime Minister’s rule: Privatize Profits, Socialize Losses!

21 Comments

Filed under Barbados, Consumer Issues, Corruption, Political Corruption, Politics, Politics & Corruption

21 responses to “Criminal Probe Into CLICO – The Plot Thickens!

  1. paul sealy

    It pays to be an educated criminal in Barbados.

  2. paul sealy

    The Lord knows we need one of these in Barbados right now,but how far would they get with you know who as the present chief justice..not very far i would gather.
    http://www.guardian.co.uk/politics/2009/may/15/mps-expenses-heather-brooke-foi

  3. Isn’t PricewaterhouseCoopers the auditor for CLICO (Holdings) Barbados Limited? As the local parent company, I imagine that CLICO (Holdings) Barbados Limited will come under scrutiny.

  4. Me

    It’s about time we lock up a real criminal and stop running down people for not having lights on bicycles.

  5. Jinx

    I have almost knocked into idiots without bicycle lights thank you .. the law needs to be enforced “all round”.

  6. reality check

    I seem to recall somewhere that the DLP did hire some forensic auditors or at least went through the motions.

    They probably stopped as the underlying assets were next to worthless and the depth of “tiefing” mind boggling not to mention the fees of the forensic auditors unending.

    When a government permits a contract to be let that is offshore and is untendered and hundreds of milllions of dollars in magnitude, it is the same thing as handing over the keys to the vault and asking someone to take what they want.

    The taxpayers and citizens of Barbados including every person who pays VAT have been seriously bent over and abused for the past 10 years.

    Rumplestiltskin is absolutely right when he says most countries are in the same boat and that the downturn was inevitable, however, the severity will be made much worse in Barbados because of the failure of government to think long term and bring in promised ITAL and FOI.

    Confidence will only begin to be restored when it becomes a criminal matter to tender contracts to relatives and friends without full transparency and the leaders at the top are replaced by those with principles.

    Barbados is finally paying a serious price for a nation of favouritism and cronyism.

  7. Pingback: Global Voices Online » Barbados, Trinidad & Tobago: CLICO Investigations

  8. CLICO is 38% of our GDP.
    This is massive trouble.

  9. Juris a Joker

    I just wanted to say that I love your photo creations BFP. This one is a doosie an so true.

  10. Fairplay

    Here is somethingg positive about Clico.
    CLICO back on its feet, says Karen

    Aretha Welch awelch@trinidadexpress.com

    Saturday, May 16th 2009
    Check this link
    http://www.trinidadexpress.com/index.pl/article_news?id=161478022

  11. Facts

    Is this article balanced?

    One gets the impression that there is something wrong with the CLICO group in Barbados.

    As far as I am aware, it is only the Insurance company that is in financial trouble.

    In order to offer fair reporting, we need to differentiate the companies.

  12. zion1971

    Another ponzi scheme bites the dust. This is capitalism “gone wild”. So I see the trinidardian tax payers will now have to foot the bill of one of thier own”too big to fail companies.” What a mess.and I can bet my life that nobody will be held accountable and for the matter go jail.The only “punishment” these people will get is to resign . A capitalism on steriods rewards even failure….case in point wall street bonuses yet the majority of working class people are being forced to bail them out.

  13. reality check

    We already know that Clico was seriously offside many millions of Dollars with its necessary equity portion of its insurance company when the BLP was in power.

    If assets were seriously overstated as in Trinidad then the equity required to inject into the Insurance Company would be that much greater.

    One can only assume in the absence of full transparency that these amounts are being borne by the taxpayers of Barbados.

  14. Trini Whistleblower

    No one is questioning the role of Pricewaterhouse Coopers in this Clico fiasco. PwC consistently signed clean Audit reports for Clico and CIB despite knowing about the inaccurate and fraudulent accounting. CIB’s accounts for the 2007 year end were signed off on December 3rd 2009, less that 45 days before the company crashed. There was no going concern qualification, or subsequent events note that should have been in the audit report. Surely PwC knew of the company’s predicament when they signed the accounts!

  15. Tell Me Why

    Trini Whistleblower
    Yuh movin’ to fast. It is still May 2009. I know you mean December 2008.

  16. tekaview

    and now our PM says that he is appointing an “oversight committee” to “control” the local assets of CLICO Holdings Barbados!
    I guess he wants to make sure that nobody unfairs Leroy! After all, he is the godfather, maybe in more ways than one.

  17. Trini Whistleblower

    I meant December 2008 for the CIB accounts signing.

  18. Pingback: » Will CLICO Barbados Have to Cover CLICO Bahamas’ Liabilities? Keltruth Corp.: News Blog of Keltruth Corp. - Miami, Florida, USA.

  19. Clico is dead …..gone.

    The only confusion is how to phrase a suitable obituary for the corpse.

  20. Trini Whistleblower

    CIB’s accounts for the year ended December 31st 2007 were signed off on December 12 th 2008 to be exact. PwC knew about CIBs predicament and still sighed a clean audit report. We are a backward community if that firm is allowed to continue unscathed.

  21. Pingback: CL Financial – CLICO scandal: Silence from Price Waterhouse Coopers as forensic investigator Robert Lindquist submits report « Barbados Free Press