Conflicts of Interest and Sinister Secrecy Continue in CLICO Scandal

Update: March 2, 2010

This article was originally published by us on September 22, 2009. In light of Afra Raymond’s excellent article published by BFP on March 1, 2010 CL Financial & CLICO Bailout – The Mystery of the Missing Billions we thought our readers might want to give further consideration to the conflicts of interest by Barbados Prime Minister Thompson in relation to the CLICO scandal and bailout. We’ll repost this article at the top of the blog for a day or two.

Here is our original Sept. 22, 2009 article…

Barbados Insurance Industry executives finally sound public alarm about Prime Minister Thompson’s friendship with Leroy Parris

As CLICO's lawyer, PM Thompson helped to build the house of cards

As CLICO's lawyer, PM Thompson helped Leroy Parris build the house of cards

The Prime Minister of Barbados has a long-standing conflict of interest between his duty to the public and his close friendship with CLICO Barbados executive Leroy Parris. Mr. Thompson has addressed the conflict essentially by saying that Parris is his longtime friend and anyone who has a problem with that can pound salt. In other words, the public can “piss off”.

Sorry about the language friends, but I wanted you to be clear on the Prime Minister’s simple message when the fancy words are stripped away. Make no mistake, Barbados citizens have been told to “piss off” when it comes to mentioning David Thompson’s conflict of interest.

Now some insurance industry executives are finally speaking out. (source article at end of page)

Thompson’s Conflict of Interest with CLICO goes far deeper than his friendship with Leroy Parris

If the conflict was only friendship, it would be bad enough – but it is much worse than that…

Consider this about Prime Minister Thompson’s conflict of interest over CLICO…

Thompson used to be CLICO’s lawyer – at a time when the company illegally failed to file financial statements!

Now Mr. Thompson refuses to relinquish control of the CLICO affair to an independent oversight by the courts and the Supervisor of Insurance.

Why does Thompson refuse to relinquish control when he has an obvious and serious conflict of interest?

Thompson is now telling the press that “buyers” have been found for some of the CLICO assets. Who are the buyers? Is Leroy Parris involved in any way with the buyers? Does Thompson have a piece of the action? (There’s no law against it in Barbados!)

Something is stinking rotten with the whole CLICO affair – and Prime Minister Thompson will not allow independent oversight & transparency with a public company!

Further Reading

Keltruth Blog, September 21, 2009: Barbados: Will CLICO Buyers Have Access to Complete and Accurate Financial Statements?

BFP, June 2, 2009: EXCLUSIVE REPORT: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

Keltruth Blog, March 6, 2009: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out?

Keltruth Blog, February 21, 2009: What is the Nature of the Relationship between Leroy Parris of CLICO and Barbados Prime Minister David Thompson?

Excellent Sept 20, 2009 Nation News article published only in dead tree version (not online) – click to read jpg.

CLICO-Failing 1CLICO-Failing 2

Advertisements

17 Comments

Filed under Barbados, Business, Corruption, Offshore Investments

17 responses to “Conflicts of Interest and Sinister Secrecy Continue in CLICO Scandal

  1. Donald Duck, Esq

    I am amazed that apart form the nation article on sunday, nothing has been said in the press on the clico affair since the no confidence motion.

    What has happened about the release of the financial statements of clico mortgage and clico life insurance. There was an obligation to release to the public, their 2008 financials by April 30, 2009. As far as I am aware this has not been done.

  2. Donald Duck, Esq

    What about the status of British american

  3. It's time

    It’s time for Bajan’s to demand accountability from Government.
    The fact that the PM is best buds with Leroy Parris speaks volumes…

  4. Donald Duck, Esq

    CBC announced tonight that Leroy Parris is retiring from CL holdings Barbados at the end of the year. I note from the Business Authority that mention keeps being made of the oversight committee but we never seem to hear the names of the persons on this committee.

  5. KISSMYA

    Parris to retired

  6. KISSMYA

    News just in
    Leroy Parris to be retired

  7. Donald Duck, Esq

    What has happened to the lovely villa nova hotel that clico purchased?

  8. Living in Barbados

    The PM and other politicians can and should be ‘buddies’ with whomever they choose. But what ever business is transacted between them needs to be and seen to be proper and beyond reproach. In most systems there is some sort of distancing that takes place when politicians take office, especially high office, just to remove any suspicions. You see this with people resigning from companies, setting up blind trusts, etc.

    It will always be a matter of conjecture and speculation that the PM remains contractually connected to individuals in private business and also appoints them to public sector positions. It jsut seems a very unnecessary position to put oneself into. The question should always be and have been “Is X the right or best for the job?” But accountability and governance and conflicts on interest seem to be oddly defined in the Caribbean, not just in politics.

  9. Margaret

    Why dont you see topics like this on BU?

  10. PiedPiper

    They’re too busy looking for the next group of people to hate, Margaret.

  11. Donald Duck, Esq

    I really thought more people would have responded to these comments. I guess people are not concerned about CLICO anymore until the story blows up again.

  12. Pingback: Report: Leroy Parris ‘may retire’ from CLICO. Question: Would they dare fire him? « Barbados Free Press

  13. littleboy

    SCRATCH MY BACK I SCRATCH YOURS!
    Barbados is NOT more British than Britain or Parris would have had to answer a lot more questions. But the “PM’s my daughter’s godfather”. Owen was godfather to Rodney (Gems)Wilkinson’s daughter.
    Same old story.
    “BLP DLP same philosophy” sang Mighty Gabby. He should know since he was a member of both parties. And we still cussing young people for being inappropriate in dress and behaviour!

  14. Pingback: Tsunami of Swiss, European visitors to our Leroy Parris – CLICO articles « Barbados Free Press

  15. Papa La La

    What we really need to know is why I cannot find out if the Barbados Public Workers Credit Union has been successful. Has CLICO refused to sell to a group of regular poor black Barbadians — Are they trying to get more than CMFC is worth or will I be able to go into CMFC knowing that my Government made sure that CMFC remained in Barbadian hands. We want to know!!!!

  16. Pingback: CLICO news media blackout continues in Barbados « Barbados Free Press

  17. Kitty

    It will always be a matter of conjecture and speculation that the PM remains contractually connected to individuals in private business and also appoints them to public sector positions.
    ______

    LIB, what does this really mean? Is David Thompson in “private business.” Doing what?