CLICO sold to CGI – Skeletons will be pulled out of the closet and buried deep

Consumers Guarantee Insurance Limited of Barbados is approved to purchase the assets of CLICO.

The secretive committee formed by Barbados Prime Minister David Thompson to keep CLICO skeletons in the closet worked swiftly to sell the remaining assets before the public realises that the fiasco was caused by three factors: mismanagement, fraud and a lack of proper regulation, oversight and accountability.

Earlier media reports spoke of criminal activities and a billion dollar asset that turned out to be a worthless piece of paper, but don’t expect to hear anything more about the issue. Prime Minister Thompson has done all he can to ensure that no public inquiry will be conducted – starting with his refusal to put CLICO Holdings under judicial management.

Oh… did we mention that CLICO’s top dawg, Leroy Parris, is the Prime Minister’s best friend and godfather to one of his daughters?

No conflict of interest there folks.

Don’t expect the Mottley Crew to say too much either, because much of the shenanigans happened when the Arthur/Mottley BLP Government was in power.

Although there will be much said, there’s not really much else to say folks – because everything is being kept secret, especially the amount that this debacle cost the taxpayers of Barbados.

Nation News: CGI Wins CLICO Bid

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7 Comments

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

7 responses to “CLICO sold to CGI – Skeletons will be pulled out of the closet and buried deep

  1. Hants

    BFP you always manage to make limejuice out of lemonade.

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

    BFP says…

    More useful with tonic & gin!

  2. Nostradamus

    CGI published 2008 financials in the press recently and my recollection was that they reported a loss, which according to the chairman, was due to unusually high claims in the 2008 FY.

    Regrettably their website is out of date and of course no financials.

    Assets in 2001 reported as $21 million.

  3. BFP

    Who funded this purchase? Who’s really on the hook? Was the purchase guaranteed by Barbados? (read: “Was the purchase guaranteed by our great-great-great-grandchildren?”)

  4. Donald Duck, Esq

    Who is on the secretive committee? We seem to hear only who appointed them. Have any of the members of this committee got a conflict of interest in this whole matter???

  5. Donald Duck, Esq

    Why are we concerning ourselves about the sale of CMFC and CLICO general when it is CLICO life that has the problem? When these entities are sold, the proceeds will no doubt go to the holding company. I really don’t see how this is addressing the problem with clico life. Maybe someone on the secretive committee could tell us.

  6. Ezra Gooding

    It is no surpise either that CGI is the company doing the take over. Which Board is Peter Harris on right now and wasn’t he a Clico General employee in fact a manager there. He is part of the band of Saints as well. Good luck to tht e policy holders

    Robin

  7. FACTS

    Donald Duck ESC

    I agree with all you have said.

    BFP in their reporting, makes it seem as though the whole of Clico has been sold.
    It has also been painting a picture to make it appear that all the Clico entities are in trouble.

    The problem area is Clico Life; I have mentioned this on several occassions in the past.