Daily Archives: October 1, 2009

C.L. Financial’s assets vanished into thin air – $100.7 billion down to $23.9 billion

CL Financial Fraud

“Given accounting conventions as to intervening events and their reporting, it is startling, to say the least, that this balance sheet should have declined to $24Bn just 12 months and 13 days after their reporting date. Only 56 days after publication.  This is an aspect of the fiasco which has not been discussed in public, so far.

We need to hear some accounting of this extraordinary situation.  Just to select one item of interest, Loans and Advances are shown as $21.975Bn in the CLF 2007 accounts and yet only $8.0Bn is there at 13th January 2009.

My reading of this is that CL Financial’s assets declined in value from $100.7Bn at the end of 2007 to $23.9Bn at the beginning of 2009.”

… from Afra Raymond’s excellent article Finding the Assets

Further Reading

BFP, June 3, 2009 – CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

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

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Filed under Barbados, Business, Corruption, Offshore Investments

Wonderful old photos – Seawell Airport, Barbados

Seawell airport Vickers Viscount

BWIA Vickers Viscount, BOAC Bristol Britannia 312, Terminal 2, Wardair…

Ian Bourne put up a collection of old Barbados aviation photos at The Bajan Reporter and has links to more. Wonderful stuff from another age where folks dressed up to fly like they were going to church. The hats, the skirts, the ties!

Worth a look for a smile.

The Bajan Reporter: Long before there was Grantley Adams Int’l Airport in Barbados there was Seawell Airport…

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Filed under Aviation, Barbados, History