Afra Raymond looks at the CL Financial Bailout and asks some questions

The issue of the collapse of the CL Financial and CLICO house of cards has dropped off the radar for Barbados Prime Minister Thompson and the Bajan media. Thompson’s government handed over millions in bailouts to CLICO entities – some of which weren’t even in compliance with Barbados laws requiring the filing of financial statements etc.

Oh well. No one can claim that transparency, accountability and rule of law ever meant much in Barbados.

Our friends over at Afra Raymond blog have been asking some good questions though – not that there will likely be any answers forthcoming because Prime Minister Thompson is doing his best to shield his old friend Leroy Parris from having to answer any questions.

Here’s some of what Afra Raymond is asking…

‘How could CL Financial assets have declined in value from over $100 Bn to $24Bn in less than 13 months?’

‘How could CL Financial pay dividends at a time when it did not have enough money to meet its obligations?’

‘How could CL Financial chiefs sign that MoU to pledge assets which had already been pledged?’

‘Did CL Financial ever comply with the Court Order to provide a sworn statement detailing the location of all its assets?’

Head over to Afra Raymond to read the entire story. It’s worth your time.

(Afra Raymond blog) CL Financial: The bailout timeline


Filed under Barbados

6 responses to “Afra Raymond looks at the CL Financial Bailout and asks some questions

  1. card game with monopoly money

    “1st March – Newly-appointed CLICO CEO declares that $5.0Bn is missing from CLICO’s Statutory Fund ”

    Oh Dear.!

    No wonder the PM is silent!

    A giant con game with the taxpayers and shareholders money.

  2. Donald Duck, Esq

    Any news on mr parris’s retirement? Was that supposed to be at the end of last year.

  3. Donald Duck, Esq

    We have seen the 2008 accounts for clico mortgage and finance and clico balanced fund. Why have we not seen the 2008 accounts for clico life and clico general insurance?

  4. Monopoly

    With reference to monopoly, there is a square one lands on that says ” Do not pass Go- Go directly to Jail”

    That’s unless you have a get out of jail card free from the PM who you helped get elected or better yet a legal system that will NEVER hold you accountable and a so called independent oversight committee that will NEVER tell the public what is going on.

  5. Pingback: Global Voices Online » Barbados, Trinidad & Tobago: CLICO Questions

  6. Kammie Holder

    The Job of being Prime Minister is very stressful and most Caribbean Leaders die in office. Thus I do not for once envy the Prime Minister of Barbados as the he tries to run the affairs of Barbados and motivate his ministers. The ones who are not perfoming at the level expected of them will be the ones who will be offended by my dream which I will share
    with you.

    I was rcently thrown in a deep sleep by the ethnic malady Niggeritis after a bowl of Cou Cou and Red Snapper. I had a dream I was the Prime Minister and needed to make some unpopular decisions in the best interest of Country.

    Here are some monologues I had while dreaming I was the Prime Minister of Barbados.

    Rt Hon George Hutson, I am disappointed that you have promised so much and delivered so little and as Prime Minister I must tell you your days are numbered in my cabinet.

    Mr Minister of Environmenent, I understand that the Future Centre Trust wants to have a day called No Plastic Bag Day in conunction with the major Supermarkets. They have written the Ministry Of Finance on three occasions without any response. I an reliably informed that we use 4 billion plastic bags in Barbados yearly and the Drainage Unit spends in excessof $10 Million yearly to clean drains. I am instructing you as Prime Minister of Babados to give your support to this initiative. Your budget will be cut next financial year. Please take greater leadership on environmental issues.

    I am ashamed that the License Authority has not had an audit as it relates to the legitimate issuance of licenses in years. As Minister of Transport and works Mr Boyce you were given a mandate by the citizenry and they expect results and not talk. You need to ensure that you have the legacy of testicular fortitude to introduce legislation to facilitate breathalyser testing. I cannot help you keep your seat if you dont work to show the voters you are worthy to represent them. Do come up with some initiatives to ease traffic congestion.

    Dr David Estwick, continue to study your economics the country needs the best possible brains and creative ideas to weather the challenging financial times. You are one of the bright sparks within the party and will make your mark in the history of Barbados.

    Michael Lashley, you have done an exceptional job with HELP but try and balance your desire for the provision of houses with the retention of agriculture land for our food security.

    My friend Donville as Minister Of Health you have made me as Prime Minister of Barbados very proud and you remind me of Sir Henry Forde. Do keep the good work up and share the skills with your collegues on good stewardship.

    Mr Benn, you seem to have lost your fight to the marauding Army of African snails. To make matters worse you are allowing the Minister of Housing to use good agricultural for housing since you are not aggressive enough in bringing idle lands back into production.

    Chris Sinckler, I have big plans for you just take your time and pay your dues and you will be taken care of in the fullness of time.

    Mr Todd I have left you for last as you are causing me great concern. Bridgetown as a capital under the representation of Dame Billie Miller was envied as a Capital City. I am amazed that under your watch there is much illegal vending and unauthorised vending structures all over Bridgetown. Please get back to me on what you are doing about keeping Bridgetown sanitary and pristine. I am watching you closely as you cannot allow the cry of poor black man to allow our city to run to ruins due to disrepect of our laws. Take responsibility of your charge. There is too much litter in the city.

    As Prime Minister of Barbados let me make it clear you may think I am too soft but when I move those Backbenchers to the front bench you have only yourselves to blame. Irene Garner Sandiford, I am very happy of your level of committment.

    My responsibility is to the voters and I will not accept any dead weight in 2010. A word to the wise suffice.

    Please note the above was a dream I had that I was the Prime Minister Of Barbados and I had to make some unpopular decisions.

    Just remember dreams seldom come true and I just felt like sharing this as a good laugh.