Daily Archives: January 22, 2010

CLICO news media blackout continues in Barbados

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

“Can anyone say what has happened to the 2008 financials of Clico Insurance Barbados, Clico General Insurance and Clico Mortgage and Finance? According to Barbados law the financial statements for these companies should have been made public by April 30, 2009”

… comment left by BFP reader “Donald Duck, Esq”

According to research by independent citizens like “Donald Duck, Esq”, CLICO and associated sub-entities haven’t filed their bookkeeping accounts and are now 9 months past due.

That’s actually just following the old pattern established when David Thompson was CLICO’s lawyer in the days before he became our Prime Minister. Consider this folks: CLICO filed it’s 1993 financial statements in 2006 so the monkey-business has been going on for a long, long time.

The events surrounding CLICO, parent company CL Financial and all the other associated entities are, thus far, the scandal of the century – but you’d never know that by reading the Barbados news media where “investigative reporting” is confined to regurgitating government press releases. Both The Nation and The Barbados Advocate newspapers continue to sanitize anything they write about the CLICO – CL Financial mess – and neither paper asks any questions.

Questions such as “Why is the Barbados Government bailing out CLICO when they can’t even produce up-to-date accounts?”

Oh… the papers do continue to print adverts for CLICO and receive payments for the same. Golly… do ya think that the advertising revenues are connected with the absence of real reporting on the CLICO story? Nah… couldn’t be. The journalists and editors of the Barbados news media are far more ethical and professional than to kill a story for advertising revenues… aren’t they?

As to the reason why the Caribbean Broadcasting Corporation (CBC) doesn’t do any in-depth investigative reporting on CLICO or CL Financial, I’m sure it’s just an oversight that has nothing to do with the fact that CLICO big guy Leroy Parris is in charge at the CBC thanks to his friend Prime Minister David Thompson.

The CL Financial – CLICO scandal is huge and the people of Barbados deserve better from their news media than they have been getting. C.L. Financial’s assets vanished into thin air – $100.7 billion down to $23.9 billion in just 12 months! There were phony shell companies, executives who took bribes to have the company purchase land in Florida for more than its real value and on and on and on.

When compared to the CL Financial – CLICO scandal, Sir Allen Stanford looks like a kid who pocketed a sweet without paying – but until the Barbados news media decides that they serve the public interest, Barbados citizens will continue to be kept in the dark about how much of their money went missing, where it went and who profited from their losses.

Further Reading

October 1, 2009: C.L. Financial’s assets vanished into thin air – $100.7 billion down to $23.9 billion

September 22, 2009: Conflicts of Interest and Sinister Secrecy Continue in CLICO Scandal

July 14, 2009: How CLICO Barbados Supported Trinidad Politicians With Your Barbados Tax Dollars & Insurance Premiums

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Filed under Barbados, Business & Banking, Corruption, Freedom Of Information, Freedom Of The Press, Political Corruption, Politics, Politics & Corruption