CLICO Leadership caught in corrupt conflict of interest – “So what?” says Barbados Prime Minister

Picture this for corruption…

According to the Nation newspaper, in 1993, CLICO Chairman Leroy Parris and President Terrence Thornhill started their own little insurance company on the side that offered the same products as CLICO. (Keltruth Blog says it was registered 1986-04-16)

Hey… where do you think the customers for “Professional Financial Services Incorporated” came from over the last 17 years? Good old Leroy Parris said to people he knew “Don’t sign up with CLICO, sign up with Professional Financial Services Incorporated and get a competitive product for less money”.

That’s where those customers came from. Parris took customers that would otherwise have signed up for Clico’s products. How many customers, how many dollars did Parris take over the last 17 years? Maybe David Thompson should ask him.

Unethical, Corrupt: CLICO bigshots Leroy Parris, Terrance Thornhill

It’s like the President and CEO of Ford decided to manufacture autos to compete with Ford on the side while still taking the paycheque from Ford.

What a scum of the earth thing to do.

And given that Prime Minister David Thompson made his old buddy Leroy Parris the CEO of the Caribbean Broadcasting Corporation, how much of this important story do you suppose will hit the airways?

Hey… Prime Minister Thompson: Watcha gonna do ’bout all this nonsense?

Right. Nothing.

That’s what we thought…

Here is the article from The Nation. Friends, you should visit the Nation website to read it, but we’ll repost it here in full because the paper has a habit of revising history…

CLICO QUERY

by WADE GIBBONS

QUESTIONS HAVE BEEN RAISED about the involvement of two senior CLICO Holdings Barbados Limited officials in a private insurance enterprise offering services similar to those of their Whitepark Road, Bridgetown company.

The WEEKEND NATION has learnt that both chairman Leroy Parris and president Terrence Thornhill are directors of the company, Professional Financial Services, which was incorporated in 1993 and offers similar business as their subsidiary CLICO General Insurance, including home insurance. CLICO General Insurance was recently sold.

Attorney-at-law Leslie Haynes was listed as a director of the company, according to documents of incorporation. Former chief executive officer of Gems of Barbados, Rodney Wilkinson, was previously listed as a director also.

Professional Financial Services Incorporated has been offering policy coverage for upscale homes and the WEEKEND NATION was able to obtain information from a copy of a 2007 policy for a Clermont Terrace, St Michael residence valued in excess of BD$$2.4 million.

The matter was raised publicly last Sunday by Opposition Leader Mia Mottley during a meeting at Heroes Square, The City. She called for full disclosure as to Thornhill and Parris’ association with Professional Financial Services Incorporated, while still being the de facto bosses at CLICO.

At that meeting Mottley also sought clarity on who were the individuals benefiting from Professional Financial Services Inc. and whether its control and finances were tied to CLICO, or solely to Thornhill, Parris and other unnamed shareholders.

CLICO has been at the centre of a financial firestorm over the past 15 months, with Thornhill recently calling on policyholders for patience as the company tried to sort out its financial difficulties.

The local company has been facing financial problems following the near collapse of its parent company in Trinidad and Tobago, CL Financial.
CLICO, believed to have over $1 billion in assets, has already paid out over $118 million to anxious policyholders.

Yesterday, repeated efforts to get comment from both Thornhill and Parris proved futile.

35 Comments

Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Freedom Of Information, Offshore Investments, Political Corruption, Politics, Politics & Corruption

35 responses to “CLICO Leadership caught in corrupt conflict of interest – “So what?” says Barbados Prime Minister

  1. Nostradamus

    Below is from the Trinidad Express, June 07 2009 with reference to CL Financial etc Trinidad.

    “FORENSIC investigator Robert Lindquist has uncovered what is being described as an elaborate scheme within the CL Financial Group, where annuities, with attractive returns, were being sold by insurance power house CLICO but that customers’ investments were being funnelled for ghost services to the group.

    Reliable sources have disclosed that the scheme, akin to the Ponzi scheme operated by Wall Street money manager Bernard Madoff, was launched back in 1997 as CL executives took advantage of a loophole in the existing insurance legislation and excess liquidity in the marketplace. ”

    And……

    “CLICO’s insurance agents, the Sunday Express was told, were rewarded with astronomical commissions to push the annuities which offered a 30 per cent return every year, far exceeding that offered by other insurance companies. ”

    http://www.trinidadexpress.com/index.pl/article_news?id=161487723

  2. Donald Duck, Esq

    LP why do you not do the honourable thing and resign?

  3. According to CAIPO, PROFESSIONAL FINANCIAL SERVICES INC. (“datereg/inc”) was registered on 1986-04-16.

    WADE GIBBONS of the Nation, can you explain this?

  4. Love

    Hello BFP,

    Another thought provoking article !

    Actually this one and the other about the alleged gun play in Parliament are gems.

    However, with this one I would need more information to comment any further.

    Leroy Parris and Terrance Thornhill are honourable men….I am sure a proper explanation would be forthcoming from both.

  5. Donald Duck, Esq

    What about who is on the oversight committee?

  6. Donald Duck, Esq

    the management of clico life need to ensure that they adhere to the reporting deadline of april 30 for their financial statements for 2009.

  7. Love

    Donald Duck, Esq
    April 1, 2010 at 8:21 pm
    the management of clico life need to ensure that they adhere to the reporting deadline of april 30 for their financial statements for 2009.
    *********************************
    Hello quack quack,

    Under the BLP for the 14 years of their rule…that date never mattered to them. Hence, all the mess that we are now seeing .

    Why does it matter to you now ?

  8. Johnny Postle

    @ Love

    What part of these two distinquish gentlemen as you so eloquently put it, could be gentlemen. A more appropriate term would be ruthlessmen or greedymen or corrupt double standard two faced hypocrites. You are naive to say the least. This is big shot crime to which neither of these two ‘gentlemen’ will be incarcerated. Remember the law is not for big shots.

  9. Love

    Johnny Postle,

    Maybe you have the men I speak of mixed up !

  10. Thompson was CLICO's lawyer

    As Love mentioned, Clico never cared about filing dates or being legal before.

    What Love doesn’t say is that “before” was when David Thompson was CLICO’s lawyer.

    There is only one political party in Barbados, and both the DLP and the BLP are sub-branches of this same political party.

  11. Donald Duck, Esq

    Did anyone hear the press release tonight on CBC TV from LP about his involvement with Professional Financial Services?

  12. yatinkiteasy

    I heard it, but since LP is almost illiterate, it was hard to understand what he was trying to say.

  13. bimjim

    Corrupt silver-spoon ignorant liar and thief Ponzi schemer Lawrence Duprey was stealing and screwing everybody in sight several decades ago when he waddled his way into the Chairmanship of LIAT and cut their employee health insurance to pieces.

    Corrupt silver-spoon ignorant liar and thief Ponzi schemer Lawrence Duprey set the future standard for all his executives and employees Caribbean-wide, so why would anybody be surprised that all his cronies and executives were then – and are still now – liars and thieves, living fat off small people and the public trough – and still stealing and lying?

    After Caribbean governments poured so much of Caribbean taxpayers’ money into CLICO to keep their citizens’ money safe, WHY ARE CORRUPT IGNORANT LIAR THIEF LAWRENCE DUPREY’S FORMER ‘ENTITLED’ THIEVING EMPLOYEES STILL MAKING EXECUTIVE DECISIONS IN CLICO????

    Maybe it is time to examine the motives and bank accounts of those in the Caribbean governments who are making the decisions to allow those lying, thieving rascals to stay on…

  14. Josquin Desprez

    Who is this “Love” guy? He is a very poor “spin-doctor”.

    If David Thompson was CLICO’s lawyer, would it not be morally correct for him to advise his clients to adhere to the law by producing the necessary financial statements as is legally required by the law?

  15. Hants

    @Josquin Desprez

    A Lawyer can give his client advice. The Client does not have to use it.

  16. Lawyers leave or conspire

    If a client is doing criminal or other wrong actions, at a certain point a lawyer must leave or that lawyer becomes complicit. A fellow conspirator.

  17. whistling frog

    Why cant all of you writers to this particular series of events understand once and for all IGNORE IT AND IT WILL GO AWAY…….simple ehh?…

  18. Donald Duck, Esq

    Any thoughts on LP’s comments on the matter that were published in the sunday sun? Do you believe his comments?

  19. Love

    Donald Duck, Esq

    April 5, 2010 at 2:34 pm

    Any thoughts on LP’s comments on the matter that were published in the sunday sun? Do you believe his comments?
    **********************************
    Donald Duck,

    Since it is clear you have nothing meaningful to do with your time….here is an assignment for you.

    Following Mike Goddard’s Lead Report on Greenland as shown on CBC news on Tuesday 6th April 2010……can you find out from the Blasted Lying Party (BLP) members……if they are satisfied with the millions spent on Greenland and the fact that not even a THIMBLE full of garbage can be placed there after 10 years ?

    Return with a good answer……and I will address the LP story for you .

  20. Donald Duck, Esq

    Love

    It looks as though LP took my advice and resigned. This is something he should have done since 1997.

  21. Donald Duck, Esq

    Love

    You are like your party always dodging the issues. Why do you always have to asnwer my query with a different question.

    I am going to follow suit and ask you to answer if your party has come up with a solid waste management programme?

  22. Donald Duck, Esq

    Have you all not heard that LP took my advice and resigned?

  23. Love

    Donald Duck, Esq
    April 7, 2010 at 5:11 pm
    Have you all not heard that LP took my advice and resigned?
    ****************************************
    I always suspect language was a big problem of yours.

    Mr. Parris RETIREMENT takes effect from 1st July 2010.

    He has not RESIGNED.

    Had you asked your BLP friends the question I posed above….I could have assisted you with not mixing up….RETIREMENT & RESIGNATION.

  24. Donald Duck, Esq

    love

    Answer me this. Why did he get his TV station to announce in Sept last year that he was retiring at the end of Dec. Suddenly we found him still CEO in 2010. Could he have retired in 2009 and rehired and now he has resigned since he already retired.

    Then again he said that Professional Services Inc provided made his services available to clico life via a management contract. If this is correct then how can he retire if he was not an employee of clico life.

    I don’t know but I am completely confused about LP’s status with clico since he is still chairman and ceo of the only shareholder of clico life.

  25. Love

    Donald Duck,

    It is a simple case. Mr. LP has put in yoeman service into CLICO and he has seen it fit to retire gracefully from their employ. He is entitled to that. Don’t you think ?

    Now compare this scenario…..Owen Arthur refused to retire even though his shelf life has expired and he was fired by the Bajan electorate.

    Now that is DISGRACEFUL…don’t you think ?

  26. Donald Duck, Esq

    Love

    Why do you like to compare apples with oranges!!!

    How can you say that LP has retired or resigned gracefully!!! I certainly would not like to retire amd leave a company in a mess like what clico life is in at present.

    I am of the view that the changes LP announced yesterday are pure cosmetic. The oversight committee ( some of the names of persons on this committee have been kept top secret by the government) should ensure that LP has nothing further to do with the company. It is the only way they will be able to sort out the mess.

  27. Frank

    Does anyone know who is on the Oversight Committee? If I rember correctly there are 6 members.

  28. Donald Duck, Esq

    Frank

    Only the government and clico management know as well as the members themselves. I believe the names of half the committee were revealed but nothing more.

  29. Tundr

    Will someone please tell love and donald duck shut up…

    Constantly nattering like little children and nothing being said.

  30. bajan-rummie

    @ “How many customers, how many dollars did Parris take over the last 17 years? maybe David should ask him.”
    David don’t have to ask him, David know already, he big in the whole CLICO buball. Why you think LP is at CBC? Because he is a good chairman? He there for another reason. Why you think David making so much noise, that is all it is, these days and nights? Because he intends to do anything? You must be joking. He just raising dust to try and get the people to look away or close their eyes to what CLICO have done. When the collapse comes it going to be BIG.
    “Oversight” committee? You mean “OVERLOOK” committee! That committee is not going to see anything.
    When you think David T going to deal with the other David (Estwick) ’bout the gun play in Parliament? Never – David E is an untouchable, David T ‘fraid David E too bad.
    Why so much noise again with old news baout what the BLP wasted, he said that so many times before he could recite it by heart. But all that long talk is to keep people from asking what is he doing to manage the economy. He don’t know, and no one in the DLP have no ideas. So we going to drift until we hit up on a big rock.
    Strange days and nights.

  31. bajan-rummie

    @yatinkiteasy – “…. almost illiterate.”
    How you mean “almost”? Like ‘she was “almost pregnant”‘?
    You just being polite right?

  32. Love

    Donald Duck, Esq
    April 8, 2010 at 5:51 pm
    Frank

    Only the government and clico management know as well as the members themselves. I believe the names of half the committee were revealed but nothing more.
    ******************************************
    Hello Quack quack,

    The Oversight Committe members are:

    Mia Mottley
    Owen Arthur
    William Duguid
    Viviann Anne Gittens
    Donald Duck

    Given all that the above named persons have ventillated in the public domain about CLICO….we all can see how they came into possesion of the “information” they claim to have !

  33. Donald Duck, Esq

    love

    Can you ever be believed!!!!!!

    I don’t have a clue who are the other members of the committee who were not disclosed. However i find it intriguing that the minister, who you support, has failed to tell us the names of all the members of the committee. Is there something he is hiding? At the end of the day the government has to bail out clico life. we all need to know who has been maanaging the assets of the company in the meantime. Don’t you agree. Mickey and I both have policies with clico and are very concerned since when disney pensions us off we need to know what we have to live off of.

  34. Donald Duck Esq

    The names of persons on the oversight committee has finally been revealed. Why is it that the former managing partner of clico’s auditors in Barbados is on the committee when he only retired from the audit firm shortly before

  35. Too Late

    Having been affiliated with the company and persons therein for many years, I can say that LP and lawyer has been bleeding this company dry for many years, doing things that while not illegal was surely immoral and very bad for the company. This is especially so with the general company. A salary which exceeded 50,000 monthly in the late eighties early nineties I suppose was not enough. Bad investments and questionable business practices along with using the company’s coffers as his personal bank account, (having the company pay for even his music cds and family flying first class on business trips that don’t concern them, on the company’s dime less we forget), all these things conspired to cause the demise of the company. As for other executives, when money becomes the driving force of your existence there no saying the lengths you would go to, to get it.