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.
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?
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…
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.