Daily Archives: April 27, 2010

Silly? Ironic? BLP’s Mottley vows to protect CLICO investors after appointing “Worst Regulator” Carlos Belgrave as Insurance Supervisor

Prior to being appointed to his regulatory position, (current Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds” … from OffshoreAlert’s 2006 “Worst Regulator” Award

Reason #846 why Mia Mottley and the BLP Opposition have no credibility

The BLP Arthur/Mottley government appointed chicken-feed factory manager Carlos Belgrave as Barbados Supervisor of Insurance. In 2006 Belgrave received Offshore Alert’s “Worst Regulator” award for staunch support of three Barbados insurance companies that faked their books and had owners previously convicted of fraud. Not to mention that Belgrave approved and licensed the companies when other countries had turned them down.

If you need a little more flavour to the story, consider this…

Barbados Supervisor of Insurance Carlos Belgrave allowed a failing Reliant insurance company to continue in business by approving replacement capital with a face value of $518 million that consisted of nothing more substantial than a loan note issued by a newly-formed Panama firm that was secured by “bearer peat certificates representing the right to obtain peat, a pre-coal state organic material used as energy or for horticultural use, from the Changuinola Peat Deposit of Northwestern Panama”. (See BFP’s Carlos Belgrave, Supervisor of Insurance and Pensions in Barbados, Called “Worst Regulator” By OffshoreAlert)

Got that? Belgrave approved half a billion dollars of supporting company value based upon pieces of paper promising the right to mine peat in Panama put forth by a newly-created paper corporation!

Belgrave and successive Barbados governments obviously applied the same tough standards to regulating CLICO and valuing its assets.

For years the BLP government and Belgrave allowed CLICO and it’s associated companies to violate all kinds of rules and standards that put investors at risk.

Now that the whole house of cards collapsed Mottley is spewing off at the mouth saying that she and the BLP will protect CLICO investors!

Well, as our own Auntie Moses says – a lie is a lie and if you’re going to tell a lie, why not make it a big one!

Further Reading (make sure to take your anti-nausea pills!)

The Nation: BLP vows to protect investors

You really should read the article at The Nation, but we print it here in full because the Nation has a record of re-writing history by revising and/or deleting articles… Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Offshore Investments