Former PricewaterhouseCoopers executive promoting “public mischief” about CLICO – CL Financial scandal

Afra Raymond rips into William Lucie-Smith

Our friend Afra Raymond has been looking at the whole CL Financial – CLICO mess in a series of excellent articles. Now Afra in turning his attention to the misleading propaganda and outright lies being promoted by many of the guilty big shots who helped create the mess in the first place.

Given that PricewaterhouseCoopers PwC consistently signed clean audit reports for CLICO and CIB despite the inaccurate and fraudulent accounting, people might want to question anything said by current or former PwC executives like William Lucie-Smith.

What did William Lucie-Smith know and when did he know it?

The incestuous rot at Clico – CL Financial goes back a long way. While CLICO and its associated companies cooked the books and failed to file legally-required financial statements for 13 years, our current Prime Minister, David Thompson, was CLICO’s lawyer.

And where was William Lucie-Smith for many of those years? Ha! Senior partner at the auditors – PricewaterhouseCoopers.

Not to forget that PwC covered up missing assets of CL Financial to the tune of 76.1 BILLION DOLLARS! Those assets didn’t appear or disappear overnight either folks. PwC was the auditor and now remains silent about everything.

Not so silent is Mr. Lucie-Smith, though. Having retired from PwC in 2004 he continues to serve various corporate, banking and financial interests. On the side he writes newspaper articles giving fatherly advice about what should be done with the CL Financial – CLICO mess. Here’s what one commenter to his recent Trinidad Express article said…

“Mr. Lucie-Smith, as a former partner of PWC, was taking in large amount of fees to sign the audit CL’s accounts. If things were so bad, maybe PWC should not have accepted that kind of audit work. Now he is writing about it. Can we say Conflict of Interest ladies and gents? Perhaps an appointed liquidator can sue PWC Trinidad/globally, so that they can recover some funds to repay CL’s depositors and other claimants.”

Another point to consider about Mr. Lucie-Smith’s potential continuing conflict of interest is that he continues to serve on and for various corporate, banking and insurance interests that may have a stake in the CL Financial – Clico debacle one way or another.

So let’s see what Afra Raymond has to say about William Lucie-Smith…

“Given the huge stakes in this matter, (Lucie-Smith’s) promotion of such misleading views is nothing less than public mischief.”

About PricewaterhouseCoopers and partners like William Lucie-Smith, Afra Raymond says…

“The CL Financial bailout has been cloaked in the robes of benevolence and stability, resulting in a situation which has minimised the floods of lawsuits which would have been confronting some of those responsible parties – Auditors, Attorneys, Company Directors and Officers.  In reality, the common-wealth of our entire society has been pledged to rescue a fortunate few.”

Is Mr. Lucie-Smith (photo above) one of the “fortunate few”? Perhaps he should head on over to Afra Raymond’s blog and read about it himself…

Afra Raymond’s Blog: CL Financial bailout – Examining the Horns


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

3 responses to “Former PricewaterhouseCoopers executive promoting “public mischief” about CLICO – CL Financial scandal

  1. Donald Duck Esq,

    Don’t forget he is now a director of Sagicor Inc!!!

  2. Disgraceful

    Why do you think he is smiling?

    Teflon and an electorate, castrated by their leadership.

  3. Fuzzy

    We also want the former partners of DeLoitte and Touche who were the Auditors for CLICO Barbados to come out as well and tell us about their Audits.

    What is happening to the money Leroy Parris is suppose to pay back has any action been taken to recover it or that too is all hot air that will pass leaving many innocent Bajans holding the bag…..

    Don’t put all of the blame on our Prime Minister a stheir Attorney as the man who did most of the work and was on the Board of Directors for more than 30 years and now running have the guts to say they fire him is LESLIE HAYNES Q.C. He has a lot to account for along with Terrence Thornhill and Lawrence Duprey. I dont why they are still keeping Terrence Thornhill or in fact what they are him for.