In 2005 CLICO’s Leroy Parris said he had to talk with CL Financial about Sam Lord’s Castle, but…
Isn’t the official line that Clico Holdings (Barbados) was “separate and distinct” from its parent company CL Financial in Trinidad?
The burning of Sam Lord’s Castle two days ago was predictable, and was predicted by us in April of 2009.
What is interesting though, is that the burning is causing folks to reexamine how Sam Lord’s Castle fit into the CL Financial and CLICO pyramid fraud. After reading a recently updated article at The Antillean, I think that Leroy Parris probably now regrets some of what he said in a 2005 press conference.
There is a story here if the regular news media or the CLICO – CL Financial investigators and regulators cared, but they would rather let sleeping dogs lie. Especially if the taxpayers are on the hook for everything and there is no plan to recover assets from the former executives of the CL Financial group of pyramids, er, companies.
Have a read of The Antillean’s updated article Remembering Sam Lord’s Castle: the tragic fairytale of Barbados’ best hotel
Here are a few snippets, with the link to the full Antillean article at the end…
Here’s a fairy tale for you…
Once upon a time, Barbados was the it country for tourism in the West Indies.
Its economy was strong, its tourism product (honed from early colonial days) was the envy of other islands, and the standard of its accommodation was bar none.
That was then.
Then, as fairy tales go, I stayed in a castle in St. Philip, built by a notorious buccaneer who probably could have never had a clue that the mansion he founded on plunder could one day be one of the greatest hotels in Barbados’ stock.
Nothing lasts forever, of course, and Sam Lord’s (then owned by Marriot’s) was sold to (presumably) a local company called Grants Hotels Inc. in 2001.
In short order, the quality and standards that seasoned repeat visitors grew accustomed to had gone, the Castle’s debt grew and its coup de grace was its sale to the CLICO Group of Companies in 2005.
During the question-and-answer period, Parris said he had a “tourism vision” for Clico, but was keeping it “close to his chest” until he had the opportunity to discuss it with executives from Trinidadian parent company CL Financial Ltd.
CL Financial Ltd?
Isn’t Clico Holdings (Barbados) “separate and distinct” from its parent company CL Financial in Trinidad³? The recent drama and PR response coming out of Barbados says as much, yet one can’t help but to wonder if the failed restoration of Sam Lord’s Castle thus far speaks to a cash issue at home. Some will recall that there was even speculation that Sam Lord’s may be ready for Cricket World Cup 2007, which gives an idea of just how long the Castle was slated to be redeveloped.
Read the full article at The Antillean: Remembering Sam Lord’s Castle: the tragic fairytale of Barbados’ best hotel
Our thanks to an old BFP friend for suggesting the article from The Antillean.
Which CL Financial companies listed Sam Lord’s Castle as an asset?
As our fellow blogger Afra Raymond pointed out in his article The Official Version – Mystery of the Missing Money, there seems to be a few dollars (Ha! like $76 billion) in missing CL Financial assets that went missing over the course of less than a year – or even a few weeks when the books were (cough, cough) “adjusted”.
We wonder which CL Financial companies listed Sam Lord’s as an asset, how many separate times it was listed, and for how much. After all, we taxpayers are going to pick up the tab for this so we have a right to know.
Not that we think the elites will be giving us any answers soon, you understand.