UPDATED: March 11, 2011
Leroy Parris suing CLICO (and by extension, all CLICO victims)
Earned $80,000 MONTHLY, with ANNUAL BONUS & HIDDEN FEE!!!
Guaranteed $10 MILLION GRATUITY!
Former PM David Thompson signed 2005 SECRET CONTRACT – kept it secret from the Oversight Committee he later appointed as Prime Minister!
Oh what a foul bucket of suck-well this is. Leroy Parris billed CLICO for “consulting services” through an “independent” company and kept that contract secret from shareholders and other company employees. He collected millions while presiding over the destruction of people’s savings and lives. Leroy Parris and his gang destroyed widows’ houses and robbed children of their future while Parris made more in a month than most folks see in many years of hard labour. And Leroy Parris knew it was all a sham, a house of cards that he helped to construct.
People go to jail for less in other countries.
But this is Barbados. David Thompson, the same lawyer who helped set up the CLICO employment contract in 2005, received secret “campaign donations” from CLICO and Parris. After Thompson was elected Prime Minister, CLICO got land use approvals and Thompson had the use of the Clico executive jet.
Then when the CLICO – CL Financial house of cards came tumbling down, Thompson fought off judicial management of the company, appointed some toothless “Oversight Committee” without real authority or power to do anything, and gave Parris a nice job in charge of the Caribbean Broadcasting Company – managing what news the public heard about the CLICO debacle.
Prime Minister David Thompson knew about the secret agreement because he witnessed and signed it. He probably set it up as Leroy’s lawyer. Then years later when the “Oversight Committee” that Thompson appointed couldn’t find any contracts with Parris, Thompson stayed silent to protect his friend and himself.
Oh what a bucket of SHITE and it’s spilling everywhere…
BFP readers are asked to click on the links in our story to read the article Parris suing CLICO at The Nation, but we’re going to reprint their entire article here to protect our source as The Nation sometimes removes articles to change history and we can’t have that!
Parris suing CLICO
From The Nation March 11, 2011 – 12:10am
LEROY PARRIS, former executive chairman of CLICO Holdings (Barbados), earned over $80 000 in salary and perks monthly and was guaranteed a whopping $10 million in gratuity by the company.
In addition to a $30 000 monthly salary, he was also paid $300 000 a year as a bonus payment and another $300 000 yearly for providing management services.
The details were disclosed in High Court writs filed late last week by attorney-at-law Michael Yearwood on Parris’ behalf, claiming a total of over $10 million from CLICO Holdings (Barbados) and CLICO International Life Insurance.
Parris’ job contract, which a Government-appointed special Oversight Committee said it could not find any evidence of during its investigations, was signed and witnessed on May 15, 2005, by David Thompson, the late Prime Minister, former CLICO Holdings president Lawrence Duprey and current CLICO Holdings Barbados president Terrence Thornhill.
The agreement was between CLICO and Parris’ company Professional Financial Services Inc., which stated that the former executive chairman would perform the duties of chairman and or chief executive officer of the insurance company and its affiliates.
In one of the court documents, Parris claimed that CLICO Holdings breached his contract when they failed to pay him the $10 million gratuity payment by May 15, 2008.
According to the writ, to date Parris received about $3.5 million from the company starting with a payment of just over $3.5 million in January 2009 and four payments of $30 000 each last year, the last being paid on November 24.
Parris has also brought two separate court actions against CLICO Holdings Barbados for failing to pay him yearly bonus payments and for the provision of management services during the period 2008 to last year.
According to him, the company should have paid him over $750 000 in each case for breaching his contractural arrangements.
The former executive chairman has also taken legal action against CLICO International Life Insurance, claiming over $3.5 million for three personal policies which matured between November 2008 and December last year.
When contacted about the latest developments in the CLICO saga, William Layne retired Permanent Secretary who headed the special Oversight Committee set up by Government, described the disclosures in the writs filed by Parris as “shocking”.
“We [Oversight Committee] never got access to any contracts between CLICO Holdings and any of the companies, including CL Financial Limited or Professional Financial Services.
“When we asked for contracts we [Oversight Commitee] were told there was no evidence of any contracts,” Layne told the WEEKEND NATION yesterday.
“The parent company [CLICO Holdings] indicated in an email they could not find any contract. Maybe now the court would examine the contract(s) and determine what is payable, if any,” Layne added.
The court action brought by Parris against his former employer follows an on-going investigation into the sale of 800 life policies by CLICO International Life Insurance during the period of his chairmanship.
Here’s our original story, first published March 6, 2011…
Dear Barbados Free Press,
After presiding over one of if not the worst breach of trust and fraud ever perpetrated upon Bajans, after the results of his “leadership” that left old people without their savings and our children paying for his actions for generations – former CLICO head Leroy Parris is threatening to sue for his promised bonus payments for his “leadership” at CLICO.
The man has no shame!
Now that his protector, former Prime Minister David Thompson, is gone if there is any justice in the world Leroy will be forced to answer questions about what he knew, when he knew and how much personal money he and his family and friends took from CLICO when he saw the collapse coming but was telling the rest of us that everything was “no problem”.
Prime Minister Stuart had better listen if he wants a hope in hell of the DLP being re-elected: Not one more dollar for Leroy Parris.
signed, Me: MAD AS HELL!
BFP readers are asked to click on the links in our story to read the article Pay Push at The Nation, but we’re going to reprint their entire article here to protect our source as The Nation sometimes removes articles to change history and we can’t have that!
Pay Push (The Nation, March 6, 2011)
FORMER EXECUTIVE CHAIRMAN of CLICO Holdings (Barbados) Ltd, Leroy Parris, has threatened legal action against the company.
According to well placed sources, lawyers representing Parris, who retired as head of the embattled company last year, have sent a letter demanding bonus payments owed to him that are estimated to run into several thousands of dollars.
When reached, Clico Holdings president Terrence Thornhill refused to comment on the matter.
Sources also stated that Parris had also requested payments for a number of matured policies which he recently surrendered to the company.
Parris also declined to comment when reached yesterday.
It is believed the bonus payments which Parris is requesting are as a result of accumulated percentages from policies sold by CLICO International Insurance Limited and CLICO International General Insurance Limited, both subsidiaries of Clico Holdings, which he chaired until the time of his retirement last May 31.
This latest development comes on the heels of an ongoing investigation by police into the sale of 800 life policies by CLICO International Life Insurance Limited (CIL).
Former Permanent Secretary in the Ministry of Finance, William Layne, had charged that CIL under Parris’ directorship had contravened a 2009 order of the Supervisor of Insurance prohibiting the company from selling new business.
Layne, who headed a special Oversight Committee set up by the Government to supervise the sale of three of CLICO’s subsidiaries, also complained of difficulty in finding contracts between Parris’ company Professional Financial Services and CLICO Holdings’ regulated subsidiaries.
Parris came under the committee’s radar after withdrawing more than $250 000 in deposits from CLICO Mortgage & Financial Corporation. Another payment of over $876 000 was paid by CLICO to another of Parris’ companies, Branlee Consulting Services.
Prior to his retirement, Parris had said he would have worked with managers and agents to ensure CLICO’s survival, but his departure came weeks ahead of a planned July date when on May 27 he announced his quitting the company.
His departure has also left unanswered questions, including the size of his salary and benefits from the company of which he became the face in Barbados.