Daily Archives: May 5, 2011

REDjet approvals given – Flights to Guyana & Trinidad within days

We told you that Trinidad & Tobago would issue the approvals, but not before they punished REDjet for failing to respect T&T’s sovereignty. So now that the T&T government has made its point, REDjet can finally go wheels up with scheduled passengers heading for Trinidad.

Ian Bourne has the story at The Bajan Reporter: Trinidad says – 15th May and no later for REDjet flights, Guyana ready for Barbados flight 10th May

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Filed under Aviation, Barbados, Barbados Tourism, Trinidad and Tobago

Retirement planning by CL Financial Directors & Officers: They got their money!

Florida: Just one of the Duprey family mansions

When did CL Financial & CLICO insiders know that the group was heading for collapse?

by Afra Raymond

When you consider increasing lifespans, inflation and the greater likelihood of major medical expense, it is clear that proper retirement planning should be a major factor for most people.

Central to the growth and long-term success of the CL Financial group was its ability to mobilise the retirement savings of the Caribbean people in pursuance of its wider commercial objectives.  I have been writing on how it all went wrong and who is to blame.

In preparing my submissions for the Colman Commission it occurred to me that the retirement planning of the 3 CL Financial chiefs is central to understanding the entire fiasco.  It is rich in irony.

Fiduciary Duty of Directors and Officers

When did the Directors and Officers of CL Financial (CLF) know that the group was heading to collapse? 

When did the Directors and Officers of the failed subsidiaries know? 

What did they know and when did they know it? How much warning did their management controls give them?

The questions are pertinent and the time-line is instructive – Continue reading

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