Finance Minister Chris Sinckler silent on CLICO’s political donations to DLP

Sinckler: “Bajans aren’t mature or intelligent enough to see raw or incomplete data. They might draw conclusions different from what the government wants.”

How else should voters interpret Mr. Sinckler’s recent statement that the 30-day judicial manager’s report on CLICO International Life Insurance Limited should be kept hidden? Mr. Sinckler wants the big-ups and elites to put everything together in a tidy little report that directs Bajans to whatever conclusion the elites want to sell us.

“Let’s get this straight, Mr. Sinckler: Bajans don’t trust you or your government to tell the truth about CLICO.”

The late Prime Minister Thompson was way too close to CLICO’s Leroy Parris. David Thompson was also CLICO’s lawyer when proper financial statements weren’t filed for ten years. And when it all hit the fan for CLICO and CL Financial, Thompson used the power of his Prime Minister’s office to deny judicial oversight. Not to mention the cushy job he gave to Leroy Parris at the CBC that allowed the government to control the news about this fraud.

“We know now that on May 15, 2005 while acting as CLICO’s lawyer, David Thompson signed a secret contract between CLICO and Leroy Parris’ private company that in effect deceived shareholders into believing that Parris was being paid less than he really was.”

…from the BFP article Leroy Parris’ defence of Prime Minister David Thompson rings hollow now

Friends forever: Finance Minister Sinckler & Leroy Parris chatting over champagne

Finally, the DLP received big money from CLICO in the form or political donations and who knows what else on the side, including executive jet use for free when the cost was tens of thousands of dollars or more per ride. The DLP was brought into power in good part through the big money of CLICO.

That was OUR MONEY that was given to the DLP. The money that policy holders and investors placed with CLICO in good faith and it was sucked out of the company into phony land purchases, mansions in Florida and who knows how much into YOUR POLITICAL POCKET MR. SINCKLER.

Answer the policy holders this Mr. Sinckler, or sit down and shut up:

“How much did the DLP Democratic Labour Party and the candidates receive from CLICO and associated companies and persons in the last 15 years?”

Until you answer that question Mr. Sinckler, just sit down and shut up. We’ve heard enough of your opinions on how this fraud should be investigated, thank you.

Signed,

A policy holder and a victim.

Further Reading

You should go to Barbados Today to read the story about Sinckler, but we’ll reprint the entire passage here because the Barbados news media has a habit of re-writing history and deleting stories, and that includes staff at Barbados Today who used to be at The Nation.

So read the story at Barbados Today, but if it’s gone, then read it here…

Sinckler: Wait for final CLICO report

2011-06-08

“Irresponsible” and “highly unusual” is how Minister of Finance Chris Sinckler would deem publicising the recently-completed interim-report on life insurance company CLICO.

The official said today he was all for Barbadians having “full disclosure” of the judicial manager’s report on British American Insurance Company, currently available for perusal at the offices of the Financial Services Commission, but he thought it “inappropriate” for the 30-day judicial manager’s report on CLICO International Life Insurance Limited to be similarly treated.

He was responding to questions from the media this morning after touring the FSC’s offices at Walrond Street in the City.

Last week CLICO judicial manager Deloitte Consulting Limited announced it had completed and submitted its interim report to the High Court in line with a May 29 deadline, but said the release of the document’s contents was up to the court.

This drew a swift response from the recently formed Barbados Investors and Policyholders Alliance, which called for the report to be “made available within the shortest possible time”. That body also criticised the way people were allowed to read the BAICO report and that no copies could be made.

But Sinckler suggested making the CLICO report public might end up doing more harm than good since it was not a conclusive document.

“Don’t forget … the report which was submitted by the judicial manager is an interim report and therefore you can imagine that there would be a lot of open-endedness to that report, a lot of dots following on to suggest that there are other things that have to be done, other facts that have to be gathered,” he said.

“So therefore an interim report it would be highly unusual, indeed … irresponsible for such a report to be spread all over the place when you really can’t tie off the appropriate ends, and a full investigation has not been done.”

The minister said Barbadians “need to understand that the role of a judicial manager is not like a receiver, it … is much more complex than just wrapping up a company or a set of companies and disposing of the assets”.

“There is a lot of investigative work that has to go on to establish what has taken place, to satisfy the court that the business of the institution was managed appropriately and that any such fallout may not have been from malfeasance, but may be of a more general and generic nature, and then to make suggestions as to how the issue can be resolved,” he stated.

“So therefore with a wide spectrum like that of responsibilities, it is, I think, a little inappropriate that after one month of review that a judicial manager’s report can just be spread all over the place to everybody for people to both entertain and come to unfortunate, inappropriate conclusions as to things which may or may not have happened.”

Sinckler said Government had nothing to hide on the issue, but that as was the case when the final BAICO report was released through the FSC, “the report is the property of the court and therefore access, I think, ought to be sought through the court”. (SC)

11 Comments

Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Freedom Of Information, Offshore Investments, Political Corruption, Politics & Corruption

11 responses to “Finance Minister Chris Sinckler silent on CLICO’s political donations to DLP

  1. rhubarb

    If the release of these two reports is “up to the courts”, then let us hear from the courts! Cannot one of our knowledgeable legal experts make the appropriate application to the courts for the release to the public of the final BAICO report, and the interim CLICO report? But we all know that it won’t be just that simple!

  2. 78

    Barbados heading into hell in a hand basket after moodys downgrade,
    lets face facts Barbados have no natual resources and it was just a matter of time
    unemployment at its lowest level since adam was 2 a lad and sectors dead
    The question we would like to ask, can you let us know how you can pull us out of this mess if you’re elected PM again? dont blame the sinckler he dosent have a clue whats going on just playinfg a part, lol talk to us O.A.

  3. Rohan Frederick

    This whole mess with CLICO will not come to a conclusion in our lifetime. In any other part of the world Leroy Parris, Duprey, and all it’s executives would be behind bars. There is always a comment about Owen Arthur receiving $75,000:00 from Clico, but no one can put a figure on The past prime minister of the DLP and how much was spent on the last campaign to get into power, and how much each of them personally receive; all of which belongs to the investment of policy holders, what a disgusting shame we all have to put up with, with this administration, that came into power with the accusation that the last government was corrupt. What a laugh, ha, has, there has been more inept ministers, and corruption in this administration than anyone can imagine; and now Barbados has been downgraded in the international market, what a catastrophe! More hardships for us in the cost of living,and it won’t surprise if The IMF comes in. Barbadians got what they wanted change, and a lot of small change!

  4. Progressive

    Rohan Frederick,
    I agree totally…barbadians got the change they wanted.They listened to the propoganda never once stopping to research anything or ask themselves whether what was being fed to them was true .they drank it hook,line and sinker.The only problem is that those who did not support the Dees also now have to suffer.The only ones not suffering are the inner circle who share in “the fatted calf”.One day coming soon!!

  5. 'Trust' ANY politician? -are you delusional?

    Barbadians wanted CHANGE -at any cost!
    Maybe they want Change AGAIN -at any cost.

    Ever heard of accounting thievery called KITING?
    That’s what the BLP were doing…keeping a whole mess of stuff in the air, not allowing it to come to earth.

    As long as sweet breeze blowing Kiting works!! Yaaaay for Kiting!

    Until the wind stops blowing.
    Well, that happened with the global financial crunch in mid-2008
    -the worst crash since 1929, not one of yer lil reguler every-five-years dip.

    ——————————-
    Re. Moody’s dip today.

    For some time now I’ve been vocalising the reality that the Bds. Dollar (spent here in Barbados)
    is worth about the same thing as the Trini Dollar (spent there in T’dad)

    Only when one deals currency exchanges “cross-country” at 3:1 or 1:3
    (depending on which side you are) is there any difference,
    but One Day Coming Soon, we will be on par with the TTDollar.

    Where can I open a USDollar account to hedge my bets??

  6. rasta man

    @trust any politician etc: And when the US $ crumbles as it soon will?

  7. Straight talk

    If you are hedging your bets, avoid the $US,
    Our currency lock to this ailing peg, is why our food inflation has raced away.
    Not that this is unwelcome to our financial leaders.
    Dollar devaluation will get them nicely out of the hole their copycat financial regime got them into, with their Keynesian economics failure with a bis brother scapegoat —- how convenient, no accountability.

    How were we to know the US dollar is shit?… the economic blowhards ask.

    Well maybe because some on here have been telling you so for the last seven years.

    Other tell-tale signs.
    Well maybe because it stinks, in the international money market.
    Maybe because the Fed were talking out their arseholes, may have given UWI a clue.
    The usual suspects were arising from the cesspit, unjailed and smelling of roses.

    Trained economists are historians purporting to be financial prognosticators.
    They fall, and fail, between art and science by their sheer incompetence in either discipline.

    That’s why we shouldn’t believe a single word emanating from this falsely exalted “profession”.

    In both our tiny realm, or our giant northern neighbours, expedience trumps truth,
    —-and gets well rewarded by the status quo.

  8. marlo Ray

    corruption on stilts

  9. Anonymous

    Doesn’t any of this info ge to the people in Barbados who doesn’t have access to this info .

  10. farmerfitch

    you remember trade confirmers ltd. dont we learn.those “wise” indivisuals who aparently “represent”us because we are not “educated”as they are has not learnt anything or are busy getting large bank accounts ,while we suffer.no legislation put in place to prevent repeats.clico is just another repeat. i cry shame on our leaders……………farmer

  11. Green Monkey

    Former Barbados hotelier on Almond Beach closure – blames it on Virgin Holidays and Ralph Taylor. From Barbados Today April 20th, 2012

    Almond to blame
    The writing was on the wall for Almond Beach Village “for several years”.

    And as far as former owner of the Kings Beach Hotel, Martin Richards was concerned, the practices of the St. Peter company and management contributed to its demise.

    “As a former and long-standing hotelier in the same parish, it is of no real surprise to me to learn of this news. Indeed, I would say that the writing has been on the wall for several years,” Richards asserted.

    “For several years now, Mr (Ralph) Taylor, in his capacity as CEO for the Almond Group, together with Virgin Holidays have slowly but surely crucified the three star all-inclusive hotel market in Barbados.

    “I believe that it is only right and fair that the public and good citizens of Barbados should have a clear understanding of how and why the Almond business failed and in turn, recognise the full damage that Mr Taylor and Virgin Holidays have caused to this Island and in particular to the tourism sector,” Richards added.

    Continued at
    http://news.barbadostoday.bb/barticlenew.php?ptitle=Almond%20to%20blame&article=16219&pdate=2011-08-31

    Note the Flash e-edition of Barbados Today has the full letter from Richards laying out his charges re blame for the Almond failure on page 12 & 13.