Daily Archives: June 16, 2011

Central Bank lawsuit designed to assist CL Financial – CLICO culprits

Florida: Just one of the Duprey family mansions

How a lawsuit against Lawrence Duprey helps him and derails the Colman Commission

Our friend Afra Raymond is probably the most effective and fearless journalist to touch the CL Financial – CLICO fraud and scandal. The titles above here are courtesy of BFP. Everything below here is from Afra, who deserves the thanks of every honest citizen in the Caribbean.

by Afra Raymond

CL Financial Bailout – The big question

The current talking-point is the major lawsuit launched by the Central Bank against CL Financial sowatees, Lawrence Duprey and Andre Monteil.

From what has been in the press, the lawsuit seems to be aimed at recovering huge sums of money alleged to have been improperly taken from the CL Financial group.

There has been a mass of press comment and the reactions have ranged from relief at the launch of the lawsuit to great skepticism as to its duration, cost and effectiveness.

In the BG View of 9th June, entitled ‘The path of good intentions‘, the Editor-in-Chief of this newspaper set out cogent grounds for his skepticism on the new Central Bank lawsuit.  The old saying comes to mind – The road to hell is paved with the very best intentions.

For my part, I am doubtful of the choice of targets in the apparent attempt to deal with this financial fiasco.

The early questions emerging from this action by the Central Bank are for me ‘Why this lawsuit?’ and ‘Why now?’.

“In the case of the CL Financial fiasco, the basic ‘fit and proper’ requirements have been ignored by the Central Bank, exposing us all to continued levels of risk.”

The fit and proper requirements set a standard for those people who are responsible for the safe custody and investment of our monies.  If they are upheld as an important part of the financial system’s architecture, they contribute to stability and confidence.

If they are not upheld, for whatever reason, we are all left to wonder, what is the point of having yet another set of rules which are not being enforced? Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Freedom Of Information, Political Corruption, Politics & Corruption