40 cents on the dollar for Clico victims? Michael Goodman says “Take that offer and shove it!”

by Michael Goodman

As a former Director of the Board of The Barbados Association of Retired Persons and a Clico Policyholder, I am absolutely horrified to read in the Saturday Sun of October 1st, that Douglas Skeete, apparently speaking on behalf of 27,000 BARP members (without having consulted them) suggests that liquidation of Clico is a preferable solution and that it would be “far better” for policyholders to settle for the likely return of just over 40 cents on the dollar from liquidation, than to wait five years for a new company and a promise of 100 per cent returns.

The Government of Barbados has already subjected thousands of Clico policyholders, many of whom are BARP members, to two and a half years of anxiety, depression, silence and arrogant dismissal, something about which BARP did absolutely nothing, until ‘joining forces’ with the active and effective Barbados Investors & Policyholders Alliance a few weeks ago…

… continue reading Mr. Goodman’s thoughts at Bajan Reporter’s What is going on at BARP? Former Director of BARP stressed at New CLICO Suggestion

Photo courtesy of Bajan Reporter

12 Comments

Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments

12 responses to “40 cents on the dollar for Clico victims? Michael Goodman says “Take that offer and shove it!”

  1. Peltdownman

    As a policyholder I can confirm that Skeete certainly doesn’t represent me! I’ve seen nothing about the man in the last few years that would want me to put my trust in him. BARP joining with BIPA has put new impetus into getting this matter settled. Last Saturday’s meeting between CLICO policyholders and the Judicial Manager would not have taken place, in my opinion, had BARP not put their support behind BIPA. Government, too, should by now be aware that 60,000-odd jilted policyholders are also voters. It’s time to get this matter settled. I also want to see a further investigation into the role of the auditors in this whole mess. Were they negligent, or just hiding the facts? Either way, something smells fishy.

  2. millertheanunnaki

    What do you expect the man DS to say? He belongs to a cadre that have consistently ‘closed their eyes or looked the other way’ when it comes to checking / verifying the decisions and actions of those chief executive officers and financial managers that have a fiduciary responsibility to their policyholders and shareholders. In the interest of maintaining their revenue streams via high audit fees and consultancy contracts these people have sold their professional souls at the altar of bribery and kickbacks. All this talk of GAAP FRS is whole lot of baloney when it comes to the local accounting & auditing scene. How can a business as big (and according to the former and current political kingpins, very well managed) as CLICO Barbados can have so many million dollars of assets missing or without adequate supporting documentation and the Auditors let that pass? A proposal to liquidate the CLICO Assets is equivalent to calling in the Undertaker. Everything will be interred and the living, who are responsible for the reckless behaviour that caused the death of CLICO, will sail away into the sunset with millions in their pockets / bank accounts. Policyholders, take a drive to Dayrells in St. George and look up on the hill and you will some of your hard earned money sitting empty! A forensic audit is only a waste of money. No Pandora’s box will NOT be opened because the compass will point to many people in “high places”. It will NOT happen in sweet Bubadas !!

    CLICO will eventually be buried. Poor Cyril Duprey is probably turning in his grave; a man that built the CLICO brand from scratch by sacrificing / forgoing material extravagance and luxury to ensure an indigenous / regional insurance company succeeds only to be disappointed and destroyed by a bunch of crooks and hoodlums.

  3. RLL

    I almost don’t care about my policy. I want to see somebody, anybody, go to jail for what they did. $300 million in assets missing? Wat a joke. Lock up Parris for a start.

  4. Laughing

    Here here!!! @ references to role of auditors and personal interests even before we get to the role of government. Th withdrawal of an audit report should come with a fee based on the higher of the total assets or total revenue.

  5. just want to know

    This was an investment that people made with their money, they saw hugh returns, if by chance they succeeded would any taxpayer get anything from their income? so why now that their investment has failed, taxpayers should foot the bill, come on peoples take your losses and move on. The crooked thieves that made this happen should be jailed, not a penny of taxpayers money should be put in this. Take all the assets from Parris and all his other hangers on, and lock the whole lot of them up. It is a total disgrace.

  6. Some body got to pay

    I am a policy holder, I too agree that it is unfair that the taxpayers have to pay up, I have continued to pay my insurance pollices every month with British American, am I throwing good after bad? Including the Barbados Investors & Policyholders Alliance know one can give me an answer.

  7. JAIL LEROY PARRIS

    Somebody had better pay and that somebody is Parris and Duprey and the auditors who said everything was okay for years when it was not okay.

  8. Cup Cake

    Who was the auditors and who was the managing partner of the audit firm?

  9. Victor E. Stewart

    As part of the family that owned Sam Lord’s Castle before the Marriotts, and as a current landowner at Castle Close, I find the whole subject to be somewhat ridiculous. Isn’t it obvious what is going on??? CLICO came into Barbados with the support of powerful people in government, and proceeded to pillage our fair Island. One of the obvious and terrible casualties was my family home (and what our family had raised to equal status with then-nacent Sandy Lane in the late 1960s and early 1970s as a premier resort hotel) that was part of our national heritage. Apparently nobody cares about tradition any more, but Barbados has a long and honoured tradition of respecting the rule of law and more particularly English common law and equity principles of how to conduct business with the people in your community. All of this has been apparently lost in the fight for political power, but I will make a prediction that sooner or later the people of Barbados will rise up and demand an explanation for what has been done in their name.

    I can only pray that the burned-out shell that used to be my family’s and this Island’s delight might one day be reconstituted, unlike the sad arson memorial that is Farley Hill. Only time will tell.

    Victor E. Stewart
    Castle Close, St. Philip

  10. Peltdownman

    By now the prison tailors should be up by Parris and company measuring them up for the orange jumsuits.

  11. rasta man

    @peltdownman: They have prison tailors???

  12. 247

    leroy parris just bought a new car for his wife for $300,000.00

    terrence thornhill should not be allowed to pratice here any more

    freundel stuart and his administration needs to be voted out

    just saying………