Cocky BA, CL Financial and CLICO executives have no worries
The numbers have been crunched and the result is what everyone already knew: ordinary BA policy holders will lose. Barbados Today neatly lays it out in a single sentence…
“Thousands of Barbadians who own policies with British American Insurance Company (Barbados) Limited will have to walk away from the insurer without all of what they are owed.” (Barbados Today article here)
A second Barbados Today story about the sale of the new BA office building tells us that although the building was carried on BA’s books with a value of $34 million dollars, it was in fact worth only about half of that.
This outrageous over-valuation of assets is so typical of the entire CL Financial / Clico / British American scandal. Policy holders should remember that company executives made the decisions to over-value assets, and that these decisions were taken for a purpose: to deceive the public and policy holders who believed that the auditors and government regulators were protecting them.
What the public and policy holders didn’t know though, was that the regulators and auditors were more like partners in crime with the CL Financial crooks than unwitting dupes.
Over valuations were only one part of the fraud, for there were other crimes committed too. We published an exclusive story in June, 2009 that showed how CL Financial Group – British American insiders took bribes and kickbacks to have the company purchase land for more than market value…
Court documents sent to Barbados Free Press reveal that a CL Financial Group company involved in a US$300 million dollar Florida land deal – paid more than market value for the land. This happened because the seller of the land provided “incentives” (read “secret commissions”, “bribes” or “gifts”) to company insiders in return for having CL Financial Group purchase the land for more than it was worth.
Partners in Crime then. Partners in the cover-up now.
Government regulators, company auditors & British American Insurance executives – can you really tell them apart?
For years Bajans faithfully made those investments, premium payments and pension contributions. We trusted our Government’s oversight of the Insurance industry. We didn’t ask if our pension funds were segregated and protected: we knew they were because that was the law and we had auditors and government to keep an eye on the insurance companies.
We were lied to: by British American, by our government and by the auditors.
We trusted our government leaders – who took political contributions from CL Financial companies and then looked the other way when those same companies violated the rules, gambled with our money and stole what they didn’t lose.
Then when that house of cards, that Ponzi scheme, collapsed – our DLP Government protected CLICO CEO Leroy Parris and all his friends. And lest the BLP Opposition gloat, we remind Owen Arthur that he was in thick as thieves too.
Once again the ordinary folks who trusted these fine leaders get the backhand, while the crooks continue to live the good life with no worries.
No one will go to jail for what happened, no matter the evidence. You can take that to the bank… which is exactly what Leroy Parris and his friends are doing.