Invest NIS pension money in CLICO!

Forget about ‘Investing’ in the Four Seasons project

Contributed by ‘Hocus Pocus’ in two comments…

If the government is looking for an investment for NIS money, why doesn’t it invest in restructuring CLICO as has been recommended by the Judicial Manager? At least this would benefit BAJANS, many of whom are retired and in dire need. There was never anything wrong with CLICO as a company – it always “did” very well indeed. The only problem with CLICO was the “teefing” hierarchy and with those persons gone and a new directorate and management in place, together with mindful marketing strategy, a restructured and renamed company should be successful and beneficial to all.

Sure, I have money invested in CLICO and, obviously, I need return on it so I can eat and lead the modest life I had planned for my retirement. I am over 60 with virtually zero likelihood of employment. There are many in similar positions.

Before investing in CLICO (2005) I carefully read the Insurances Act and understood that government regulatory control made sure that if a Life Ins. Co. was not it compliance, as set out in the Act, it would be shut down; that mandated statutory funds would ensure protection of policyholders’ investments should the company go “belly up”; that regular inspections by Department of the Supervisor of Insurances would ensure statutory funds were at required levels using approved instruments.

There is no way I expected to be betrayed by government flouting the laws of the land as it appears to have done.

In 2005 I could have got 6.75% if I had invested with another company – a mere 1.25% less than the 8% I got at CLICO. I would hardly call this greed – something CLICO policyholders have been accused of! CLICO was also an old (60-70 yrs), established institution. If it had been a 10-year-old company, for instance, then one might not have ventured there. In addition, CLICO financials appeared to be in order giving no reason to suspect that anything was amiss.

A few weeks ago I listened to a video clip of a speech given by the governor of the central bank of Trinidad and Tobago, at the Hilton Hotel in Port-of-Spain and he said that blame for the CLICO downfall in Barbados and the Eastern Caribbean could be placed directly at the feet of government.

Of course, CLICO and BAICO policyholders (of which I am one) are trying to identify a successful solution for all, and the restructuring of CLICO using an injection of $152m cash (or thereabouts) by the government is one solution identified by the Judicial Manager.

It would appear that the government of Barbados has NIS money to invest. Would it not follow that investing it in an instrument like the restructuring of CLICO, which would be for the benefit of Barbadians, would be better than the Four Seasons project? And please note, Anonymous, the restructuring of CLICO does not mean that anyone gets their money back. It means that policyholders would get a reduced interest on their investments with the hope that principals be repaid at a future date. Furthermore, having CLICO up and running again would mean jobs for a lot of Barbadians.

When I hear of/read about Barbadians’ lack of support for other Barbadians who have suffered as a result of alleged betrayal and negligence at government level, I shudder. Government has got to make reparation to those who suffer at their hands. One needs to be reminded of the adage “There for the Grace of God go I”. Who knows who or what will be next to suffer as a result of similar betrayal and negligence?

It would be constructive for us ALL to pull together in an effort to call to put right that which has been allowed to go wrong.

11 Comments

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

11 responses to “Invest NIS pension money in CLICO!

  1. Jackass write on Bajans Face

    And Tony Marshall, Chairman on NIS with his big Barclays pension secure, is in the Wednesday Midweek Nation December 14, 2011 wukking up with a woman – Shame on him….after he piss way we money in that endless Four Seasons hole!!! Government support US$60 Million in it last year to restart the project – yet we cant see the project restart yet. Now them want to piss way we pension money in there too

  2. Sunshine Sunny Shine

    They already have and there ain’t one darn thing you or anyone can do about it you know why. All wunna bajan does do is tauk nuff, tauk about every body, tauk and tell lies to put people in trouble and malicious and jipsy is france. So what u gonna do about it ”Jackass write.” I bet not one darn thing so join the bandwagon

  3. just want to know

    I would back NIS money in CLICO if I see or hear some of the Managers are going to jail, and some of the money they have taken are confiscated and return to the company for the people who invested in it. Why are our governments trying to spare Duprey & Leroy Parris from jail, and any others who are Involved in this ?

  4. Anonymous

    This article seems a bit self serving… Maybe its me

  5. Hocus Pocus

    @ Anonymous

    I feel that taking a look at the bigger picture may be helpful.

  6. Wily Coyote

    “Invest NIS pension money in CLICO!”
    Not the greatest idea, however it does stand head and shoulders above giving NIS money to the Four Seasons Project.

    The articles quote “governor of the central bank of Trinidad and Tobago, at the Hilton Hotel in Port-of-Spain and he said that blame for the CLICO downfall in Barbados and the Eastern Caribbean could be placed directly at the feet of government.” is 100% correct. Any restructured CLICO will require outside management which is not directly controlled by any local government identity, IE: some offshore company controlled via UK, USA, Canada etc.

    I do not think most Bajans or most other minority CLICO investors realize how serious the CLICO situation is due to the lack of government initiatives to get the issue resolved. The longer the process drags on the less likely a satisfactory resolution will be found. Basically the governments involved by dragging their feet are helping the UN-scrupulous CLICO executives and pocket dipping politicians avoid prosecution. Well maybe that’s why there is no action by Barbados to solve the issue, it’s like shooting one’s self in the foot.
    Food for thought.

  7. Hocus Pocus

    On a lighter note …
    The CLICO JM has been given the green light to look for investors for CLICO. I think that Messrs. Duprey, Parris et al should be at the top of the list !!!!!!

  8. Hocus Pocus

    I mean Messrs. Duprey, Parris et al should be invited to invest ONLY, but, obviously, have NOTHING AT ALL to do with management and directive!

  9. Wunnuh REAl gullible, hear what I tell wunnuh!

    So I’m the shiny New Management at the shiny new Clico 2012 Ltd.
    and as a new broom, I promise to sweep clean for a year or two.
    And then I gyne turn just like the rest and introduce a 1/4 in. dia siphon hose.

    A year after, the siphon hose gyne increase to a 1/2 in. dia.
    You know de rest.
    I done talk.

    Yes, GREAT IDEA. Go right ahead…LOL BARH

  10. Newbie

    An unbiased and accessible justice system is the only hope for Barbados. Justice has got to be seen to be done when wrongdoing occurs or we are all sunk.
    WE NEED ITAL regardless of which party is in Government.
    The downward spiral of morals and behaviour in Barbados is not happening by accident, it is a result of BAD LEADERSHIP.

  11. All those who are criticizing the current Government for not investing with the then management of Clico should now be holding their heads in shock and shame..If Government had done such with that Management Team then, that investment would’ve disappeared in a hurry. You see , you guys didn’t reflect on Trade Confirmers.

    The whole operation of Clico in its quest for luring investors was of a similar nature . Interest rates on return above the current Market is good cause for thorough analysis rather than greedily catching the bait.. Such operations are now currently known as ” Ponzi Schemes “.Two Players in the USA are now paying for their actions.One lavished his so called “Money” here in the Caribbean.

    The Government made the right decision. The previous Government failed to revoke the License of the Bajan Executive at the genesis of Clico’s problem by not getting involved. Politics was the main reason as it is now with the current Judicial Management.

    That Government , for the sake of Caricom signed agreements to the disadvantage of Bajans. No Caribbean Agreement signed among the Islands will ever work as they hoped. Starting with the W.I. Federation on to Carifta, Caricom now CMSE all moderate to poor failures. Even the only thing that holds us together is in a terrible state- Cricket..
    Therefore as such under the Current agreement Operation Funds were leaving Barbados at will to the Trinidadian Principles.
    The current Government gave assistance of $10M to stop the flow and requested the Company to regularise its position but the company was too far gone , it collapsed for the sake of Agreements because some of that $10M still trickled into the Principles’ coffers.

    The Company I worked for diligently, invested our Pension fund in Clico and todate, I haven’t gotten my monthly pension since December 2014.I was one who voted against the investment because of the TC debacle.

    The hurtful thing about this is that neither Judicial Manager or the Clico Management found it necessarily courteous to advise pensioners that the December payment would be the last until a resolution is attained. We pensioners, who only have that stipend, now have to be panhandling so to speak..
    Another thing that is of great concern is how come at September 3oth,2014 Clico’s Assets were $806M but at December 12th, 2014 it was only $160M.
    Liquidation Papers were filed in the Courts on January 6th,2015 and this very important information, allegedly was not included in the official Documents filed in the Courts.

    Lastly, it is alleged that $30M was asked for from the Government by the Judicial Manager, either the current or former representative but now the Manager is saying $300M is the preferred sum.

    With all the recent allegations , my mind is boggled as to the haste for liquidation. as this Judicial Manager seemingly has no regard for the poor people involved.

    Peoples I am keeping a watchful eye and listening ear but certainly not a silent tongue. I see rainbows.