UPDATED: February 23, 2012
It gets worse, much worse. Former PM David Thompson was in the the thick of it in August 2007, prior to being elected. Thompson’s law firm took 4% of the purchase of CLICO’s new business jet for ‘legal fees’. We told you so, folks. We told you.
Stabreoek News: Stunning revelations in Barbados CLICO probe

PM Thompson said DLP use of CLICO's business jet was none of your business, but policy holders didn't know just how dearly it was costing them.
BFP’s original story published February 22, 2012…
Deloitte Auditors list shocking revelations
We all knew the relationship between Parris, Thompson and the DLP was dirty. Now, as they say, you can take it to the bank… except the bank is empty.
I still don’t believe we’re really going to get to the whole truth, but for now this is the news…
Legal Fees for Parris
Late Prime Minister David Thompson’s law firm received a whopping $3.3 million in legal and retainer fees from CLICO International Life Insurance Limited (CIL), but the fees were actually destined for former CLICO executive chairman Leroy Parris.
This was among the explosive revelations of the Deloitte Canada-led forensic audit into the operations of the insurance company and its financial relationship to the parent company – CLICO Holdings Barbados Limited (CHBL) – and other members of the local CLICO empire.
“On January 16, 2009, a payment for $3.333 [million] was made to the law firm Thompson & Associates by CIL…
The Nation: Full story: Legal fees for Parris
And…
CLICO Action
Criminal charges have been filed in the magistrates’ court against former executive chairman of CLICO Holdings (Barbados) Limited, Leroy Parris, and current president Terrence Thornhill.
Official police sources have told the MIDWEEK NATION that the two executives are to be served with summonses to appear in court.
They are accused of contravening an order by the Supervisor of Insurance in August 2009, which prohibited the company’s subsidiary CLICO International Life Insurance (CIL) from selling new business.
Read the full story: CLICO Action
Every goddam one of them – CROOKS!
Duzn’t matter whether blp or Dems
they’re a buncha goddam CROOKS – every one of them!
Spoil your vote deliberately, next election!
Gonna be nice to read about these two skipping the country for the South of France.
And about Interpol tracking dey thiefin ass DOWN,
and bringing them back in SHACKLES in a few months time!
CROOKS!
Would be interesting to see who would be their legal representatives (lawyers). One wonders if Hal would be so brave as to stick his neck out and represent his friend friend.
Terrence Thornhill, please tender your resignation as President of CLICO Holdings immediately. You are no longer entitled to live off the premiums currently paid in by the suckers called policyholders.
At last! It’s about time that the management of CLICO paid their dues to the people they have robbed, but in this Barbados it won’t surprise me that this take another 5yrs. to be brought before the courts. They all need to be locked up, and the millions they are living on to be given back to the people who put their money into the company. I hope Barbadians see now that David Thompson wasn’t a SAINT, he was just as devious as Owen Arthur or worse.
@ CROOKS!
I agree with you “Spoil your vote deliberately, next election!”.
Here, the power is ultimately in the hands of the electorate. It is the one thing we can all come together and do.
It is imperative for the well-being of each and every Barbadian citizen, to do what can be done to cut out the rot that is and has been so very damaging to every Barbadian.
Come on people, it’s time to take control of what we can control!!
BLP and DLP are like peas in a pod, remember they are buddies outside of Parliament. They are so alike in attitude, lack of morals and policies that they should just join and become the (BDLP) BARBADOS DEMOCRATIC LABOUR PARTY. That at least would stop them being able to just blame each other for all the crap they allow to happen in Barbados.
Either vote independent or spoil your vote, do not vote DLP OR BLP or we will be stuck in the same circle again and they will continue to treat us like mushrooms, the advantage a mushroom has is it doesn’t have to leave home every morning to go and earn a pittance just to be able to survive, it just needs to keep swallowing the BS.
Bring back who in shackles? DLP don’t want a confession from Parris. It’ll be another Mathieson affair. Even if the police pick him up overseas, the diplomats in London or wherever will quietly ask for him to be let go.
Barbadian elected officials, who supposedly represent the people, will ensure that this legal matter drags on for years and years without any accountability.
My thanks to people of integrity and determination like Afra Raymond and a firm such as Deloitte’s to shine a light on what is only the tip of a very very dirty iceberg.
When will they all be arrested, handcuffed and fingerprinted for all to see?
When will they all be arrested, handcuffed and fingerprinted for all to see?
Maybe it will happen tonight – in your dreams.
Hi Hocus Pocus
We’re for voting independent, not spoiling your vote. We’re open to discussion but spoiling your ballot will not change the overall result: voting for an independent will totally upset everything. IMHO.
Barbados is not like USA, you can Write In a Candidate, TV celeb’s Pat Paulsen and Johnny Carson almost got to the White House that way, they have a slot to allow a Voter to make their own choice… Barbados? Ha! good Luck
http://www.bajanreporter.com/2012/02/clico-barbados-saga-qa-st-gabriel-1st-feb-2012/
“Tariq Khan is David while CLICO is Goliath and their Legion of Lawyers (no lie, the reason for the ‘resting‘ of the video) is claiming an expression of opinion is a bad thing, so they are threatening Mr Khan and the members of BIPA…”
http://www.bajanreporter.com/2012/02/barbados-investors-policyholders-alliance-bans-bajan-reporter-is-clico-winning/
” — I also constantly mention my website and its link at your meetings, the audience is fully aware then my website is an Online newspaper – it seems now that under advisement, the group is now running scared and looking to administer damage control after the fact…”
“FORMER DEPUTY PRIME MINISTER FROM RULING DLP OF BARBADOS SLAMS CURRENT GOVERNMENT FOR HANDLING OF CLICO”
http://www.bajanreporter.com/2012/02/former-deputy-prime-minister-from-ruling-dlp-of-barbados-slams-current-government-for-handling-of-clico/
So much for the squeaky, clean image of Thompson that is always being presented to the gullible public. There is no such politician around..I am a policy holder of CLICO and BAICO. Am I upset, yes…now I understand why there was the tardiness on the part of Thompson to put these companies under judicial management…
Violet Beckels, Her Lands is also part of this Massive Fraud of CLICO By CLICO for CLICO,, ,BOOKS,, Ask what CLICO is to own that never was paid for . Every House , High Court , Oval , Baxter road , both side, High ways , roads Air Port,More Info on the FRAUD TO COME ,, THE Bajan Free Party(BFP) Will clean this nasty house of cards,, NHC , UDC, BANKS, , COW and head crook lawyer from the start SIR QC Richard L.Cheltenham, and this NEW PM that knows the Truth so call Attorney General ,, what is the AG in Barbados do?hold a title and not work there block for the high level fraud men ,,,,The AG need not be a Minister at all…
Is money laundering a local crime or an international crime? If accolades and honors can be awarded posthumously, can a deceased person be disbarred posthumously? Just wondering? While the conscience may have been able to deal with the deceit and deception, maybe the pancreas was unable to do the same.
On another front, anyone interested in buying a late model Jaguar at bargain price OR will the authorities move early to protect the interest of the bilked policy holders before any more ill-begotten gains are hidden away?
I noticed the 7pm CBC news last night did not mention a peep about these latest developments in the CLICO case, and a quick skim through the Advocate this morning shows they are still apparently “observing the passover” on this important news item too. LOL
What is the penalty for selling policies when prohibited from so doing?
Is there a fine?
Is there imprisonment ….. or both?
Is there somewhere we could look in whatever act was violated and get an answer?
Ooops sorry.
Just read it in the Nation.
The fine is $1000 plus $250 per day for not observing the prohibition.
It is my intention to vote next election.
Unless the weather is lousy beyond belief, I shall be making the democratic effort to find my tax-paying self to the voting booth.
It’s not far from where I live, and the wife likes to get there early and get it out of the way before breakfast.
It is my intention to not just deliberately spoil my vote
but to take the time to write these words on my ballot paper:
DELIBERATELY-SPOILED VOTE
Would like to suggest that others who are of like mind
to take the time to write those same words on their ballot papers too
so that, after seeing quite a few dozen (hopefully HUNDREDS) of ballot papers so marked
it should make sufficient impression on the counters and electoral officers present in each voting station
that this new political phenomenon in Barbados
MAKES THE NEWSPAPERS THE NEXT DAY!
as something new and unheard-of in Barbados electoral politics.
Please help me in this.
If you plan to spoil your vote
don’t just spoil it, but please mark your ballot paper as a
DELIBERATELY-SPOILED VOTE
so they will KNOW our public dis-satisfaction!
Thank you for your help.
The criminal charge is a joke if these are the penalties.
Better yet,
mark your ballot paper ANOTHER DELIBERATELY-SPOILED VOTE…
Green Monkey, I noticed that too. Not a word was mention about it on CBC, even though this station is supposed to be paid for by taxpayers, and for information to the general Public. It is a DLP station paid for by taxpayers. Lest we forget the present Prime Minister said publicly that “Leroy Parris is his friend”, so there is no way this will be brought to the courts by this administration.
@just want to know, if the government won’t take them to court, then we the people will have to take the government to court on election day! How can we get a commitment from the other side that they will do something positive about it if elected – and I don’t mean a promise like the one about Integrity Legislation that never saw the light of day though it may be dusted off and bandied about in the run-up to next election. I mean something binding with penalties if they don’t act within a stipulated time period. Somehow, I don’t trust any of them to do anything? Maybe it’s because P has bills of sale on important players from both sides.
Secondly, it is high time that we the citizens of this country DEMAND that CBC be either privatized or the cost of (ruining) running the station be paid for by whichever party is in power, as it appears that each little fiefdom thinks that the CBC is theirs to do with it as they please. There must be some international broadcast agency which we can petition in order to break the back of this horrid monopoly? Suppression of the news, that’s what it is – who would have thought that the “Freest Black Nation in the World” would have come to this.
I am not sure if anybody raised and answered this already, but I want to know how the results of a forensic audit seem to be coming out in such an ad-hoc manner. Where is the confidentiality? It makes me wonder even more about the intergrity of these accountants and other ‘professionals’
I also wish that people would resist the urge to maligned CLICO policyholders. Not all policyholders went after the big ticket returns like Fowler et al, some of us bought legitimate insurance policies which are very similar to those sold by the any other insuance company. Also at this time, I am quite certain that several former CLICO agents have or had employment since this whole episode at the only other big name life insurance company on the island. Clearly if all of the agents were crooks then that other big name comapny is also crooked. Go figure.
And finally, BIPA is not clean either in all of this. The originators of BIPA bought the high ROI financial instruments with the 8% or so return. They have sought and succeeded to make the average poor man who had a legitimate policy cancel it and reap the loss of being for the most part unable to reinsure themselves with the other big name campany. A high percentage of our population, 10 yrs into a policy given our poulation’s disposition will be uninsurable or find it costly ro reinsure. But several persons in this demographic have cancelled their policy only to find it impossible to go elsewhere. BIPA have since realised a couple things:
1. Stopping people paying their premiums makes it less likely for the BIPA members to get returns (a large % of these members are accountants, lawyers and other so-called educated people…go figure)
and 2. They have caused the average man or his family to lose a bit of his/their financial protection in later life. This point is borne out by the one of BIPA’s officials recently trying to implore people to pay their policies.
Basically therefore at all levels of this CLICO story, in Barbados at least, we are confronted by a set of greedy self serving people. Clearly BIPA’s ringleaders are no better than Parris et al, if they knowingly persuade honest simple people to join them in an activity which is geared to give big returns to a select bunch of the same greedy oppurtunistic people.
The PM said in Parliament and I quote “Leroy Parris is my friend” but within a matter of weeks, he was fired as the Chairman of CBC by the Minister, the PM.
Here is a bit of advice for those within the sphere of politics, if a minister and especially a PM calls you his friend in public for all to hear, then its time to get from within striking distance of that Minister or PM. Equally, if a Minister and especially says in public you are his enemy or says he dislikes you, then you are good to go, it means they are really friends.
So the bailiffs cannot Mr Parris??? Or they do not want to find him?
@ Laughing
As a member of BIPA and having attended all the meetings so far, I can state categorically that at no time did any of the principals in that organisation, nor Mr Khan, even suggest that premiums should not be paid. It was exactly the contrary. So come on, what is your real motive for writing this piece? ALL investors in CLICO did so on the basis that the Government of Barbados was looking after their interests through the Supervisor of Insurance. Instead, we were sold down the river in the interests of political greed. Finally, I don’t know where this “8%” came from, but at the time that I invested over 10 years ago, the rate from CLICO was only a couple of points or less above the going bank deposit rate – a common practice from companies who want to compete for deposits. Over time, the return became smaller. This was a legitimate attempt to invest money in what was percieved to be a solid company, with that solidity being confirmed by governemnt and auditors. Many people deserve censure here, but it is surely not the investors in CLICO.
Somehow I suspect that ‘Rastaman’ got the right angle on this bizness of “Can’t find Parris” (IF he is on the island at all…)
but then again, by now Parris and his Costa Rica passport DONE fly de coop!
He was prob. GONE frum bout-hey since Monday!
Wunnuh now ketchin up to he?? LOL
Time for the FBI to look at how all those properties in Miami got funded.
I can see clearly now. It is my understanding that the purpose of the forensic audit was to find the missing assets of Clico International Life. Did everyone miss the fact that they actually found the assets and the only thing of significance the Judicial Managers have to show for the Forensic Audit is a payment to Leroy Parris for 3.3 Mil. But wait, hold on, Parris already told us that he got paid 3.3 Mil. Just check his claim for his $10 mill gratuity, it is all there in the court documents. Don’t get me wrong, he doesn’t deserve one red cent due to the pain he has caused the people of the region. He should be made to repay that money to Clico for the benefit of the policyholders but what I really want to know is if the policyholders have to pay for this Forensic Audit??? Again I ask, How much is it costing to have these Judicial Managers tell us what we already know.
The head of BIPA was quick to comment on the findings of the Forensic Audit in her obvious glee that executives were being charged but totally silent on the obvious conflict of interest between Patrick Toppin and his relationship to Leroy Parris and Clico. How do we as policyholders know what we are getting is the clear and objective picture of Clico or is it payback? This all stinks to high hell.
It is time the Government step in and give us back our money and bring an end to this sordid affair.
@ Peltdownwoman
Two things:
1. When I said ‘make the average poor man’ I mean that by lumping the financial instrument you bought with insurance policies which are regulated and totally protected under the Insurance Act of Barbados and the activities of teh Supervisor of Insurance together and using strong terms in public to suggest that policyholders (a name liberally used) will get nothing unless the courts intervene; it has caused people to make some silly choices. I am not speaking from a crystal ball, in my work I came across this every hour when this issue first started and it is still happening albeit on a reduced scale. I personally have stopped dozens of people cancelling their whole life and term life policies. You dont have to take my word, make a check with CLICO or former CLICO agent.
2. Several people I know were enticed into this scheme via ‘special encouragement methods’. I was subject of one of these ‘special encouragement methods’. The information I received indicated potential returns ‘as high as 8%’. During the period lets say: 2002 to about 2006 1/2 pension plans in Barbados were earning up to 8% in several cases. As you no doubt know, if you are part of a pension plan you can in some cases, invest your own money (above and beyond contracted pension contributions) so that you earn returns on 2 levels. Clearly if plans were making up to 8% returns and trust me CLICO knew this, they would have to come good to encourage a ‘learned’ person to transfer his holdings to them. There are very large regional entities, that transferred their holdings to CLICO on the basis of similar ‘encouragements’. Some here but most are from up the island chain.
My interest in doing this is purely informational and also dont be fooled several persons got their money back just before this thing hit the fan. Those are the people who could have really really made a big stink….what you dont know are in details you will probably never see.
Anita,
Why in hell should Government step in and give you back your money??
You made a deal with me the taxpayer?
or with whatever Government was voted in?
You made a financial deal/agreement with a private enterprise corp.
that turned out to be less-than-honest.
That is YOU AND CLICO PROBLEM to solve between the two of you!
HOW COME I THE TAXPAYER must get involved in bailing you out,
now that your sour deal has gone South???
TAXPAYER says solve y’all problems between yourselves!
February 25, 2012 at 3:58 pm
Anita,
Why in hell should Government step in and give you back your money??
You made a deal with me the taxpayer?
or with whatever Government was voted in?
You made a financial deal/agreement with a private enterprise corp.
that turned out to be less-than-honest.
That is YOU AND CLICO PROBLEM to solve between the two of you!
HOW COME I THE TAXPAYER must get involved in bailing you out,
now that your sour deal has gone South???
++++++++++++++++++++++++++++++++++++++++
Here is an alternative logic.
The private enterprise was/is regulated by the Government.
The Government exists because taxpayers/citizens/public voted them in to act on our behalf.
Therefore we the taxpayer through our representatives regulate this private enterprise!!
Our lax regulation has permitted polycyholders etc. to be defrauded/deprived etc. etc.
The policyholders etc. put their money where we led them to believe was safe.
Therefore we taxpayers are responsible to the policyholders!!!!
… just a crazy thought!
Solution: Taxpayers citizens etc. must act more responsibly when choosing their representatives and not accept the same warmed over bodies to continue to create further liabilities for them.
What I have never understood is why the policyholders took so long to take action. The news broke in 2008, why wait until after a judicial manager was appointed in 2011 to seek to be joined as an interested party? As I understand it the policyholders’ hopes are pinned on having a solution worked out for them by the receiver and frankly, there is no special duty which is owed to them.
The entire affair is a comedy of errors. There is no way if I had a cent in that company that an officer on the board could have had a judgment entered before me. As it stands the judgment obtained by the officer puts him in a better position that the 25,000 policy holders. He is a secured creditor. He seems to have had better legal advice truth be told.
Given the info circulating, millions in liabilities + missing assets = Insolvency. That seems to accord with having a receiver (Judicial Manager) appointed. Seems like there is an elephant in the room and everyone is acting like it isn’t there.
I’m no financial guru but it seems to me that the assets should have been marshaled from 2008 when the scandal broke. Way too much time has passed. The asset trail has long gone cold.
I am still not seeing why government should pick up the financial tab for the investment side of these transactions. In all investments there is a risk, what they should press for is to see what actions, if any, of the company or its officers merit criminal or civil intervention by the state.
To my knowledge no government bailed out the Trade Confirmers investors or Madoff’s or Stanford’s. Assets were traced and sold to pay the investors. Why do we want to treat this situation any different, particularly when we know that the Government does not have the wherewithal to do it.
Wasn’t the Government supposed to make sure that there was a certain amount of money set aside in order to meet what has occurred?
That is so long ago I forget the numbers and the correct nomenclature
It was way way back in the time of O$A who now looks like he might get another shot at repeating the mistake.
@CROOKS & Hocus Pocus … exactly what will spoiling your vote achieve … show your ignorance and reduced IQ, that is the most asinine idea I have ever heard. Utter stupidity, even a 10 year would tell you so.
BTW, who is this body would has been barred from traveling to the USA? Could it be Parris?
In today’s Sunday Sun ,comments by some former directors of CLICO really have me baffled.
One Leslie Haynes has pleaded ignorance of any such transactions stating that “the non-executive of the Board certainly were not aware of such infelicities”.
Then we have Dr Frank Alleyne stating “What ever happened in CLICO ,i’m aware of but any information I got was garnished under priviledged circumstances” Nothing surprises me,because I do my research”
Here it is we have one Director saying he knew nothing that went on at Board level and another saying that he knew but could do nothing about it. Maybe they did not attend the same Board meetings.They all want locking to sh–te up.
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Barbados moves like mud up a hill. Grenada taking legal action. Even Dominica in a radically different business is suing Marpins’s management for the reckless management of the business. Cayman Islands have done so. Seems as though there is a frightening level of political incest in Barbados which means if you don’t touch me, when my turn comes I won’t touch you. Frightening. Some one wrote LP must have a bill of sale on many, physical things or people who owe big money and favors! Like in Enron some one must step up to the plate and tell it is it is, like it was, how it was done and who got what as if this is not done the corruption with fester and grow worse than it is. They won’t need to commit suicide, as they may get knighted being that it would be such a change to normal
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These developements are very disturbing
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Your info is quite useful.
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http://www.nexopia.com/users/newtondqyr/blog/20-inmigracin-tps-para-mexico-nueva-esperanzainmigracion
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