Prime Minister Stuart won’t talk about this Clico issue…

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

The DLP protect Leroy Parris because they have to… or else!

Had former Prime Minister David Thompson lived to lead the Democratic Labour Party into the coming election, it would have been a very messy fight indeed… because Thompson was Clico’s lawyer when so much wrongdoing happened, and he knew about many contentious activities.

“It gets worse, much worse. Former PM David Thompson was in 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.”

… from BFP’s Former PM David Thompson law firm money-laundered millions from CLICO to Parris: How much came back to Thompson & DLP?

Voters remember that it was David Thompson who during the 2007-2008 election campaign voiced the DLP’s promise to bring integrity to government, and transparency in the government’s dealings in every area. He promised new laws and government rules to stop the abuses. It was David Thompson who held up a campaign cheque for $75,000 that Owen Arthur illegally deposited into his own personal bank account. Arthur stole that money from the BLP election coffers and Thompson proved it to Bajans and the world. (No one asked where Thompson got the cheque – it was, of course, stolen from banking records by a DLP supporter!)

So Thompson and the DLP were elected to provide integrity legislation, freedom of information, conflict of interest rules and to generally clean up what had become a government and civil service rotten to the core with corruption, injustice and nepotism.

PM Thompson Says His Use Of CLICO’s Business Jet Is None Of Your Business

Clico perks were cheap for the DLP, expensive for policyholders

Unfortunately though, it was also David Thompson who (once elected) spent days on end enjoying perks from his friends at CL Financial, including free business jet use.

  • It was David Thompson, Clico lawyer, who knew that many Clico subsidiaries were in violation of reporting requirements.
  • As Clico’s lawyer David Thompson undoubtedly had knowledge of the Florida swampland deals where policy holders’ assets were used to buy wildly over-priced land –  complete with secret commissions to insiders.
  • It was David Thompson who knew that Clico was secretly paying his close friend Leroy Parris millions of dollars for ‘consulting’ through outside companies – so policy holders wouldn’t discover how much Parris was really taking from the company.

It was David Thompson who, when Clico and CL Financial collapsed, fought off calls for judicial oversight of the volatile mess and delayed acting for months to give Parris a chance to sweep some things under the rug before the investigators and audit team arrived.

Prime Minister Freundel Stuart won’t be talking about that nasty business.

You can read the current Barbados Advocate to see how he’s going to handle the issue of Clico during the election: nothing substantive, deflect all questions and delay, delay, delay.

How much Clico money did the DLP receive over the years in ‘campaign donations’ ? How much of Clico policy holders’ money went into the DLP’s election coffers for the last ten years?

And here’s another big question: Thompson’s legal fees as Clico’s lawyer…

Thompson knew that Parris was siphoning off far more money than the Clico policy holders were aware of… so how much extra did Parris award to Thompson’s law firm? How much extra padding did those invoices have?

Parris was grabbing all he could from Clico and Thompson helped to arrange it so the policy holders wouldn’t know. Why shouldn’t Parris have thrown in some extra for his good friend Thompson too? I bet it happened. I have no doubt it happened.

And to those who are upset by this analysis – no problem. Let’s have all the Thompson law firm invoices vetted in public so we can have that integrity and transparency the DLP promised Bajans back in 2007.

Further Reading

Here’s Prime Minister Freundel Stuart talking to the press about Clico last weekend. Please read it at The Barbados Advocate, but as usual we have to reprint the entire thing here because our article is about it, and the Barbados Advocate has a habit of deleting articles when they become inconvenient…

PM responds to critics

8/20/2012

PRIME MINISTER Freundel Stuart, in responding to several criticisms from the Opposition, took the issue of CLICO head on and stated that the report on which several stories were published earlier this year, was stolen.

In a shocking revelation to the packed audience at the ruling Democratic Labour Party’s 57th Annual conference, which was held at its headquarters yesterday, the Prime Minister stated that the report was stolen and circulated unlawfully. “The Prime Minister was roundly condemned for not commenting on a report that he had not seen. And he had not seen the report because at the time that he was being condemned, the report was in unauthorised circulation because it had been stolen. I have never been a thief, self-confessed, petty or otherwise … I sleep comfortably at night because there is no man, woman or child in Barbados or outside of Barbados, who has a secret holding for me. There is nothing in the life of Freundel Jerome Stuart of which he can be made to feel ashamed. I have chosen to live my life that way.”

Referring to the report, the Prime Minister stated that it did not include any issues of which the Government had been accused.

“I discovered that it had accused the Government of nothing, had accused the Prime Minister of nothing, has accused the Minister of Finance of nothing, had accused the late Prime Minister of nothing, and was merely an interim report, stating no conclusions about any of the matters it was investigating. But if you were hearing the debate, you would have believed that Barbados was about to implode, or explode, as a result of the contents of this stolen document in unauthorised circulation.”

The point was also made that Government was working with other countries to find the best solution to deal with the CLICO issue and remained determined to protect the policy holders and their investments. To that end, he added that Minister of Finance Chris Sinckler was hard at work advancing the Barbados approach to the challenging situation, with a view to bringing a conclusion to the matter. “Let me repeat for the record. CLICO does not now belong and has never belonged to the Government of Barbados. It is a private concern in which people in Barbados and other parts of the Caribbean invested money in various types of insurance policies. It ran into difficulties, putting those investments at risk. It is now under judicial management and because of its regional scope, Heads of Government from across the region are working to resolve these outstanding challenges in such a way as to eliminate or minimise losses to investors. My predecessor in office, the late David John Howard Thompson, the Governor of the Central Bank and I have stated publicly what we intend the Barbados approach to the problem to be.”

Aim was taken at Opposition Leader Owen Arthur, whom he stated could not be his role model. Waxing poetic about the stern words and attacks which previous DLP Leaders had faced from the Barbados Labour Party (BLP), he stated, “I do not want the endorsement of the BLP, I have the endorsement of the DLP and that is the one which matters to me.” Prime Minister Stuart was returned unopposed as DLP President. (DB)

17 Comments

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

17 responses to “Prime Minister Stuart won’t talk about this Clico issue…

  1. what will they think of next.

    why should he?

  2. Peltdownman

    Only one copy of the report, eh? I didn’t know that the Judicial Managers were so bent on saving money!

  3. arius

    we as people need to open our eyes all two of these parties are the samething and it’s time that we give another party a try,i’m not part of any party but i would like to see the back of these two. When owen was Prime Minister a set of his last words were : Blame everything on me i was the leader of the party now all of a sudden he is guru that got all the answers but look the mess he left and this present one has run out of IDEAS

  4. St George's Dragon

    I don’t think Fumble could have read the report.
    No, on reflection, I am sure he has but his statement is just clever lawyers’ phraseology.
    Did the CLICO report “accuse” anyone of anything? Of course not – that was not what Delloitte was appointed to do. Their remit was to “assist the Judicial Manager in identifying, securing and reviewing the documentation available to support the inter-company balances and to identify related party transactions”.
    They did not accuse anyone of anything. What they did say was:
    “Included in the balance owing by CHBL is a payment for $3.333mm made by CIL to the law firm of Thompson & Associates (legal advisors to CIL and CHBL) in January 2009, pursuant to an invoice dated December 2008 purportedly for fees or retainers related to various legal matters involving CHBL. Mr. Leroy Parris, the former Chairman of CIL and CHBL authorized the invoice for payment. We have been advised that although payment was made to Thompson & Associates, it was in fact to the benefit of Mr. Parris as partial payment of a “gratuity”. We note that this transaction was not disclosed in the Minutes at that time but was discussed by the Board following the appointment to the Board of the Government representative in mid-2009.”
    So it was all above board then?

  5. Corrupt

    Corrupt CORRUPT!

    From stem to stern, the whole Barbados ship
    -BOTH nasty parties!

    I shall be voting, but I shall be deliberately spoiling my vote.
    Suggest you do likewise.

  6. rastaman

    @corrupt: And what will spoiling your vote do? What we need are 30 HONEST ,knowledgeble ,and Caring individuals to run for office as independants. I for one would vote for them.

  7. Tudor

    Ras,
    If you find one let me know, I’ll vote for him!!

  8. PLANTATION DEEDS FROM 1926 UP TODAY A ND SEE MASSIVE FRAUD ,

    Prime Minister Stuart won’t talk about this Clico issue, Beatrice Henry nor Violet Beckles either. The Heirs will deal with him when its time to VOTE with his weak AG.

  9. CURIOUS....??

    who is Craig l Waterman??? ..( CLW ) he gives his address on official papers as 29 EL SOL SORENO. BARBADOS GOLF COURSE, CHRISTCHURCH;
    CLW, IS A MEMBER OF BARBADOS GOLF CLUB.
    CLW dresses very “neat”.
    EL SOL was developed by ANTHONY DA SILVA of INNOTECH SERVICES FAME….SANDCASTLE LONG BEACH, INCH MARLOW / KING GATE GIBBS….
    SON OF FRANK DA SILVA DLP KING MAKER…. ( FRIEND OF GWEGOWY HAZZARD )……..BRITTONS HILL ENGINEER CONSULTANT….DIRECTOR BTC….DASILVA IS strongly associated with the current DEM regime…………..strongly associated with CLICO;
    WATERMAN is a partner / director in PRICE WATER HOUSE COOPERS…………..AUDITORS TO CLICO AND BAICO.
    CLW PURPORTS TO BE A LICENSED TRUSTEE IN BANKRUPTCY…OR SOMETHING LIKE…….
    HE WAS A CONSULTANT WITH ERNST AND YOUNG……BUT DID NOT STAY / LAST LONG….
    HE WAS IN THE ACCELERATED MANAGEMENT STREAM AT BARCLAYS……………BUT DID NOT STAY LONG…..
    WHO KNOWS ANYTHING ABOUT THIS SHADOW WATERMAN…??

    St GEORGES DRAGON; above…..so THIEVING THOMPY did not charge vat on the PARRIS money laundering invoice????…$3.33M….10% VAT…..$333,333 STOLEN FROM THE TREASURY…………YET LESLIE HAYNES Q.C. WAS THE SENIOR COUNSEL TO CLICO…….AND ATTORNEY / ADVISOR TO PARRIS???………….NO CHARGES FOR TAX AVOIDANCE??????????…OH!!! FROON WOULD NOT LET THAT HAPPEN TO HIS BUDDIES
    .

  10. Bajan Rattlesnake

    @ CURIOUS (a.k.a chris mchale)

    Craig L. Waterman is the man from PWC appointed by CIBC First Caribbean Bank as the Receiver/Manager over the assets of Woodbank Investments Limited, owners of Ocean Reef Suites and Ice Properties.

    CIBC appointed Waterman cause Woodbank Investments Limited, owners of Ocean Reef Suites would not make payment on millions and millions and millions of dollars Woodbank owed CIBC.

    Commercial banks will f*ck you up (with a little help from the GOB) when you stop paying them the money they are owed.

    PWC is the company that hired the guard who broke Chris McHale hand when the said McHale wanted to spit on the guard when the Reciever/Manager when to take possession of the McHale’s company Woodbank.

    Don’t Da Silva, Waterman, Farmer(s) and Clarke all play golf together at Barbados Golf Club. Minister John Boyce son don’t work for CG&F?

  11. 158

    Stuart can decide not to talk honestly about the CLICO infamy as much as he wants but the fact is that in our IT age there are NO secrets and all is known…Stuart is not fooling anyone…. he is another crook in the gang that helped CLICO steal from everyone. He is a dunce.

  12. Stuart won’t talk about clico because then it would remind those of us Thompson tricked to vote for the DLP that Thompson was a smooth talking stinking crook. And they on TV and all about the place talking about Thompson legacy. The only legacy he have is one of helping his buddy carry away our money from Clico

  13. 190

    BAJAN RATTLESNAKE @ SENATOR PETER GILKES

    Senator Peter, you certainly have an apt pen name. comments from SITGEE ……….not SITGEE…..(word press changed the name of the original contributor from SITG to suit theit own agenda )……SITG….SNAKE IN THE GRASS…..INTERESTING…A LOT OF SNAKES AROUND.
    re the Barbados Water Authority scam……now it is public…gone quiet for a while….your good friend Anthony da Silva must be worried….that tax payer $5m “loan” is destined to come back to the DLP for election time??….unless your buddy Tony uses it to settle McHales $30m claim arising from Innotech’s incompetence on the Ocean Reef project….word is that Da Silva is suing McHale for defamation….remember the sign…”this WAS an INNOTECH PROJECT”….GOOD SPORT…..now….who else plays golf …RAMONE ALLEYNE, CLARKE GITTENS FARMER???? EDWARD JUDD FROM CIBCFCIB…..DAVID GITTENS FROM CLARKE GITTENS FARMER, CRAIG WATERMAN FROM PWC…INTERESTING CONNECTIONS ………..all good friends of Mchale…..i seen some emails …..ONE FROM YOU Senator…….SEEMS YOU HAVE A CLOSE RELATIONSHIP WITH WATERMAN……….AS “CLOSE” AS YOURS WITH THOMPY?? …………and Tony?…….what is that Trini calypso bout BATTY MAN??

    MORE CURIOUS

  14. rastaman

    @Annonymous :Wow tell us some more.

  15. arius

    Barbados was BROKE from in 2007 other wise Owen won’t sell the land to pay bills those were his words remember, when you have money you dont sell anything especially LAND so who really BREAK the country not OWEN and his crew

  16. wild youngster

    BFP its time to start a new post to see what has been done about CLICO and British American, I only hear bear talk.