“We are taking the position that CLICO was a massive fraud on the public.”
Ewart Williams, Trinidad and Tobago Central Bank Governor, July 6, 2012
Meanwhile, in Barbados there is no mention of the ‘special relationship’ between CLICO and the governing Democratic Labour Party.
No mention at all in this Barbados Advocate article or anywhere else we can find…
Green light for CLICO restructuring
A plan to restructure CLICO International Life Insurance Limited has been approved by the High Court of Barbados. So too has been the completion of the Forensic Audit into the insurance company’s affairs.
Judicial Manager for the company, Deloitte Consulting Ltd. (represented by Oliver Jordan and Patrick Toppin), made the announcement yesterday afternoon in a press release.
According to the statement, the proposed plan will result in a write down in value of all policyholders’ liabilities (traditional policies and EFPAs) to match the estimated value of the company’s net available assets.
It was further noted that the restructured policyholder liabilities and all the assets of CIL will be transferred to a new company, which will be separately governed and managed.
All such activities will be subject to regulatory approval in Barbados and the Eastern Caribbean.
In addition, the Judicial Manager will continue to explore with the Barbados and Eastern Caribbean governments any other possible source of funding that would improve recovery by CIL’s policyholders.
The Judicial Manager also advised that the High Court of Barbados has sanctioned the completion of the Forensic Audit of CIL with a focus on related party transactions and balances.
Such further investigation will assist the JM in assessing the feasibility of possible additional recovery actions for the benefit of policyholders of CIL.
13 responses to “Barbados continues the CLICO – Democratic Labour Party cover-up”
Will the Judicial Manager do the right thing and follow the stolen assets and ask for criminal charges to be laid against the wrongdoers including extradition where needed or will this be a “whitewash”?
Come on Deloitte’s, bring In your best JM from the US or Canada to oversee this process, and insist on active and effective prosecution, otherwise island politics will let things slide at the expense of small policyholders who have lost everything.
Meanwhile the DLP is celebrating David Thomson week like he was a saint. He disgraced the office and the legal profession with criminal acts for which he would have been put behind bars for facilitating Clico’s purchase of a corporate jet and signing off for a huge kickback to Duprey. His wife should be thrown in jail for living off the proceeds of crime. To hell with all you DLP a**holes who think otherwise. Your saintly ex PM was just another crooked lawyer who knew how to fill his pockets.
Marvin you had better not let Carson hear you! Duprey has said that he has done nothing wrong, leroy Parris – when & if his time comes – will say the same thing. This issue will be swept under the rug by both parties and the hurtful thing is that Parris will continue to live off of his ill gotten gains.
The late PM has a lot to answer for as the CLico lawyer he was party to whatever was going on
CLICO cannot be considered a cover-up since everybody knows about it…its a “public dismissal”.
Totally agree with you Marvin. We should move his remains from St. John to Dodds. Don’t mind Carson. He need to go do Accra’s work.
There are two serious problems in Caribbean politics……the lack of moral fibre in our political leadership where bad (and often criminal) behaviour by the cabinet and backbenchers is seldom rooted out. It wasn’t always that way…there was an era of honorable statesmen in our history. The second biggest issue (alluded to by anonymous above) is the ability of the electorate to disregard plain facts and keep on putting these jokers in power. Kudos to BFP for running a blog that was basically premised on those two problems…..first the call for integrity legislation and also calling out the local press for a total lack of investigation or expose type reporting. However, after 5 years of nothing, we are going to get exactly what we deserve come election time if not one single person has lost their job for enriching themselves and their cronies while in government….
The DLP couldn’t even produce integrity legislation which was one of their main campaign promises going into the last election, why should we expect them to deliver on anything else?
On a different note, how about that showdown our central bank governor had with the IMF’s Christine Lagarde in Japan on the advice of devaluation?
The appointment of Judicial Managers to oversea the affairs of Clico was the biggest mistake taken by the government. So far they have provided no workable solutions, terrorizing policyholders by not paying their medical and other claims, strip the company of any chance to recover by getting rid of the insurance agents and threatening the staff with dismissal while milking the company of an estimated 20 million dollars. If the government have a solution it is time they bring it to the people and get rid of the blood suckers.
We are taking the position that CLICO was a massive fraud on public ,, GIVE US A BRAKE COME ON<
Nothing is bigger than Plantations DEEDS and Barbados CJ , GG, AG, SIrs , QC, and all and all other so called Big – Ups
CLICO was fed with Plantation Deeds to make it look big. When the deeds were removed it feel apart, No one want to talk Ministers and lawyers telling the people to still make their payments to CLICO,
So now the other People burn Buildings Business , and Plantation houses they never owned to pull out the funds that the people keep paying each month with no return , Fire Payments , Insurance lololol suckers
Massive Fraud , we know all about it , Just BFP and others who just love to talk with headings but no real investigations , just long talk ,We have the facts , papers what ever the hell you want to see , say when and where
We went to the Barbados High Court to let the CJ know the court is rental for 159,000 a month , and the land rented to the court by the Sir, QC crook,on white park road, more to know. Land 80 million, building cost 150 Million do the math,
Public Enemy Number One and Two Sir Richard and Sir COW
All hell ready to break loose at Clico as staff ready to picket. Judicial Managers have not met with staff in ten months. Appointment of a Vincentian to represent them is causing problems as staff are picked on
daily and threatened with termination while they bring in Vincentian staff to replace bajans. Employees being forced out but can’t get their pension benefits while threatened them with legal action for outstanding loans. When will it end?
Wat am really wonderimg is if all that stolen clico money will ever be returned to the policyholders, including wats in the Estate of david thompson, or are the policyholders to sit back while his family enjoy the illgotten gains until one of them decide they want more and foist themselves on the public as ‘caring polititians’. I think its a fair question.
And ur right, Thompsons wife should be thrown in jail. Before DLP won the elections I always used to say she knew something was up, her facial expressions and body language don’t match, pretentious. She should be in jail complicit and coconspirancy. These people have been evil. Care only about their crooked selves.