BIPA: CLICO cover up scandal exposed

BIPA

June 29, 2013
Dear Member

The Barbados Investors and Policyholders Alliance Leadership Team learnt yesterday that the Final Forensic Audit Report of CLICO has been completed and that the Judicial Manager of CLICO, along with its attorneys-at-law are seeking the Court’s approval to keep the Report sealed from the public.  We the policyholders deserve the right to see the contents of the report, and so the President is asking as many members as possible to be present at the Supreme Court on Monday, JULY 1, 2012 to let your objections be heard.  Full details are set out in the following Release from BIPA.

Regards,
Patricia Corbin
for Secretary, BIPA

CLICO COVER UP SCANDAL EXPOSED!

The Barbados Investors & Policyholders Alliance is appalled that the Judicial Manager of CLICO, along with their attorneys-at-law, are seeking the Court’s approval to keep the final Forensic Audit sealed from the public of Barbados giving only as its reason that “The Report contains sensitive information about the operations of the Respondent (CLICO), its subsidiaries, CLICO Holdings (Barbados) Limited and the activities of officers and agents of these entities”.

What is particularly of note is the hasty manner in which the submission to the Court was made and the equally hasty expectation of the Respondent, CLICO International Life Insurance Limited that the Order will be granted on Monday 1st July, having only been submitted one working day earlier on Friday June 28th.

Where is the transparency, integrity and accountability of which we hear so much?  What is in this final report that is so ‘sensitive’ that the public of Barbados and especially the policyholders must be kept from seeing it?

Furthermore, one of the principles set out by the Working Group established in December 2012 by representatives from Barbados and the ECCU Governments was that ‘legal action should be pursued to seek recovery from any company or individuals whose action may have contributed to the loss to CIL’s policyholders’. Is sealing this document intended to cause delay to that process and similar action currently being pursued here in Barbados?

The Forensic Audit Report in Trinidad was revealed to the public and caused that country to set up a Commission of Enquiry to investigate the mismanagement and malfeasance that took place in the CL Financial Empire.

In its final Report to the Court dated June 14, 2013 (page 7 of 19 section 24:4) the Judicial Manager stated that they had “commissioned a Forensic Audit which was being conducted by Deloitte Canada.  The scope of the audit as approved by the Court includes a review of related party and intercompany transactions.  The final report which is to be issued shortly will assist the Judicial Manager in assessing the viability of possible recovery actions for the benefit of CIL’s policyholders”

How does keeping the Report sealed benefit the policyholders?  Indeed, one must ask who is to benefit from it being sealed?  If this request is granted then CLICO and its officers will be shielded from public scrutiny. The question must then be asked, ‘Who is safeguarding the public interest, especially the interests of thousands of policy holders who continue to suffer daily because of the actions of CLICO and its officers? Will the court protect CLICO and ignore the innocent policy holders?

BIPA President June Fowler calls on all right thinking policyholders to visit the Supreme Court on Monday morning at 9.15 and let their objections be heard loud and clear.

12 Comments

Filed under Barbados, Consumer Issues, Corruption

12 responses to “BIPA: CLICO cover up scandal exposed

  1. Pingback: BIPA: CLICO cover up scandal exposed | Barbados Blog !

  2. PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Need Names , to who did what and what they knew and when they know it , Along with the FUNDS that was spent for FUN , Who got what and accounts and payment. Free and Clear , FINDINGS ARE NEEDED and posted for all holders to see where they money went.
    To Charge who need to be charged and who will or need to be in Jail.

  3. A policy holder

    I attended the Court on July 1. The Defence lawyers were out in force, each and everyone apparently hell bent to use whatever tactics are available to protect their clients, as so they should and must; they are no doubt charging for their service.

    Like everyone I am unable to understand why a Forensic audit would be sealed from the eyes of the very people this audit was sought to help. Is the idea to have a few days to “get at it and sanitize it”? What has caused Oliver Jordan to jump ship now? Why would PWC which is the Auditor for CLICO want to hire Jordan? Trinidad had a commission of inquiry after the exposures there, not sure we need that. Why can’t the FA be given to the DPP to look for criminal charges, is this fear perhaps another reason for HIDING the FA?

    Policy holders, BIPA Members should by now appreciate the level of filth that must exist within CLICO and to a lesser extent BALICO. It’s high time we came out in droves to let the Government we want answers and we want them know!

  4. 108

    If I was a Policy holder I would seek to have these papers revealed to the Public and in particular to the Policy Holders. I suppose too many people would have a nice time at Dodds if the truth came out. Go for it Policy Holders demand your rites.

  5. FearPlay

    In many parts of the world even Prime Ministers and Presidents are held accountable for wrong deeds committed before or during their appointment to office. Maybe we are different in Barbados. We continue to protect the rich and powerful.
    It will be a sad day in hell if this FA is not revealed to the public and action taken if necessary.

  6. just want to know

    Well we all knew in Barbados that something like this was going to happen, when our departed PM used CLICO plane to fly around the world, and used it none stop to fly to the states for treatment. I always believed God do not like evil, so he died. Now our present administration is as guilty as He was, especially when our present PM can say on public TV Leroy Parris is his friend, so he can’t put him in jail, and our finance minister is always drinking champagne with him. The T&T government have put out an arrest For Duprey, but knowing Barbados who is in bed with LP will never be held responsible or see a day in jail in our lifetime, if ever!!!!!!!!!

  7. PWC

    “Why would PWC which is the Auditor for CLICO want to hire Jordan”

    When you are complicit with a giant fraud its called “betrayal of the public trust”

  8. Peter Eigen and Transparency International

    Write to them personally for all the good that will do!

    Their silence is deafening and their organization emasculated

  9. Anonymous

    God is not sleeping friends

  10. 16

    legalized criminality.

  11. 16

    time for Barbadians to wake up and decide if they like being JUCKED!!, robbed blind, and made fools of by politicians and attorneys…….or to come out in mass and demonstrate that enough is enough. look at the players and the relationships. CORRUPT FROM START TO END…….unless Barbadians make it very very clear to Stuart P.M. and the C.J. that they want justice, the thieves will walk….with smiles. ENRICHED……BY YOU!!!. look at the relationships.
    .F.STUART. attorney; politician. has he read the Clico report yet? if not; why not? is Stuart hell bent to protect his pal L Parris?…at all costs…at the cost of every hard working pensioner and saver in Barbados…answer; YES!!!…YES!!! YES!!!!!……….because he has to ! Parris has TOO MUCH to tell on Stuart and ALL them all!!! that is why
    PRICEWATERHOUSE COOPERS auditors of CLICO BAICO…..and how many of the other entities involved…HAS OLIVER JORDAN. . now OLIVER JORDAN is moving from Deloittes the “judicial manager”……how many tens of millions went their way from the assets of Clico?….for what?…a report to be sealed to protect the wrongdoers[?….moving to PWC the auditors!!!!!! do PWC have no shame? does O.J. have no scruples?; no shame?…JUST LOOK AT THE TIMING!!!!…REPORT ISSUED; GET IT SEALED; LEAVE DELOITTES; GO TO PWC….COOL MAN!!?….TIMING!!!
    REMEMBER the promises made by David Thompson…..by the DLP; by Chris Sinckler.
    David Thompson; attorney. laundered the $3.3m….BROTHER Charles THOMPSON WAS A COCAINE DEALER; DID 5 YEARS IN UK PRISON; COULD NOT BE TOUCHED IN BIM…RELATIONSHIPS!
    see who is filing for the sealing of the report? Ramon Alleyne of CLARKE GITTENS FARMER….CGF !!! LOOK AT THE RELATIONSHIPS BETWEEN LESLIE Haynes, DAVID GITTENS CGF ,….AND PWC,!!!!!!….AND THEIR MUTUAL CLIENTS.
    PETER EVELYN (ONE OF THE FOUNDING PARTNERS IN EVELYN GITTENS FARMER) BIG DLP MAN; WAS THERE ANY UNLAWFUL ACTIVITY THERE WITH AVOIDING PROPRTY TRANSFER TAX FOR CLICO???…..WORKING WITH DAVID SHOREY ….EX PARTNER OF PRICEWATERHOUSE COOPERS!!! OH HO!!!

    SHOREY ET AL; DAIRY MEADOWS…..OWEN ARTHUR………GITTENS CLYDE TURNEY; FAMILY TO DAVID GITTENS; PART OF CLARKE GITTENS FARMER;…YOU WANT A LOT MORE? WHITE SHADOWS!!!!
    WHAT HAS HAPPENED TO THE LEGAL ACTION AGAINST THE DIRECTORS?……GONE DEAD….SILENCED; REPRESSED . GARTH PATTERSON WAS DAVID THOMPSONS partner; that law office did so much work for Clico / Parris. Leslie Haynes was a close advisor to Parris…as well as Clico Board. Garth Patterson is now partner in LEX. Lex is acting for Haynes et al…….
    where is our Attorney General in all of this?…looking the other way……and the “regulators”?
    Leslie Haynes; in the pocket of all!!!..chairman of St Joseph Hospital “enquiry”…a politician’s puppet…bought and paid for many times over….with YOUR dollars!!!…like it?. …how many millions of Bajans money went in his pockets for that farce? HAYNES; NOT IN THE PHONE BOOK!!…POLICY HOLDERS, CLICO INVESTORS; GO TO HIS OFFICES; GO TO HIS HOUSE; ROSE COTTAGE , ROSE HILL, ST PETER……….HAYNES HAS A MORTGAGE ON THE PROPERTY THROUGH CLICO!!……….ROSE HILL….WHO WAS BORN NEAR BY?….NOT FAR FROM THE ROCK IN ST PETER……..
    Haynes pal of LEROY Parris. HAYNES; closely supported by Mia Mottley. Mottley being godmother to Thompsons children; MOTTLEY being Attorney General when things were going wrong;….BUT did nothing!! PALS!!. Owen Arthur…in the pocket of Clico then.
    Parris corrupted politicians and business men , attorneys across the region with Clico policy holder’s money. YOUR MONEY!!!!!!!

    Mottley says the forensic report wont be sealed?….HA HAH HA; of course it will be!!! that is just political posing. Politics; power; corruption; favours, money, influence, relationships; ……..and who will be the lucky judge to preside in this case?!!!…..how will THAT that be decided / who will make that choice. why not the Chief Justice? who has what over each judge?…….LOOK AT THE JUDGES?….HOW DOES LESLIE HAYNES MANAGE TO INFLUENCE THE DELAY IN JUDICIAL DECISIONS IN HIS CLIENTS FAVOR?……LOOK AT THE LIST OF DECISIONS OUTSTANDING….DELAYED….HAYNES?…HOW MR HAYNES Q.C. DO YOU DO IT?…..OR DOES CLYDE ORGANISE THAT FOR YOU?
    there is SO MUCH MONEY, SEX, POWER, POLITICS CORRUPTION TO THE HIGHEST LEVELS behind this CLICO MATTER that the decision has already been made!!!!; the report WILL BE sealed!!!! JUST AS STUART / DLP MANAGED TO HIDE THE INTERIM REPORT!!!!
    BARBADIANS; WAKE UP!!!! THOSE WHO YOU / WE PAY TO LOOK AFTER OUR BEST INTERESTS ARE NOT DOING SO!! DEMAND MORE!! DEMAND BETTER…..BEFORE YOU FIND THAT “INDEPENDENCE AND FREEDOM” ARE BUT MEANINGLESS WORDS…….AS WITH ALL WORDS FROM POLITICIANS!! .

  12. Rastaman

    @16: Could not have said it better.