June 29, 2013
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.
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.