Harlequin Investor Update March 2015 from Regulatory Legal News on Vimeo.
Meanwhile at the Financial Services Compensation Scheme…
Financial advisers could be on the hook for hundreds of millions of pounds after the latest twist in the Harlequin saga in which the Financial Services Compensation Scheme (FSCS) has written down the value of the investment to nil.
In a document from the FSCS seen by Professional Adviser, dated 12 February and marked ‘compensation calculation’, the body lists the value of a Harlequin Property investment as £0.00.
A FSCS spokesperson confirmed the decision.
“Where applicable we will disregard the residual value in respect of Harlequin investments,” they said.
The move opens the floodgates for the FSCS to pay the thousands of Harlequin investors compensation on the full amount they put into the unregulated scheme, up to a £50,000 limit.
With around £400m originally invested in Harlequin, the compensation bill is set to run into hundreds of millions of pounds, putting it on a par with other investment disasters like Keydata and Arch cru.
As in those cases, the bulk of the cost of the compensation is likely to be borne by investment advisers.
Read the entire article: Spectre of £400m compensation bill looms as FSCS values Harlequin at nil
Drug dealers, corrupt politicians and bad cops
Who made this list?
Sheri Veronica, that’s who. And she ties it to vote buying in Barbados elections.
That woman has stones.
And she’s pretty too!
Sheri Veronica’s blog: Barbados: Bad cops, Corrupt politicians and drug lords
Shocking behaviours by those entrusted to investigate corruption
by Afra Raymond
This column sets out my reasons for seriously questioning the motivation and priorities of the Integrity Commission. Despite my doubts as to the way in which successive Commissions have operated the Integrity in Public Life Act (IPLA), I have continued to offer suggestions as to how their work could be made more effective.
The continuing Code of Silence on the CL Financial bailout, the sharp attack, from many quarters, on our substantial national institutions and the very doubtful history of the Integrity Commission are clear signs that the Public Interest needs to be safeguarded with utmost vigilance at this time.
In relation to the Commission’s history, we need to note the shocking details unearthed during Dr Keith Rowley’s litigation against them. The Commission had made certain findings without giving Rowley the opportunity to respond, as recommended by its advisers and in 2009 the High Court made an historic finding that…
“…The Court declares that the Integrity Commission has acted in bad faith in relation to Dr. Rowley and is guilty of the tort of misfeasance in public office…”
At Para 45 (i) of the 2009 ruling –
“…The Court does not accept the Integrity Commission’s explanation as to why it wrote to the Honourable Prime Minister on the 19th October, 2004, to ascertain whether an inquiry was to be undertaken and if so, the names of the persons to man the enquiry and their terms of reference. The Court notes that the Integrity Commission is an independent constitutional body which ought to act independently pursuant to its constitutional and statutory powers and duties…”
The entire Commission resigned immediately as a result of that High Court ruling.
… continue reading this article at Afra Raymond’s blog Integrity Reflections
“Financial advisers who recommended clients switch their pensions into self-invested schemes heavily exposed to investments being marketed by embattled overseas property group Harlequin are legally liable for losses, the Financial Services Compensation Scheme confirmed…”
… from the Financial Times article Advisers are liable for Harlequin pension transfer losses
Do them. Do them all. Lead them away in handcuffs and beat them on the way to jail.
Lives ruined. Pensions devoured.
Barbados politicians played a pivotal role as enablers for David Ames and his gang. Do them all.
Sheri Veronica says…
“CLICO has become the poster child for all that is wrong in Barbados. The people know that elite wrongdoers are well protected – they have the protection of the police and the government.
The stench of corruption and the grandstanding of sanctimonious, arrogant, lawless and contemptuous elite engulf the people. Citizens are arming themselves, shooting at police and committing more grievous crimes. With millions of dollars stolen and no real hope of its recovery, approximately 20,000 seniors are at risk of poverty. And finally, as has been alluded to above, hardly ever are elites incarcerated in BARBADOS.”
All we at BFP can add to that is… Amen, sister! Amen.
Originally posted on Sheri Veronica:
ON JANUARY 2, 1994, CLICO International Life Insurance Limited opened its doors taking over the life insurance operations in Barbados and the Eastern Caribbean of Colonial Life Insurance Company (Trinidad) Limited. CLICO served the Caribbean for over 60 years. The mission of CLICO International was to become the company of choice among life insurance buyers in Barbados and the Eastern Caribbean. “We will do this by tailoring our products to the needs of our customers, by delivering superior customer service, and by developing our reputation as a strong, financially stable company, deeply committed to the welfare of the communities that we serve.” At the helm was Leroy Parris, chairman of CLICO Holdings Barbados Ltd., which included services such as CLICO International Life Insurance Ltd. With 60 years of service under its belt, the company became one of the largest local conglomerates in the region, encompassing over 65 companies in 32…
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Editor’s note: Remember folks… this is an anonymous blog so don’t take anything for true without a little salt and lots of questions. We received this anonymously and have no way to check the information.
If it is true, it is news. If it’s not true, it was sent by some anonymous mischief troublemaker…
submitted by anonymous…
I would like for somebody to tell me how it is that Faye Wharton-Parris wife of CLICO Ex boss Leroy Parris has so boldly displayed on the door next to her business Premier Event Services Inc @ Welches Plaza a sign with the name Welches Insurance.
Are people so blind or is it that they don’t know of this newly formed insurance Company? I know for a fact that it is belongs to them. The PARRISES making jokes at us and turning some Bajans into parros because they can’t get their investments back.
Name WELCHES INSURANCE AGENT INC.
Date registered / Incorporated 2014-02-18
Director of Public Prosecutions Charles Leacock has been in the news again lately – so we’ve revisited this past story of his corruption and unethical behaviours like using the police to threaten and extort a woman who owed him a private debt – and then withdrawing corruption charges against his same police friend.
Unlike the mainstream Barbados news media, the blogs don’t let unresolved news stories fade away. We’ll keep bringing this back into memory until this place cleans itself up… and until our corrupt DPP resigns.
I love my Barbados – but I hate the corrupt and incestuous cartel that seems to run everything.
Originally posted on Barbados Free Press:
Barbados News Media Remains Silent
On September 16, 2008, Barbados Police Sergeant Paul Emmanuel Vaughn (sometimes spelled Paul Vaughan) was charged with corruptly accepting $56,500 in bribes between December 1, 2004 and April 30, 2007 from Evadney Cindy Bushell in return for protecting her from prosecution for selling pirated DVDs.
We said at the time that the Director of Public Prosecutions Charles Leacock would eventually withdraw the criminal charges against his old friend, Sergeant Vaughn, because the two corrupt public employees had previously been involved together in the Ronja Juman scandal. In short, Charles Leacock had Sergeant Vaughn and his goon squad arrest Ronja Juman in the middle of the night and subject the terrified woman to a vaginal search – over back rent she owed Charles Leacock. There was no way the DPP was going to continue the prosecution of a man who was his friend and a co-conspirator…
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