Tag Archives: British American Insurance Company Fraud

British American Insurance fat cats doing fine as policy holders take beating

Cocky BA, CL Financial and CLICO executives have no worries

The numbers have been crunched and the result is what everyone already knew: ordinary BA policy holders will lose. Barbados Today neatly lays it out in a single sentence…

“Thousands of Barbadians who own policies with British American Insurance Company (Barbados) Limited will have to walk away from the insurer without all of what they are owed.” (Barbados Today article here)

A second Barbados Today story about the sale of the new BA office building tells us that although the building was carried on BA’s books with a value of $34 million dollars, it was in fact worth only about half of that.

This outrageous over-valuation of assets is so typical of the entire CL Financial / Clico / British American scandal. Policy holders should remember that company executives made the decisions to over-value assets, and that these decisions were taken for a purpose: to deceive the public and policy holders who believed that the auditors and government regulators were protecting them.

What the public and policy holders didn’t know though, was that the regulators and auditors were more like partners in crime with the CL Financial crooks than unwitting dupes.

Over valuations were only one part of the fraud, for there were other crimes committed too. We published an exclusive story in June, 2009 that showed how CL Financial Group – British American insiders took bribes and kickbacks to have the company purchase land for more than market value…

Court documents sent to Barbados Free Press reveal that a CL Financial Group company involved in a US$300 million dollar Florida land deal – paid more than market value for the land. This happened because the seller of the land provided “incentives” (read “secret commissions”, “bribes” or “gifts”) to company insiders in return for having CL Financial Group purchase the land for more than it was worth.

from BFP’s story CL Financial Group Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

Partners in Crime then. Partners in the cover-up now.

Government regulators, company auditors & British American Insurance executives – can you really tell them apart?

For years Bajans faithfully made those investments, premium payments and pension contributions. We trusted our Government’s oversight of the Insurance industry. We didn’t ask if our pension funds were segregated and protected: we knew they were because that was the law and we had auditors and government to keep an eye on the insurance companies.

We were lied to: by British American, by our government and by the auditors.

We trusted our government leaders – who took political contributions from CL Financial companies and then looked the other way when those same companies violated the rules, gambled with our money and stole what they didn’t lose.

Then when that house of cards, that Ponzi scheme, collapsed – our DLP Government protected CLICO CEO Leroy Parris and all his friends. And lest the BLP Opposition gloat, we remind Owen Arthur that he was in thick as thieves too.

Once again the ordinary folks who trusted these fine leaders get the backhand, while the crooks continue to live the good life with no worries.

No one will go to jail for what happened, no matter the evidence. You can take that to the bank… which is exactly what Leroy Parris and his friends are doing.

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Offshore Investments, Political Corruption, Politics & Corruption

Report: Leroy Parris ‘may retire’ from CLICO. Question: Would they dare fire him?

Is Leroy Parris "The man who knew too much?"

Is Leroy Parris "The man who knows too much?"

CBC says it hears “reports” that the Chairman of CLICO Holdings will be retiring before the year end and that he made his intentions known to the board last Monday.

That is the story from CBC where last time we heard, Parris was still in charge. CBC says that Parris couldn’t be reached for comment – which is a rather strange admission from the CBC that they can’t reach the boss, don’t you think? Or maybe he keeps his phone number secret from the CBC?

Pretty silly.

So don’t call it a “report”; call it a “controlled leak” or “planted story”. The questions are “Who planted the story?” and “Why?”

Here’s a kicker…

“He has spent 30 years with CLICO Holdings moving its asset base from two million dollars to one point four billion dollars, and he has also been responsible for the development for all the subsidiaries of CLICO holdings.

… from the CBC story CLICO Chairman may retire

Parris “responsible for the development for all the subsidiaries of CLICO holdings.”

It seems that the CBC “journalist” who wrote the story forgot about the collapse of CLICO and the revelations of fraud, excess and Florida swampland “investments” that devastated so many families. The journalist also forgot that so much of the four billion dollars in assets was inflated smoke that blew away leaving despair and human wreckage. There was big talk of criminal activities in Barbados and people going to jail until Prime Minister David Thompson stepped in and killed any kind of public accountability by appointing a secretive insider group to keep the lid on de boiling over pot.

Thompson was CLICO's lawyer when bad things happened. Now he's Prime Minister & blocking transparency

Thompson was CLICO's lawyer when bad things happened. Now he's Prime Minister

After all, David Thompson was CLICO’s lawyer when the company illegally failed to file financial statements. Can’t have the courts and the public looking at things too closely then, can we? And don’t think that the BLP weren’t benefiting from CLICO either. No Sir, don’t think that the BLP piggies didn’t share in that trough for 14 years!

Notice how quiet Mottley and Arthur really are on CLICO and the relationship between Parris and Thompson? The BLP aren’t going to look under that rock, that’s fur sur!

Leroy Parris will retire because they wouldn’t dare to fire him

They wouldn’t dare fire him. With most companies Parris would have been out the door for non-performance years ago, let alone the lack of audited statements. It was only after the house of cards collapsed that some of the truth came out. Independent fair market appraisals and reality showed that CLICO’s “four billion dollar” valuation was one big papered lie.

As the top man at CLICO Barbados, Leroy Parris was a big part of that lie.

So Prime Minister David Thompson will continue to shield his friend, and Leroy Parris will retire with honours and a full bank account while thousands of ordinary people suffer because of his actions and failures.

Further Reading

For some background and many links to relevant stories, please read our previous article…

Conflicts of Interest and Sinister Secrecy Continue in CLICO Scandal

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Filed under Barbados, Corruption, Offshore Investments