Tag Archives: CL Financial Scandal

When did CL Financial and CLICO actually collapse? Answer: Long before it was announced…

“Virtually $5.9Bn of CLICO Investment Bank assets seem to have vanished in a mere 13 months – a weekly rate of ‘withdrawal’ close to $105M”

In his latest article, our friend Afra Raymond makes a simple observation that other news media seems to have missed or deliberately ignored.

CL Financial bailout

The House on the Corner Part II: More insights into CLICO Investment Bank

by Afra Raymond

The most pressing issue in the financial system is the CLICO fiasco

…This fiasco was caused by reckless corporate governance and the glaring failure of our financial regulatory institutions…

…This crisis was caused by an absence of risk management, excessive borrowing internally and externally to fund high risk speculative investments, and wrong financial reporting…”

Finance Minister Winston Dookeran, speaking on the CL Financial bailout, during his inaugural Budget Speech on 8th September 2010

The examination of CLICO Investment Bank (CIB) continues, based on the affidavits in the Central Bank’s winding-up action.

Firstly, as an overview, I consider the various versions of the accounts and their implications –

  • CIB’s 2007 audit – Was performed by PricewaterhouseCoopers (PwC) as at 31st December 2007, with the Balance Sheet showing Total Assets of $12.587Bn and Total Liabilities of $11.699Bn.  Please note that those accounts were unqualified – PwC gave a ‘clean’ audit to CIB at the end of 2007.
  • CIB’s Management Accounts – As at 31st January 2009, showed Total Assets of $12.264Bn and Total Liabilities of $10.692Bn.  Those figures are broadly in line with the audit figures 13 months earlier, at the end of 2007.
  • Ernst & Young’s Statement of Affairs – As at 31st January 2009, that showed Total Assets of $6.387Bn and Total Liabilities of $11.080Bn.  Virtually $5.9Bn of assets seem to have vanished in a mere 13 months – a weekly rate of ‘withdrawal’ close to $105M – leading inevitably to the estimated insolvency of $4.693Bn. Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Offshore Investments

CL Financial – CLICO: Afra Raymond demands secret Duprey letter under Freedom of Information

Where is the missing 76.8 BILLION dollars?

Head on over to Afra Raymond’s blog for some interesting developments in the CL Financial and CLICO fraud.

First up, Afra posted a very interesting video of him talking with Jessie May Ventour and Fazir Mohammed about what the new T&T Government is doing with the ongoing CL Financial bailout. (link here)

Second, Afra is still looking for CL Financial’s missing 76.8 BILLION dollars (aren’t we all!) and he wants a first-hand look at a letter written by Lawrence Duprey. Those in power are doing all they can to prevent Afra from obtaining the document… Continue reading

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

Testing the Terms of the CL Financial bailout

by Afra Raymond

On Sunday, June 6, 2010 the Express’ Investigative Desk published yet another series of exclusive reports from Camini Marajh and those are once again, raising more questions than answers.

HCL’s billion-dollar Deal

The only deal they were interested in…

‘Nurse pushes fees for directors’ …at cash-strapped HCL

The $b FCB deal

The reports revolved around some of the recent dealings of Home Construction Limited and their financing via First Citizens’ bank.  The Home Construction group of companies is an important part of the CL Financial empire – that CL Financial empire is being bailed out by the State.

The key issues arising from the reported information would seem to be – Continue reading

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Sir Allen Stanford says “Just call me Al”

Caribbean Knighthoods: Easy come, easy go!

Until we came across the story at Trivester.com, somehow we missed reports in the oldstream news media that the Antigua & Barbuda government finally yanked Sir Allen Stanford’s bought-and-paid-for Knighthood. You know how it works: Stanford gave money to the politicians and they gave him the “Sir” title until their association with Stanford became a little too hot to handle.

Sir Allen, er, “Al” is in a spot of trouble over running his banks and businesses like a big Ponzi scheme – which was all fine and good for a little while but like any Ponzi scheme had to collapse eventually. But what parties he had while it was in the growth cycle!

Much like the executives involved in the CL Financial – CLICO ponzi schemes where 76 billion dollars or thereabouts disappeared overnight. What parties they had, what jets, cars, women and mansions! Oh well – not so bad for Leroy Parris who was awarded a golden Caribbean Broadcasting parachute by his old buddy and lawyer, Prime Minister David Thompson.

Anyway, back to SIR Allen, um, “Al”…

“Al” will be going on a little vacation for a few years. Hopefully before his banks collapsed “Al” remembered to pay off all the drug dealers he was money-laundering for because the cocaine cartels lack a sense of humour in certain matters. Nope, I wouldn’t want to be “Sir Al” in any jail in the world if I lost drug money.

So ends the party for SIR Allen – a guy who purchased his title just a surely as he bought suits and ties. Of course, for Al to make the purchase, there had to be a seller – and there are no shortages of Knighthood sellers ’bout hey.

Oh yes, how we little Caribbean islands love to hand out Knighthoods like candy to friends and political supporters – half the time while ignoring or disparaging the British Monarchy upon whose credibility the whole thing rests.

Visit our friends over at Trivester.com for all the details about “Al” and his little problem: Sir Allen Stanford’s Knighthood Revoked

We’ve also added Trivester.com to our sidebar links and we’d appreciate some feedback on this from our readers. Thanks!

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

Nation Newspaper CLICO Advertisement – “Why do I save? 3 Reasons!”

Clico Saves

My 3 CLICO Reasons for saving…

1/ I used to have savings, but then I invested with a CLICO investment fund and now I have nothing.

2/ CLICO gave millions to Barbadian and Caribbean political parties so they could act without oversight or accountability. Now those politicians are bailing out CLICO and protecting CLICO executives.

3/ CLICO used my “investment” to fraudulently “invest” in over-priced Florida swampland while CL Financial executives took kickbacks from the land vendor as a reward for purchasing the land at way more than its true value.

Those are MY 3 reasons for having to save now. What are yours?

Further Reading

How CLICO Barbados Supported Trinidad Politicians With Your Barbados Tax Dollars & Insurance Premiums

FBI Arrests Sir Allen Stanford, Antigua Government Official & Others For US$7 Billion Fraud, Money Laundering. Striking Similarities With Barbados CLICO Fraud

CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

EXCLUSIVE REPORT BY BARBADOS FREE PRESS: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

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New Barbados Senator Is Proof Of Ongoing CLICO DLP Incest

Swearing in Ceremony - Senator Jepter Ince promises to protect Clico's interests, come what may!

Swearing in Ceremony - Senator Jepter Ince promises to protect Clico's interests, come what may!

Does CLICO still own the David Thompson government?

One thing you have to admire about Prime Minister David Thompson – he never forgets his friends. Thompson has not forgotten all those long years when CLICO and CEO Leroy Parris supported the losing DLP Democratic Labour Party with campaign donations and supported David Thompson personality by handing CLICO’s legal work to Thompson’s law firm.

Yes sir – you can admire loyalty to friends.

CLICO Barbados ThompsonThe problem starts when the friends are now the Barbados government that dispenses your tax dollars to CLICO without transparency or rules about conflicts of interest. Then the friends arrange to place CLICO alumni in strategic positions throughout the government to assist the interests of this “band of brothers”.

Yup, there is far more to Friday’s appointment of CLICOite Jepter Ince as a new Barbados senator than simply tossing out a perk to an old friend. For Leroy Parris, David Thompson and the CLICO band of brothers, it is about the continued implementation of the strategy to protect their past business dealings from real scrutiny by the public and burned shareholders.

Senator Ince’s Qualifications?

Qualifications? Hell – he should be under investigation for the CLICO Fund debacle!

For a start, when Jepter Ince was working for CLICO and advising Barbadians to borrow from Clico Mortgage & Finance Corporation to invest in the Clico Balanced Fund, he and CLICO failed to tell folks that some of the so-called “investments” were into the less than solid “investments” of other CL Financial Group companies. “Investments” like way over-priced Florida swamp land real estate where it is now alleged that senior CL Financial people took millions in kickbacks while Mr. Ince’s clients got screwed.

See BFP’s articles…

EXCLUSIVE REPORT BY BARBADOS FREE PRESS: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

See Keltruth’s articles about the oh-so-close relationship between Clico and Prime Minister David Thompson…

Payback!

Lack of Transparency – Private Citizens Losing Money

What is the Nature of the Relationship between Leroy Parris of CLICO and Barbados Prime Minister David Thompson?

We should be having a public inquiry where Mr. Ince would have to answer questions about his actions, the actions of the companies he worked for and the actions of the other senior CLICO allumni who worked with him.

But that isn’t going to happen, friends.

The fix is in.

Say hello to your new Barbados Senator Jepter Ince…

Ince is new Senator

8/1/2009 – Barbados Advocate

BARBADOS has a new Senator. He is financial consultant, Jepter Ince, who was sworn in yesterday in a brief ceremony at Government House.

Speaking with the Barbados Advocate just after the occasion, the new Democratic Labour Party Senator said that his appointment came about after he was recommended by the Prime Minister, David Thompson and his appointment was approved by Cabinet. He replaces former Senator Derek Alleyne, who is the new Director at the Urban Development Commission. Continue reading

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Filed under Barbados, Corruption, Freedom Of Information, Offshore Investments, Political Corruption, Politics, Politics & Corruption

How CLICO Barbados Supported Trinidad Politicians With Your Barbados Tax Dollars & Insurance Premiums

One cheque for TT$5 million to Patrick Manning's PNM (Trinidad). Keltruth Blog tells how your Barbados tax dollars ended up covering CL Financial Group's political donations.

One cheque for TT$5 million to Patrick Manning's PNM (Trinidad). Keltruth Blog questions how many Barbados dollars ended up covering CL Financial Group's political donations instead of paying CLICO Barbados policy holders.

UPDATED: April 8, 2010

It’s always interesting to go back a year or so and see what people were saying and thinking as the whole CL Financial / CLICO mess was oozing its way through the sewer of lies and corruption engineered by the company leadership and their political lapdogs. Here’s an article we first published in July of 2009.

How Many Millions Did CLICO & CL Financial Spend On “Political Donations” ?

The central theme of the article is: CL Financial, CLICO and the associated companies gave millions to Caribbean political parties and politicians – and that money should now be returned by the politicians.

In consideration of the fraud and nonsense that went on at CL Financial & CLICO, we believe that the political parties and politicians should return this money to the little people who have been hurt most by the corruption and the failure of the politicians to properly regulate Parris, Duprey and the rest of the so-called “leadership” that caused this mess.

Here’s our original story…

How Can Prime Minister David Thompson Justify This Abuse By Leroy Parris & CLICO Barbados?

In the corrupt convoluted mess that is the story of CL Financial and CLICO Barbados, there is one fact that stands clear: CLICO Barbados would have done just fine weathering the financial storms if only CEO Leroy Parris and the other CLICO management hadn’t allowed their company to be raped to prop up CL Financial’s fraudulent schemes and payoffs.

And what a rape it was. As we detailed in our stories…

EXCLUSIVE REPORT BY BARBADOS FREE PRESS: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

and

CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

barbados_puppeteer.jpg… Leroy Parris and his fellow conspirators traded CLICO Barbados financial health and assets for worthless paper secured by Florida swampland in a deal arranged by other CL Financial companies. And that is just one example of the “management” provided by Leroy Parris.

Now your tax dollars are cleaning up the mess and Leroy Parris continues with his fat government position at the CBC as given to him by his old friend Prime Minister David Thompson. And at CBC, Parris still can’t seem to obey the rules – even the ones he insists upon for other lower human beings.

How Many Millions Did CLICO & CL Financial Spend On “Political Donations” ?

Keltruth Blog has the story that CL Financial and associated companies paid millions of dollars to Caribbean politicians – writing cheques like the one featured at the top of our story. Without integrity legislation and the transparency of campaign financing rules and disclosure, Barbados citizens will just have to guess as to the amount that was given to David Thompson’s DLP campaign.

But no matter how many tens of millions of dollars that CL Financial and CLICO gave to politicians, YOU, the Barbados taxpayer, are on the hook.

Prime Minister David Thompson is bailing out CLICO and your tax dollars are going to cover the sins of Leroy Parris and company.

Read Keltruth Blog’s CLICO: Trinidad Politicians Before Policy Holders?

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Filed under Barbados, Corruption, Freedom Of Information, Offshore Investments, Political Corruption, Politics, Politics & Corruption