Tag Archives: CLICO Bailout

Trinidad Express to publish Afra Raymond… after T&T Guardian shamefully caved to political pressure.

When the history of the CL Financial / CLICO fraud is written, one courageous journalist will stand out: Afra Raymond.

There is no one else in Trinidad or Barbados who has damned the torpedoes and charged straight ahead with the entire truth. No one.

Afra Raymond is a T&T journalist whose effective investigation and analysis on the CL Financial scandal has continually exposed the unethical and illegal actions of many of the main players in the financial debacle. His work has aided the small investors who were abused and deceived. Afra alerted the taxpayers who were being set up to be raped again by politicians more interested in cover-ups than in asset protection and recovery. He is feared and despised by the wrong-doers because he is capable of so clearly and simply describing what the crooks did.

If your last name is Parris or Duprey, you undoubtedly consider Afra Raymond to be a dangerous man.

Afra has paid the price for his defense of the ordinary people, the people who trusted the financial elites like Leroy Parris and Lawrence Duprey. At the end of 2011, the Trinidad and Tobago Guardian who then published Afra’s work decided that they would secretly send his articles to politicians to preview and vet his writing prior to publishing! This was a breach of basic media ethics.

Upon hearing that the editor was secretly sending his unpublished articles to selected politicians and big-ups – Afra, in very civilized terms, told the T&T Guardian to stick it where the sun doan shine. He resigned as any journalist of integrity would.

Here we are six months later and the Trinidad Express has hired Afra to write a column. Good for the Express: the paper clearly stands head and shoulders above the Guardian.

What does the CL Financial and CLICO scandal boil down to for Afra? In a phrase: “Privatized profits. Socialized losses.”

That is what Duprey, Parris and the rest of the CLICO – CL Financial clan are still doing to you and to me.

Can’t wait for Afra’s first column at the Trinidad Express. It might or might not be on CL Financial – we haven’t been informed. But whatever the subject, we’re looking forward to once again seeing Afra Raymond in the traditional news media.

Further reading and listening

Check out AfraRaymond.com where you’ll find some media interviews of Afra from June and May just passed. You’ll get angry as Afra Raymond chats in ‘The Barbershop‘ with John Wayne Benoit on i95.5FM about the CL Financial bailout and Public Procurement issues and other topics on June 30, 2012. Then go to May 4th on Early Morning with Hema Ramkissoon where Afra discusses ‘Government fails to deliver?’; a question on the minds of the construction industry.

Well worth your time!

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3 Comments

Filed under Barbados, Consumer Issues, Corruption, Trinidad and Tobago

Why was a profitable division of CLICO sold off?

Dear Barbados Free Press,

I don’t pretend to be knowledgeable about high finance or corporate affairs, and therefore I have to look at situations on a simple level. I’m having difficulty understanding something about how the powers that be handled the CLICO debacle. Here is my observation and questions:

In the current issue of Barbados Today, the news article “Upturn” says,

“One year after being rescued from under the beleaguered CLICO Holdings umbrella, Capita Financial Services, formerly CLICO Mortgage and Finance Company, is projecting a profit of just over one million dollars at March next year.”

Barbados Today Upturn

Why would the trustees of the CLICO mess sell off a profitable operation?

To my mind it would make more sense to hang onto it. The profit from this successful operation could have been used to shore up the rest or at least reduce the damage to policy holders who were ripped off.

That is unless the vultures saw an opportunity to grab a profitable piece of the company at the expense of the already-victimized policy holders.

Can someone please explain why this selling off of a profitable piece of CLICO was necessary and how it was good for the victims of Mr. Leroy Parris and Mr. Lawrence Duprey?

Thank you,

A fellow victim

7 Comments

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

Invest NIS pension money in CLICO!

Forget about ‘Investing’ in the Four Seasons project

Contributed by ‘Hocus Pocus’ in two comments…

If the government is looking for an investment for NIS money, why doesn’t it invest in restructuring CLICO as has been recommended by the Judicial Manager? At least this would benefit BAJANS, many of whom are retired and in dire need. There was never anything wrong with CLICO as a company – it always “did” very well indeed. The only problem with CLICO was the “teefing” hierarchy and with those persons gone and a new directorate and management in place, together with mindful marketing strategy, a restructured and renamed company should be successful and beneficial to all.

Sure, I have money invested in CLICO and, obviously, I need return on it so I can eat and lead the modest life I had planned for my retirement. I am over 60 with virtually zero likelihood of employment. There are many in similar positions.

Before investing in CLICO (2005) I carefully read the Insurances Act and understood that government regulatory control made sure that if a Life Ins. Co. was not it compliance, as set out in the Act, it would be shut down; that mandated statutory funds would ensure protection of policyholders’ investments should the company go “belly up”; that regular inspections by Department of the Supervisor of Insurances would ensure statutory funds were at required levels using approved instruments.

There is no way I expected to be betrayed by government flouting the laws of the land as it appears to have done.

In 2005 I could have got 6.75% if I had invested with another company – a mere 1.25% less than the 8% I got at CLICO. I would hardly call this greed – something CLICO policyholders have been accused of! CLICO was also an old (60-70 yrs), established institution. If it had been a 10-year-old company, for instance, then one might not have ventured there. In addition, CLICO financials appeared to be in order giving no reason to suspect that anything was amiss. Continue reading

11 Comments

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

Afra Raymond on CL Financial Inquiry: “We have a fight on our hands to get at the facts.”

Big Shot lawyers try to limit Afra Raymond’s testimony before Colman Commission

Look at them squirm, my friends. The one thing they don’t want is ordinary folks to have the chronology of the CL Financial fraud simply laid out as Afra did in his PowerPoint Presentation. The lawyers for the Central Bank, Lawrence Duprey, PriceWaterhouseCoopers and Andre Monteil want thousands of papers, annotated with footnotes, references, circles and arrows, indexed, crossed-referenced and filled with phrases like “NOTWITHSTANDING LACK OF NOTICE TO THE PARTIES OF THE PROPOSED BUT UNFULFILLED ACTIONABLE EVENT…”

They sure didn’t want Afra’s simple PowerPoint presentation.

Yup, big shot lawyers love boxes and boxes of materials that make a simple series of individual frauds look too complex to get a handle on. Anything to obscure facts that show their clients’ intent, involvement, negligence or crimes.

Big shot lawyers hate a simple chronology that shows what their clients did, how they did it, and provides a few choice quotes that show their clients are Guilty as Hell. Lawyers hate the simple, the understandable.

PowerPoint: “What did they know and when did they know it?”

Afra Raymond has his full PowerPoint presentation up at his website AfraRaymond.com, along with some new videos and posts about what’s happening at the Colman Commission into the failure of CL Financial.

No wonder the lawyers aren’t happy about having Afra hanging about the Colman Commission – he makes it all so clear and easy to understand. Swing by Afra’s website for an eyefull, but if you are a CLICO or CL Financial victim make sure you’ve taken your blood pressure meds today. You’re gonna need them.

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

Victor Stewart on Sam Lord’s Castle and how CLICO pillaged our island

As part of the family that owned Sam Lord’s Castle before the Marriotts, and as a current landowner at Castle Close, I find the whole CLICO subject to be somewhat ridiculous.

Isn’t it obvious what is going on??? CLICO came into Barbados with the support of powerful people in government, and proceeded to pillage our fair Island.

One of the obvious and terrible casualties was my family home (and what our family had raised to equal status with then-nacent Sandy Lane in the late 1960s and early 1970s as a premier resort hotel) that was part of our national heritage. Apparently nobody cares about tradition any more, but Barbados has a long and honoured tradition of respecting the rule of law and more particularly English common law and equity principles of how to conduct business with the people in your community. All of this has been apparently lost in the fight for political power, but I will make a prediction that sooner or later the people of Barbados will rise up and demand an explanation for what has been done in their name.

I can only pray that the burned-out shell that used to be my family’s and this Island’s delight might one day be reconstituted, unlike the sad arson memorial that is Farley Hill. Only time will tell.

Victor E. Stewart
Castle Close, St. Philip

Further Reading

BFP: October 22, 2010 Sam Lord’s Castle as an over-valued asset in the CLICO – CL Financial pyramid fraud

BFP: October 21, 2010 Sam Lord’s Castle burns to the ground thanks to Barbados DLP, BLP, CLICO, Leroy Parris

BFP: April 11, 2009: How CLICO Ruined A Barbados Heritage Site: Sam Lord’s Castle

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Filed under Barbados, Barbados Tourism, Consumer Issues, Corruption, Crime & Law

CLICO Indian Fraud: Should Leroy Parris and Lawrence Duprey go to jail for this alone?

Leroy Parris and good friend Government Minister Chris Sinckler share champagne

My friends, you should go to Trinidad and Tobago Newsday to read this article, AND PLEASE DO!

But just in case it disappears from the net as happens in the Caribbean, we’re going to reprint the entire article here. But please… go to Newsday first to read the whole thing, okay?

WARNING: If you’re a CLICO victim, you’re going to be mad as hell after the first paragraph!

‘Clico fronted $38M in Indian business’
By ANDRE BAGOO Monday, October 3 2011

CLICO fronted $38 million in Indian business carried out by a Miami-based broker without the approval of the Central Bank, according to documents disclosed to the Commission of Inquiry into Clico which paint a picture of an insurance company with a long history of breaking the law and hiding key aspects of its operations from its books.

The documents disclose that $29.4 million in interest payments on a secret $302.4 million Home Mortgage Bank loan to Clico for the Lascelles de Mercado transaction was dressed up as “an amount receivable” from parent company CL Financial. Additionally, the company had “significant off balance sheet exposures” to connected companies totalling $2 billion, according to Central Bank estimates. Continue reading

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

40 cents on the dollar for Clico victims? Michael Goodman says “Take that offer and shove it!”

by Michael Goodman

As a former Director of the Board of The Barbados Association of Retired Persons and a Clico Policyholder, I am absolutely horrified to read in the Saturday Sun of October 1st, that Douglas Skeete, apparently speaking on behalf of 27,000 BARP members (without having consulted them) suggests that liquidation of Clico is a preferable solution and that it would be “far better” for policyholders to settle for the likely return of just over 40 cents on the dollar from liquidation, than to wait five years for a new company and a promise of 100 per cent returns.

The Government of Barbados has already subjected thousands of Clico policyholders, many of whom are BARP members, to two and a half years of anxiety, depression, silence and arrogant dismissal, something about which BARP did absolutely nothing, until ‘joining forces’ with the active and effective Barbados Investors & Policyholders Alliance a few weeks ago…

… continue reading Mr. Goodman’s thoughts at Bajan Reporter’s What is going on at BARP? Former Director of BARP stressed at New CLICO Suggestion

Photo courtesy of Bajan Reporter

12 Comments

Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments