Tag Archives: CLICO Barbados

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

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

CL Financial CLICO Bailout: Afra Raymond’s ultimatum to Finance Ministry for ignoring FOI law

Ten days to produce The Duprey Letter, CL Financial’s 2008 audited accounts

After a year of breaking the Freedom of Information law, Trinidad and Tobago’s Ministry of Finance is still ignoring Afra Raymond’s Freedom of Information requests for the January 13, 2009 “Duprey” letter and the December 31, 2008 accounts for the CL Financial Group.

Afra has given T&T 10 days to produce the documents or off to court they go.

It just shows how even at this late date the evil forces of corruption are still trying to hide the truth from the taxpayers and the victims of Duprey, Parris, the auditors and the rest of the crooks. Continue reading

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

Colman Commission into CL Financial scandal: Sunlight or whitewash?

“When the Prime Minister announced this Enquiry on 1st October 2010, she promised to release details of who received the monies disbursed after the CL Financial Group collapsed.  That list of names and who received what sums would be an absolutely explosive one.”

You can be sure that the people in the top layer will do anything in their power to protect themselves from the stern scrutiny…”

CL Financial bailout – Sunlight Disinfectant

by Afra Raymond

If you think this title is for the latest brand of household cleaner, you would be wrong.  I drew that title from the famous statement by deceased US Supreme Court Justice Louis Brandeis, in reference to corruption and fraudulent dealings –

Sunlight is the best disinfectant

see The Sunlight Foundation

Of course, this is all about the impending Colman Commission of Enquiry into the failure of CL Financial and other companies (including CMMB) and the Hindu Credit Union.

We are attempting to understand our situation in this financial fiasco – how was the entire collapse caused?  Who is responsible?  What can we do to avoid a repetition?

Our House needs a serious cleaning and we need a new commitment to serious retrospection if we are to succeed in understanding this scandalous situation.

To set the stage, there are four principalities being represented in this Enquiry –

  • CL Financial Chiefs – The people who had Direction and Control of the entire failed group – that would include the shareholders.
  • The Regulators – The Supervisor of Insurance, Securities and Exchange Commission (SEC) and the Central Bank.
  • The Auditors – PriceWaterhouseCoopers and Ernst & Young – the former being auditors for the CL Financial group and the latter acting for the Central Bank.
  • The aggrieved Policy-Holders and Depositors – Several groups have been formed to seek the return of all the monies owed to these investors. Continue reading

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

Source: MP’s custom suits, casual clothes purchased in Miami with election funds or tax dollars

DLP Politicians in Miami “Went wild at shopping and partying…”

“Custom made dress shirts at almost US$100 each”

Immediately after winning the January 2008 election, groups of DLP Members of Parliament were rotated through a week in Miami ostensibly to familiarise themselves with our consulate operations in that city.

That was the public story. The truth was something else… Continue reading

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Filed under Barbados, Corruption, Ethics, Freedom Of Information, Political Corruption, Politics, Politics & Corruption

Why is Leroy Parris still Chairman at CBC – Caribbean Broadcasting Corporation?

Unethical CLICO Bigshots Leroy Parris (left) and Terrance Thornhill

It seems strange that despite the continuing saga at Clico, Mr. Leroy Parris is still in charge of a Government owned entity…..and one charged with delivering the news to boot!

So far Mr. Parris has – Continue reading

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Filed under Barbados, Corruption, Ethics, Freedom Of The Press, News Media, Political Corruption, Politics, Politics & Corruption

CLICO stupid question #1 “Where were the politicians and business leaders when this was happening?”

Peter N. Boos asks “Where were the politicians and business leaders when this (Clico mess) was happening?”

That’s easy to answer in the case of now Barbados Prime Minister David Thompson…

Barbados Prime Minister Thompson was lawyer for CLICO when they failed to file financials for 13 years! Then as Prime Minister he bailed them out with your tax dollars.

While CLICO and its associated companies cooked the books and failed to file legally-required financial statements for 13 years, David Thompson was CLICO’s lawyer. Mr. Thompson and his law firm represented Clico and Leroy Parris in many of the transactions that are rightly questioned by the poor victims.

There. That was pretty simple, wasn’t it?

This excerpt is from The Nation newspaper article The Rise and Fall of Clico by Peter N. Boos

“To simplify it, the post Cyril Duprey leadership of CLICO took the company on a journey that no well-regulated and properly managed insurance company ever can or would take.

Investments of insurance companies funds are regulated by law and are there to protect the people to whom the funds are owed.

In CLICO’s case, insurance funds, held in a fiduciary relationship for pensioners, policyholders and depositors, were used to invest in high risk asset purchases, many of which made little or no returns.

Sugar plantations and other distressed real estate in Barbados being glaring examples.

Interest rates promised to depositors were well above normal commercial rates offered by banks or other insurance companies.

This financial model is not a viable equation for any business far less for an insurance company. Policyholders, depositors and pensioners of insurance companies expect prudence, low risk, high security and integrity from their insurers and their managers.

They also should be able to place confidence in regulators to ensure compliance.

Yet this was allowed to happen right under the noses of the financial regulators across the Caribbean. Why did this happen? We must find out.

Where were the politicians and business leaders when this was happening?”

Also see…

The Nation – Mia Mottley: Leroy Parris should repay CLICO


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Filed under Barbados, Consumer Issues, Corruption

Memories of CLICO: John Mauldin, Michael E. Lewitt and The Death of Capital

Profligate – definitions 1 & 2:

1 : completely given up to dissipation and licentiousness

2 : wildly extravagant

Most of us ordinary folks never seem to have the time, education and family guidance to become interested early enough in global economics or in global anything. It is our nature or nurture to think only locally. We hold an item in our hands in the village retail store but we do not wonder or even know that the same item from the same factory is sold all over the world at widely differing prices. And we never consider that the price can be thought of in money, in time or any number of other methods of quantifying and comparing value.

The cost of a shovel: not as simple as you might think

In New Jersey I can buy a good quality shovel with my pay from one hour of work as a welder. North of Mumbai that same shovel from the same factory is only half the price in US dollars – but it now becomes a week’s worth of work for a welder.

Why is that? How does money work? If I can’t really understand the pricing of a common item like a shovel, how can I understand what just happened in Europe where it looks like the world is arranging another bail-out for irresponsible spendthrifts and crooks – this time the profligate Greeks?

How do all these give-aways and bailouts impact a person of ordinary means living near Grape Hall, Barbados?

What should I do with my modest income, and even more modest savings and investments? How should I plan the next five years to put my family in a stronger position when nobody knows what financial storms are just over the horizon?

These are not calm waters for anyone and many, indeed most, of those talking heads in government and on TV who offer financial advice appear to be the same ones who caused this mess.

An Old Friend…

An old friend recently sent me a piece from John Mauldin’s Outside the Box financial column at Investors Insight.com.

The article is called The Death of Capital and is a mix writings by Mauldin and Author Michael E. Lewitt. I’m not sure that I understand it all or most of it. I don’t know what a “Structured Investment Vehicle” is or why Lewitt is calling for them to be banned but I get about 90% of the article and it boils down to this quote…

“What Adam Smith pointed out more than two hundred years ago is equally true today – our society, fed by the media, worships wealth at the expense of other values that are far more important to a cohesive and healthy society. The entire mission of The Wealth of Nations was to try to recognize man for what he is – a social animal who is reliant on the good opinions of his neighbors – and to develop the optimal economic system to harness that human essence for the good of all mankind. Smith believed that system was a free market, and history has by and large proven him correct. But the United States has strayed from a free market model to a system that privatizes gains and socializes losses.

All I could think of was CLICO & CL Financial

The profits that were taken from the company by Leroy Parris, Dupris and friend Prime Minister David Thompson are theirs.

The losses? Well… those losses are on the backs of you, me and our children and maybe the next couple of generations.

Privatized profits. Socialized losses.

That is what Thompson, Parris and the rest of the CLICO clan are doing to you and to me.

Further reading

BFP April 16, 2010 – CL Financial Shocker: “10 to 15 cents in the dollar available to pay claims”

Ian Bourne’s Bajan Reporter: CLICO Unplugged: An Insider’s Perspective

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Filed under Barbados, Consumer Issues, Corruption

CLICO Scandal: Interlocking Directorships a recipe for corruption and self-serving behaviour

CL Financial, CLICO Investment Bank & Interlocking Directorships

Our old friend Afra Raymond has written another well-researched article about the CL Financial – CLICO financial collapse. This one focuses on ‘What main event/s caused the group to fail?’ and as usual Afra is asking questions the news media should long ago have asked.

And what dirty little secrets has Afra dug up from the fetid swamp of lies and corruption where Duprey and Parris hope no one looks?

Here’s a sample…

“One of the main rumours making the rounds at the time of the bailout was that the State-owned National Gas Company had made heavy withdrawals from CLICO Investment Bank.  Those withdrawals and the requests for the return of further deposits were said to have triggered the ‘crash’ within the CL Financial group.”

… from the April 25, 2010 Afra Raymond – Trinidad Guardian article Taking In Front

Why would National Gas Company have wanted to make “heavy withdrawals” from Clico Investment Bank?

Could it be that one of the Directors of NGC also served on Clico and therefore had insider knowledge that allowed one company to profit over the other?

Afra Raymond

Read what Afra has to say…

A continuing concern, in light of the growing challenges to the old order of the commercial and financial world, is the role of inter-locking Directorships.  That is the situation in which a very small group of people control most of the major companies and activities in a society.

Critics of that situation would say that such situations are a recipe for corruption and self-serving behaviour.  The small group of people can enrich themselves, leaving the leftovers for everyone else.

Those who support that situation would say that the emergence of such a small group of leaders is natural, particularly in a small society such as ours, and the real challenge is to develop rules and norms which limit the possible negatives.

This is an issue which I am exploring in the ongoing series to examine the governance implications of the UDeCOTT fiasco.  It is not surprising that it is also a feature of the CL Financial collapse and there is an example of that in the case of National Gas Corporation and CLICO Investment Bank.

The CLICO Investment Bank Directors

At the time of the collapse, the Board of Directors of CLICO Investment Bank comprised –

Mervyn Assam (Chairman)
Amjad Ali
Anthony Rahael
Maria Thorne
Michael Callendar
Faris Al Rawi

The NGC Executive

At that time, the National Gas Corporation’s executive management included –

Ms. Olave Maria Thorne, Vice President, Legal and Corporate Management and Company Secretary – Yes, the same person.

Comment on Afra Raymond’s latest article

This comment about Afra’s article was forwarded to us, but we don’t know if the author wishes to be identified, so we’ve changed some things about and removed some details…

You are onto something here on this issue of interlocking directorships.

Did Ms Thorne know something that we haven’t yet found out? How is her position different to the Minister of Finance and the Chairman other than they seemed to have benefited directly. Would her interest have rested at that of the NGC or did she personally benefit? Did she or did she not?

For us to stay quiet on these things would only lead to more anger in our society as more and more of our people now understand what these things mean and with the human carnage that has been created by this CL Financial debacle, I don’t think we have seen the real emotional outcry as yet, but it is coming.

“The governments approach to drip feeding hope is slowly losing currency.”

As more and more people feel cheated and exposed, only time will tell whether it would remain bottled up as it has been so far or explode into something sinister and ugly.

I pray not.

Similarly, we have to focus on the role of the Auditors. Internationally they are being called to account – i.e Goldman Sacs, where Ernst and Young are being called to board. In this region we seem to be approaching their seemingly ‘gross failures’ with a sense of the untouchables.

The time has come for those of us who lead public opinion to call for a serious overhaul of our financial and business systems in light of all this.

While we are being told things are being dealt with the CL Financial issue, other companies could be doing exactly the same thing and nothing is being done to close the stable door.

Afra Raymond is a Chartered Surveyor.  This series on the CL Financial bailout can be viewed or readers’ comments made at AfraRaymond.com

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

Afra Raymond TV interview – “Continued silence on the ongoing debacle of the CL Financial bailout”

Excellent interview. Well worth your time to watch the video.

Further stories on the CL Financial and CLICO mess at www.afraraymond.com

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

CLICO news media blackout continues in Barbados

As CLICO's lawyer, PM Thompson helped to build the CLICO house of cards

“Can anyone say what has happened to the 2008 financials of Clico Insurance Barbados, Clico General Insurance and Clico Mortgage and Finance? According to Barbados law the financial statements for these companies should have been made public by April 30, 2009”

… comment left by BFP reader “Donald Duck, Esq”

According to research by independent citizens like “Donald Duck, Esq”, CLICO and associated sub-entities haven’t filed their bookkeeping accounts and are now 9 months past due.

That’s actually just following the old pattern established when David Thompson was CLICO’s lawyer in the days before he became our Prime Minister. Consider this folks: CLICO filed it’s 1993 financial statements in 2006 so the monkey-business has been going on for a long, long time.

The events surrounding CLICO, parent company CL Financial and all the other associated entities are, thus far, the scandal of the century – but you’d never know that by reading the Barbados news media where “investigative reporting” is confined to regurgitating government press releases. Both The Nation and The Barbados Advocate newspapers continue to sanitize anything they write about the CLICO – CL Financial mess – and neither paper asks any questions.

Questions such as “Why is the Barbados Government bailing out CLICO when they can’t even produce up-to-date accounts?”

Oh… the papers do continue to print adverts for CLICO and receive payments for the same. Golly… do ya think that the advertising revenues are connected with the absence of real reporting on the CLICO story? Nah… couldn’t be. The journalists and editors of the Barbados news media are far more ethical and professional than to kill a story for advertising revenues… aren’t they?

As to the reason why the Caribbean Broadcasting Corporation (CBC) doesn’t do any in-depth investigative reporting on CLICO or CL Financial, I’m sure it’s just an oversight that has nothing to do with the fact that CLICO big guy Leroy Parris is in charge at the CBC thanks to his friend Prime Minister David Thompson.

The CL Financial – CLICO scandal is huge and the people of Barbados deserve better from their news media than they have been getting. C.L. Financial’s assets vanished into thin air – $100.7 billion down to $23.9 billion in just 12 months! There were phony shell companies, executives who took bribes to have the company purchase land in Florida for more than its real value and on and on and on.

When compared to the CL Financial – CLICO scandal, Sir Allen Stanford looks like a kid who pocketed a sweet without paying – but until the Barbados news media decides that they serve the public interest, Barbados citizens will continue to be kept in the dark about how much of their money went missing, where it went and who profited from their losses.

Further Reading

October 1, 2009: C.L. Financial’s assets vanished into thin air – $100.7 billion down to $23.9 billion

September 22, 2009: Conflicts of Interest and Sinister Secrecy Continue in CLICO Scandal

July 14, 2009: How CLICO Barbados Supported Trinidad Politicians With Your Barbados Tax Dollars & Insurance Premiums

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Filed under Barbados, Business & Banking, Corruption, Freedom Of Information, Freedom Of The Press, Political Corruption, Politics, Politics & Corruption

Leroy Parris and CLICO – The NEW Pirates of the Caribbean and the rape of Sam Lord’s Castle

Barbados-CLICO

An American Tourist Considers Sam Lord’s Castle

I decided to post these pictures anyway: first, to show what future renovators are up against; second, to show CLICO’s attitude toward the property.

If I may speculate upon Bajan politics, on analogy with American and British politics, I think what we’re seeing here is an extortion tactic. “Nice place you got here”, says CLICO; “shame if anything were to happen to it”. The longer they make the government wait, the more urgent the problem becomes.

… from  A Visit to Sam Lord’s Castle, 16 July 2009 posted on the website of David Ross, Texan and sometimes tourist to Barbados. The artwork is David’s too!

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

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

Sir Allen Stanford - Drug Money, Fraud

Sir Allen Stanford - Massive Fraud, Money Laundering for Drug Cartels, Organised Crime

“…Stanford and his co-defendants engaged in a scheme to defraud investors who purchased approximately seven billion dollars in certificates of deposit, cds, and administered by Stanford International Bank Limited, an offshore bank controlled by Stanford and located in the island of Antigua. According to the indictment, Stanford and his co-defendants allegedly misused and misappropriated most of those investment assets, including diverting at least 1.6 billion dollars into undisclosed personal loans to Stanford himself.

All the while, Stanford and his co-conspirators allegedly misrepresented to investors the financial condition of Stanford International Bank, its investment strategy and the extent of regulatory oversight by the Antigua authorities.

The indictment charges Stanford with conspiracy to commit wire fraud, mail fraud and securities fraud. Seven counts of wire fraud, ten counts of mail fraud, conspiracy to obstruct an investigation by the FTC, obstruction of an investigation by the FTC, and conspiracy to commit money laundering.

Mr. Stanford was taken into custody by Federal agents in Virginia last night. Also charged today and arrested this morning in Houston was Gilberto Lopez, the Stanford Financial Group’s Chief Accounting Officer, and Mark Kuhrt, the global controller for Stanford Financial Group Management. All are expected to make court appearances this afternoon (Friday).

Also charged today is Leroy King, the former administrator and Chief Executive Officer of Antigua’s Financial Services Regulatory Commission, an agency of the Antigua Government that is responsible for monitoring and regulating banking activity on the island.”

… transcribed by Shona from a US Department of Justice press conference shown on CNN. (Stanford Arrest Indictment Video Here – AP)

Antigua Government Official Received Bribes Of Cash, Vacations & BUSINESS JET RIDES

When government officials receive “gifts” from business it just has to influence their decisions and loyalties. I mean, why do corporations give these “gifts” in the first place? When the “gifts” ramp up with vacations, jobs for government officials’ family members, scholarships over and away for their children, the use of corporate business jets and cash, WELL… government officials soon forget about their duty to the public. That is why corporations give “gifts” to government officials.

So it was with Mr. Leroy King, head of the Antigua and Barbuda Financial Services Regulatory Commission (FSRC), who now stands charged with being a “key inside collaborator” assisting SIR Allen Stanford to commit a US$7 billion dollar fraud and money laundering.

It just goes to show how little it takes to buy a country’s integrity and reputation – which is exactly what Sir Allen Stanford did when Antigua said his bank was solid.

Mr. King received “gifts” from Sir Allen Stanford including jet rides, vacations, cash and treats of expensive entertainment like Super Bowl tickets. How much cash? According to the news media, a paltry $100,000. Chicken feed for Sir Allen, but no small sum for me, you or any government official.

PM Thompson Says His Use Of CLICO's Business Jet Is None Of Your Business

PM Thompson Says His Use Of CLICO's Business Jet Is None Of Your Business

Similarities With The CLICO Scandal

In Barbados we have an ongoing situation evolving with CL Financial and an associated company called CLICO – an insurance company regulated by Barbados that was “solid”, “well managed”, “transparent” and “well regulated” …

… until it tumbled like a house of cards.

How are the Stanford and CLICO Barbados cases similar, you ask? Consider this…

1/ Both companies were under Government Regulations & Oversight. Stanford & CLICO were supposedly well regulated by government authorities – Stanford by Antigua, and CLICO by Barbados.

2/Both companies and their upper-level executives maintained close relations personally with individual politicians and corporately with the same government that was supposed to be regulating their activities and standards. In Barbados, CLICO CEO Leroy Parris and Prime Minister David Thompson are so close that they are Godfathers to each other’s child!

Ex-PM Owen Arthur "Just let the FBI be blind to my Swiss accounts, Oh Lawd!"

Ex-PM Owen Arthur "Just let the FBI be blind to my Swiss accounts, Oh Lawd!"

3/ Both companies were heavily involved in politics and funding political campaigns. In the USA, Stanford provided millions to both the Republicans and the Democrats – covering all bets by backing both John McCain and Barack Obama in the last Presidential election! Only God knows how much Stanford gave to Antigua and Barbados politicians. The same God might also know how much CLICO gave to the BLP and the DLP, including Prime Minister Thompson’s last campaign… because campaign donations in Barbados are kept secret from the citizens.

4/ Government officials and politicians used company business jets. In Antigua the head of the Antigua and Barbuda Financial Services Regulatory Commission used Sir Allen’s jets. In Barbados, Prime Minister David Thompson used CLICO’s private jet.

5/ Years in advance, there were reports and signs of trouble brewing that were ignored and covered-up by the respective government agencies and the politicians in power.

6/ Both companies were allowed to break various government laws and requirements to file financial records and audits. In Antigua, government officials allowed faked outside audit reports and even faked government audits. In Barbados, under both the current David Thompson DLP government and the past Arthur/Mottley BLP government, CLICO was allowed to violate laws respecting reserves and financial integrity of insurance companies.

In the case of David Thompson, he personally acted as CLICO’s lawyer when the company failed to file financial statements for 13 years!!! (See Keltruth blog’s Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out?)

7/ Both Stanford companies and CLICO “invested” in risky property deals and provided highly irregular loans for such “investments” to associated companies – sometimes paying much more for land than the true value. These actions transferred company funds to other entities and people even as investors were told their funds were safe in highly liquid and conservative assets. In Barbados, CLICO provided loans to other CL Financial companies that paid hundreds of millions of dollars for Florida swampland that wasn’t worth anywhere near the purchase price… and kickbacks were paid to CL Financial / CLICO company officials!

EXCLUSIVE REPORT: Bribes paid to insiders in CLICO land fraud. Read our stories…

EXCLUSIVE REPORT BY BFP: 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

8/ Politicians approved unusual land deals for both companies. In Antigua, Stanford’s companies purchased and developed lands where others had been unable to obtain permissions. In Barbados, CLICO did many questionable land deals and was not challenged when it allowed a Barbados national heritage site – Sam Lord’s Castle – to deteriorate beyond saving. In another deal with the devil, CLICO’s land holdings in the Graeme Hall Wetlands were excluded from RAMSAR protection by the BLP government. Subsequently, the DLP government changed the law to allow building on the Graeme Hall wetlands.

9/ Government officials and politicians continued to defend both companies and their upper executives long after it was obvious to everyone that something was rotten.

10/ Even after the scandals broke, Government officials and others took action to protect themselves and their friends in high places. In Antigua, the head of the Antigua and Barbuda Financial Services Regulatory Commission falsified audits. In Florida, Stanford’s security staff shredded bank documents after a court order freezing the business records. In Barbados, Prime Minister David Thompson refused to allow the supervisor of insurance to take over CLICO. Instead, and without any legal authority to do so, Thompson appointed a group of “special” people to a board to oversee CLICO’s operations because he couldn’t afford to lose control to the courts.

The One Big Difference Between Stanford & CLICO Frauds

Antigua has integrity legislation, so presumably Mr. Leroy King, as a government official and head of the Antigua and Barbuda Financial Services Regulatory Commission, could not receive gifts legally from Sir Allan Stanford.

PM Thompson Lied About Integrity Legislation

PM Thompson Lied About Integrity Legislation

Contrast the situation in Antigua with that of Barbados where it is perfectly legal for elected and appointed government officials to accept “gifts” from persons or entities they deal with in government service. In fact, we have no Integrity Legislation or conflicts of interest laws that prohibit government officials from profiting from their position. Heck, it is perfectly legal for Barbados government officials to award government contracts to themselves or their immediate family members!

Thanks To Prime Minister David Thompson, Barbados Government Officials Can Still Legally Use Their Office For Personal Profit

Prime Minister Thompson and the DLP promised to implement Integrity Legislation within 100 days of being elected and to implement a Ministerial Code immediately that would define and prohibit conflicts of interest for government officials.

Now a year and a half after the DLP took power, it is widely acknowledged that the DLP and David Thompson lied about Integrity Legislation, Freedom of Information laws and conflicts of interest rules.

And finally…

No word yet from either the Barbados Labour Party or the Democratic Labour Party as to how much in “campaign donations” they received from Sir Allen Stanford over the years.

No sir… the DLP and the BLP are pretty quiet on that one!

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

Criminal Probe Into CLICO – The Plot Thickens!

CLICO Barbados Thompson

Trinidad & Tobago Central Bank Hires Ace Forensic Investigator Robert Lindquist

Bad judgment or criminal wrongdoing? The Government of Trinidad and Tobago has launched a criminal investigation into the house of cards known as CLICO and has hired one of the most respected forensic investigators in the world: Robert Lindquist. We say “House of Cards” because in the past few days things seem to have started coming apart even more than thought.

Sylvia Baldini-Duprey, wife of CL Financial big shot Lawrence Duprey, resigned her position as deputy chairman. Perhaps her four multi-million dollar Miami homes (yes, count ’em FOUR homes) were becoming too much to clean on her own. Or perhaps she needed more time to make fish cutters for her husband’s lunch.

Or maybe the heat was getting a little hot. It seems that much of the declared asset base of CLICO is over valued – having been invested in Florida swamp land.

Yup, the breaking news of the last few weeks indicates that much of the declared “assets” of various sectors of CLICO are nothing more than overvalued “loans” made to other CLICO entities!

Meanwhile the Barbados Government of David Thompson provides financial aid to CLICO even though the company has failed to publish public financial statements as per law.

But don’t get too excited, folks. You know how things are ’bout hey: lots of shoutin and fist shaking, but nobody goes to jail in Barbados for this kind of stuff. And you know who will pay for it all.

Don’t forget the Prime Minister’s rule: Privatize Profits, Socialize Losses!

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Filed under Barbados, Consumer Issues, Corruption, Political Corruption, Politics, Politics & Corruption

How CLICO Ruined A Barbados Heritage Site: Sam Lord’s Castle

Click the photo to see a YouTube video

Click the above photo to see a YouTube video (Opens in a new window)

BREAKING: Sam Lord’s Castle burns to the ground, October 20, 2010

Barbados: The Demise of Sam Lords Castle

Five years ago CLICO Barbados said they would restore Sam Lords Castle as part of a major tourist development.  Surprise, surprise… as they did in the past and have done since about other things — CLICO lied.

You see folks, this is the way it works with these irresponsible corporate beggars…

First, they spot a piece of land that they want. If, like Sam Lords Castle, it is a heritage site in need of some work the corporation promises to restore the heritage site to its former splendor — all in exchange of course for permission to develop the land. Next comes the “the condition was worse than we thought” speech. After a few years of additional neglect, the heritage site becomes nothing more than a candidate for demolition. And if that doesn’t work, well, the Corporation just leaves the place unguarded and unlocked so the paros can look after business for them. When the place finally burns down the way is clear for the development they really wanted to build.

PM Thompson Says His Conflicts Of Interest Are None Of Your Business

PM Thompson Says His Conflicts Of Interest Are None Of Your Business

No Integrity Legislation, No Conflicts Of Interest Standards: David Thompson Lied To Get Your Vote

Don’t expect the government of Prime Minister David Thompson to hold CLICO to account.  You see, CLICO CEO Leroy Parris is a DLP financial supporter and Godfather to the Prime Minister’s youngest daughter. Oh yes friends, you can expect a whole lot of accountability from that combination. Continue reading

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Filed under Barbados, Barbados Tourism, Corruption, Ethics, History, Political Corruption, Politics, Politics & Corruption, Real Estate, Tourism

Barbados Government Bailed Out CLICO Even Though Company Failed To File Financial Statements

PM Thompson Says His Conflicts Of Interest Are None Of Your Business

PM Thompson Says His Conflicts Of Interest Are None Of Your Business... but CLICO is getting an excellent return on loaning their corporate jet to David Thompson!

Barbados Prime Minister Thompson Was Lawyer For CLICO When They Failed To File Financials For 13 Years!

David Thompson and CLICO CEO Leroy Parris have had quite the cozy relationship and it just keeps getting better. Well, better for them anyway. Whether the relationship is healthy for the taxpayers of Barbados, that is another question. Especially after they read the new article by Keltruth that shines some light on a few areas the two gentlemen would probably rather not have mentioned.

Thompson was the lawyer for CLICO in 2004 when that company hadn’t filed financial statements for over a decade. CLICO Holdings (Barbados) Ltd. 1993 financial statements were filed in 2006!!!

Some of the CLICO sub-companies haven’t filed financial statements in years and years and some have NEVER FILED financial statements!

But Prime Minister David Thompson and his government are bailing them out anyway.

And it is the same with his rich horse-owner friends at the Barbados Turf Club where Thompy’s government bailed them out to the tune of $19 million dollars or so even though the latest financial statements on file are for the year 2004!

Keltruth Blog did proper searches at the government office and has copies of the corporate records to back up everything they have printed in their latest story.

Oversight? Rule of law? Accountability?

Cha! The DLP is handing out millions and millions of your tax dollars to bail out companies that don’t even keep or file their financial statements according to law.

Another disgusting illustration that electing the Thompson DLP government changed nothing except to provide a new bunch of piggies with their time at the public trough.

Keltruth Blog: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out?

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