Tag Archives: CLICO Fraud

Joke of the day… Senator Jepter Ince promises DLP government will invest oil revenues for the people of Barbados

jepter ince CLICO barbados

“Government is looking at how best we can take those monies and invest those monies for the people of Barbados,” Senator Jepter Ince told the gathering in the Unity Bar at DLP headquarters in Belleville, St Michael.

“It is not going to be a free-for-all – live as you like because the country got a lot of money. It’s not going to happen because once you border on that and you don’t prepare for further down the road you’re going to have problems and my opinion is once [the oil exploration] goes well, continue to build Barbados, continue to build our people.”

Nation News No Wild Spending

You remember Senator Jepter Ince, don’t you?

Senator Ince’s Qualifications?

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


This man is talking about protecting Bajans by properly investing our yet-to-exist oil revenues. Jepter Ince – who destroyed the life savings of countless old folks by advising them to invest in CLICO. Jepter Ince, who advised old folks to mortgage their home to borrow money to invest in the future with CLICO.

That Jepter Ince.

Ince was appointed by now-dead PM David Thompson – probably to keep him quiet.

CLICO and CL Financial. What a scam – including money laundering by Prime Minister Thompson from a company where insiders took bribes to have the company purchase land for way more than market value.

Mr. Ince, why don’t you tell us what returns you’ve achieved for your clients since you created the CLICO Balanced Fund in 2000?

How did all those folks do who borrowed money from you to invest in your fund so you could put that money back into Clico? Huh? How did they do?


Filed under Barbados, Business & Banking, Corruption, Crime & Law, Politics & Corruption



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:

vscON 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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Filed under Barbados, Corruption, Crime & Law, Political Corruption, Politics, Politics & Corruption

The ‘Grand Corruption’

afra raymond CMMB

by Afra Raymond

The recent scandals at LifeSport, Eden Gardens, THA/BOLT, CAL, CL Financial and of course, the Beetham Water Recycling Project, all show the extent to which the Treasury is being targeted by well-connected parties.

There is a constant stream of allegations of ‘Grand Corruption’, which is little surprise in our society in which an unsupported allegation is so often used to discredit an opponent. There is no comfort to be had in that observation, since the other reality is that thorough investigations and prosecutions are only done against ones political enemies, inside or outside the ruling party. That is the sobering reality in our Republic, in which we should all enjoy equal rights and be held to common standards. Different strokes for different folks, just like back in the ‘bad-old-days‘.

It seems to me that the defining question, in terms of whether the various financial crimes are taken seriously, is whether the accused persons are ‘members in good standing‘, so to speak.

The extent to which our Treasury is protected from being plundered by criminal elements is a serious question which should concern every citizen, given that the Public Money in the Treasury belongs to us as citizens and taxpayers. The frequency with which these financial crimes are overlooked is nothing less than scandalous, as any of the Auditor General’s Reports in the previous decade would attest. Permanent Secretaries approving payments in breach of financial regulations; payments made with no documents (leases, contracts or agreements) on file; failure or refusal to produce documents as required by law upon the Auditor General’s request and so many other types of lawbreaking. The same types of conduct is also rife in State Enterprises, which is why so many of the larger ones are unable to produce accounts as required by the very Ministry of Finance which sets those rules and continues to fund them.

The wicked part is that these Public Officials are virtually never charged with breaking the law or made to face any other serious consequences for their misbehaviour in Public Office. We need a new beginning in terms of how we handle the reality of our country’s wealth and its intentionally-degraded laws for controlling how our Public Money is used. A big part of that would be a political dispensation in which full investigations and prosecutions were the norm, especially when key members of the ruling party are the target of allegations.

Our budgeting process now shows all the signs that our system of Public Financial Management is ineffective in dealing with the seasoned criminals who are hard at work helping themselves to our money, whatever the political party in power. At that level, at least, there is little evidence of discrimination.

… read the full article at Afra Raymond’s blog For a Few Dollars More

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Filed under Corruption, Politics, Politics & Corruption, Trinidad and Tobago

What Lies Beneath


The cover-up of the CLICO – CL Financial fraud continues, and our old friend Afra Raymond asks all kinds of very inconvenient questions…

Originally posted on AfraRaymond.com:

The public is being told that the CL Financial bailout is being resolved, while at the same time the Minister of Finance & the Economy is withholding the fundamental information which any prudent person would need to make a decision.  So, what is the secret?

Apart from the details I have been asking for, there are other questions which occur to me –

  1. Directors’ Fees – What is the comparative level of Directors’ fees before and after the bailout on 30 January 2009?  In particular, what are the fees & expenses payable to CL Financial Directors?  Have those increased?  If so, to what level and on what rationale?
  2. Related Party dealings – We were told that one of the main causes of the CL Financial collapse was excessive related-party transactions.  Has that pattern of dealings has really changed? What are the contracts between the group and companies in which Directors hold…

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

CL Financial – CLICO bailout: Afra Raymond documents The Treasury Scandal

CL Financial Fraud

“In my view the failure and or refusal to account for the colossal and unprecedented expense of the CL Financial bailout is indicative of a ‘Quiet Coup‘ against our Republic.  I am deliberately borrowing Simon Johnson’s potent phrase, used to describe the coup of Financial Capital against the USA published in a fascinating and essential article from The Atlantic.  The fact that two successive administrations have remained bound to these arrangements and the low priority given to transparency and accountability in this matter all speak to the potency of the plotters.”

Afra Raymond gives ’em hell with The Treasury Scandal

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Filed under Business & Banking, Consumer Issues, Corruption

BIPA: CLICO cover up scandal exposed


June 29, 2013
Dear Member

The Barbados Investors and Policyholders Alliance Leadership Team learnt yesterday that the Final Forensic Audit Report of CLICO has been completed and that the Judicial Manager of CLICO, along with its attorneys-at-law are seeking the Court’s approval to keep the Report sealed from the public.  We the policyholders deserve the right to see the contents of the report, and so the President is asking as many members as possible to be present at the Supreme Court on Monday, JULY 1, 2012 to let your objections be heard.  Full details are set out in the following Release from BIPA.

Patricia Corbin
for Secretary, BIPA


The Barbados Investors & Policyholders Alliance is appalled that the Judicial Manager of CLICO, along with their attorneys-at-law, are seeking the Court’s approval to keep the final Forensic Audit sealed from the public of Barbados giving only as its reason that “The Report contains sensitive information about the operations of the Respondent (CLICO), its subsidiaries, CLICO Holdings (Barbados) Limited and the activities of officers and agents of these entities”.

What is particularly of note is the hasty manner in which the submission to the Court was made and the equally hasty expectation of the Respondent, CLICO International Life Insurance Limited that the Order will be granted on Monday 1st July, having only been submitted one working day earlier on Friday June 28th.

Where is the transparency, integrity and accountability of which we hear so much?  What is in this final report that is so ‘sensitive’ that the public of Barbados and especially the policyholders must be kept from seeing it?

Furthermore, one of the principles set out by the Working Group established in December 2012 by representatives from Barbados and the ECCU Governments was that ‘legal action should be pursued to seek recovery from any company or individuals whose action may have contributed to the loss to CIL’s policyholders’. Is sealing this document intended to cause delay to that process and similar action currently being pursued here in Barbados?

The Forensic Audit Report in Trinidad was revealed to the public and caused that country to set up a Commission of Enquiry to investigate the mismanagement and malfeasance that took place in the CL Financial Empire. Continue reading


Filed under Barbados, Consumer Issues, Corruption

CLICO, CL Financial: Trinidad and Tobago Director of Public Prosecutions calls for criminal actions against Duprey, others

Clico CL Financial Fraud

Trini DPP’s letter to Attorney General flowing freely on the internet

A September 10, 2012 letter from the Trini DPP to the Attorney General Ananad Ramlogan calling for Criminal actions against former CEO Lawrence Duprey is circulating freely on the internet and amongst professional journalists in the U.K. and throughout the Caribbean. Carefully worded news articles by the T&T Guardian, Caricom News Network and others report snippets of the letter but don’t quote even 1% of the juicy stuff.

We at BFP aren’t quite sure what we’ll do with this story. Do we publish the entire letter? Some? Bits and pieces?

The letter says that the DPP doesn’t intend to provide details to the public to “in order to avoid others destroying evidence and concealing assets.” Then there follows 25 pages of highly detailed facts including secret companies, secret deals and dirty deeds done dirt cheap on the backs of the public and little shareholders.

We have a feeling that “others’ already have a copy of the DPP’s letter and are busy shredding away records and selling assets if not already done, probably years ago!

But still, we can’t bring ourselves to publish the entire letter right now.

What say all, folks? Should we? Should we not?


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