Tag Archives: CLICO Fraud

CL Financial Fraud: 31 months of government control and no accounts yet!

UPDATED: November 9, 2011 – 6pm

Afra Raymond testified today at 2pm before the Colman Commission into the CL Financial collapse. No word if the video or audio of his testimony will be made available.

CL Financial bailout – The Final Solution?

by Afra Raymond

The new bailout formula was approved, as two new Acts, by Trinidad and Tobago Parliament on 14th September, 2011…

The Central Bank (Amendment) Bill, 2011

The Purchase of Certain Rights and Validation Bill, 2011

The first one prevents any lawsuits against the Central Bank by claimants, while the second gives the Minister of Finance the right to borrow up to $10.7Bn and places the Republic Bank Ltd. (RBL) shares formerly held by CLICO into a new investment vehicle, NEL 2.

A perversion of our Treasury

These seem to represent what I am calling the Final Solution, in that the clamour and protest which had marked the last year seems to have been fading away.  There have been queries from the various ‘Policyholders’ groups’, but those have been limited.

Whatever one thinks of the actual bailout, which I maintain is a perversion of our Treasury, there are valuable lessons to be learned from all this.  The main lesson for me is the Power of the Few. 

In that although only about 16,000 investors were affected, they were able to mount a successful campaign to improve their position.  We need to note that lobbying and campaigning can be effective in gaining benefits for limited groups.  To all the weak-hearts who say nothing ever changes, please take note. Continue reading

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Peter Boos warns about NIS “investing” in Four Seasons

NIS fund should be most jealously guarded.”

“…The fact that we are in a deep long term economic recession should not lead to a relaxation of the legal and socio economic principles governing the manner in which the NIS fund is allocated and invested. On the contrary…

I am of the firm view that it is precisely in times such as these that the integrity of a fund in the nature of the NIS fund should be most jealously guarded. 

The fund is not a commercial or development fund. It is a social security and pension fund, which should, for obvious reasons, be invested on a conservative basis to meet long-term liabilities.

Some may recall that CLICO failed essentially because it strayed from sound investment management practices as mandated in the law under insurance regulations, and took on several speculative investments, which eventually it could not support financially. Looked at objectively CLICO and the NIS have something very important in common: CLICO derived and the NIS derives large volumes of cash from insurance premiums, pension contributions, investment income etc.

As a corollary to that, the people whose money was held by CLICO and is held by the NIS were/are depending on receiving the benefit of those funds. In many cases those funds are the only savings and retirement planning provision made by such people.

Against this background some important questions arise on the appropriate use of NIS Funds by Government…”

Read the entire article at Caribbean360.com – Is an investment in Four Seasons development appropriate?

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The demise of Rayside Construction, Barbados

Barbados Free Press cautions all to take this and everything you read at BFP or anywhere with a good dose of salt. Rayside Construction is now tied up in the whole CLICO mess, so this story matters because it’s OUR MONEY at stake as usual. That said, here’s some information from…

“Everyone Loves Rayside”

submitted anonymously via European proxy

This is nothing but the whole truth;

For sometime now, evil persons have sought repeatedly to attribute blame to Mrs Marquetta Rayside, wife of Keith Rayside Snr, for the demise of the Rayside Group of companies.

She has been accused of stripping the group of companies of its financial assets since assuming the office of Chief Executive Officer in 2005.

However, in this expose, this writer hopes to apportion blame where it is rightfully due.

Are Barbadians aware that prior to his marriage to this beautiful young lady, the group of companies was heavily indebted to the VAT Office, the National Insurance Scheme and Inland Revenue?

Are Barbadians aware that the group of companies was facing major challenges in servicing their bank loans having secured overdraught facilities carrying interest rates as high as 14 per cent in some cases?

Are Barbadians aware that on many occasions funds due to the company for work done for government agencies were garnished in an attempt to collect arrears due to the government agencies identified above?

How can anyone strip a company of its financial assets when its bankers and government agencies were keeping a keen eye on its financial dealings? Continue reading

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New car for CLICO crook Leroy Parris?

By now I think that everybody on the island has heard the rumour that CLICO’s Leroy Parris purchased a brand new Jaguar XJ. Nice car!

One thing I don’t understand though: where did Leroy get the time to shop for a new auto? I thought he’d be spending all his free moments looking for those hundreds of millions of dollars of missing CLICO assets.

Oh Dear! Barbadians know that Parris will never be held accountable for the missing assets because it probably involved former Prime Minister David Thompson who was CLICO’s lawyer for the decade when they broke the law and failed to file annual accounts.

Freundel Stuart’s DLP Government doesn’t want to touch that situation at all.

You know, as a CLICO policy holder I think I at least deserved dinner, a show and a couple of drinks from Leroy before he did what he did to me. At least with dinner and a show I’d be able to say I got something out of the relationship.

submitted by RLL

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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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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

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Colman Commission secret meeting about Afra Raymond

“Natural Justice is not negotiable.”

From: Afra Raymond
To: judith gonzalez, Colman Commission
Sent: Wednesday, September 21, 2011 9:02 AM
Subject: To the Colman Commission

To – Judith Gonzalez, Secretary to the Colman Commission

Dear Ms. Gonzalez,

I was perturbed to learn, only recently, that the Commission had convened a meeting on Friday 8th July at which one of the items discussed was whether my various submissions should be admitted as evidence and if so, what should be the ‘status’ accorded it.

Here we had the situation of a Public Enquiry into a matter of Public concern, convening a private meeting which discussed as one item of business my inclusion as a witness.  As a participant in the Enquiry, not a party, I was excluded from the discussion as to whether my evidence should be omitted…I was not invited to that meeting and only found about this afterwards, almost in passing. 

I also understand that the various parties are to be given the opportunity to make submissions on those issues on my testimony, on which the Commissioner can make a ruling.

My work on this matter of grave public concern has been a solo exercise, except for the occasional assistance of friends. I am without legal representation at this important forum.

Given the substantial parties involved – all of whom are represented by attorneys – and the limits placed on my input by the Commission’s decision to deny me the status of a party, one can scarcely imagine a more lop-sided scenario than this one. Natural Justice is not negotiable.

All that said, the meeting in question has already taken place, so I am requesting that you give proper consideration to inviting my participation when this matter is next to be discussed.

Thank you for your consideration.

Afra Raymond (www.afraraymond.com)

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US Embassy Sources: Prime Minister David Thompson was offered CL Financial Board Seat

– Confidential Embassy Cable discusses David Thompson / Leroy Parris conflicts of interest

– “Economic ties between CLF and the PM also reportedly included an offer of a board seat, according to Embassy sources.”

– Who are the confidential “Embassy sources” ???

US Ambassador Brent Hardt: “Collapse of Trinidad’s CL Financial Group Ripples Across The Pond To Barbados”

CLICO's lawyer, David Thompson, helped build the house of cards.

Thanks to WikiLeaks, Barbadians now know another reason why Prime Minister David Thompson and the DLP Government protected Leroy Parris, refused to place a Judicial Manager for CLICO and did not implement Integrity Legislation.

Bajans always knew the whole CLICO-CL Financial / Leroy Parris / David Thompson / DLP connection stank to high heaven, but it is still tremendously saddening to see more evidence that the Thompson/Stuart DLP’s commitment to Integrity and Conflict of Interest laws during 2007 Election Campaign was all a pack of lies.

I am saddened. I wanted to believe David Thompson, Freundel Stuart and the DLP.

Who the hell do I vote for next time?

DLP Integrity Promise was all a pack of lies…

“Thompson’s close personal ties to the head of CLICO and his professional role as chief legal counsel for CLF prior to taking office in January, 2008, have made him vulnerable to opposition charges of conflict of interest in the management of this crisis. Economic ties between CLF and the PM also reportedly included an offer of a board seat, according to Embassy sources. With ties this close it is little wonder that Mottley has held three press conferences in the last three weeks seeking to pin the blame for any fallout from the CLF collapse on the PM. The fact that Mottley,s tactics forced the PM to so quickly mount a televised response shows the danger that the collapse of CLICO poses to him personally.”

… from the March 4, 2009 US Embassy Cable: WikiLeaks 09BRIDGETOWN144

Read the full WikiLeaks US Embassy cable at the above link or here>>>>> Continue reading

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CL Financial – CLICO payouts: Afra Raymond asks on television “Who got payouts first?”


“One rule for one set of people, another rule for another set of people”

Our friend Afra Raymond as interviewed by Fazeer Mohammed on Morning Edition television, March 24, 2011.

No word yet on whether the Colman Commission will grant standing to Afra. If Afra does get standing, he’ll be able to ask questions – and then, look out!

Click on the photo to watch. There’s lots more on the subject at Afra Raymond.com

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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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CLICO, CL Financial disaster: Leroy Parris has no shame

UPDATED: March 11, 2011

Leroy Parris suing CLICO (and by extension, all CLICO victims)

Earned $80,000 MONTHLY, with ANNUAL BONUS & HIDDEN FEE!!!

Guaranteed $10 MILLION GRATUITY!

Former PM David Thompson signed 2005 SECRET CONTRACT – kept it secret from the Oversight Committee he later appointed as Prime Minister!

Oh what a foul bucket of suck-well this is. Leroy Parris billed CLICO for “consulting services” through an “independent” company and kept that contract secret from shareholders and other company employees. He collected millions while presiding over the destruction of people’s savings and lives. Leroy Parris and his gang destroyed widows’ houses and robbed children of their future while Parris made more in a month than most folks see in many years of hard labour. And Leroy Parris knew it was all a sham, a house of cards that he helped to construct.

People go to jail for less in other countries.

But this is Barbados. David Thompson, the same lawyer who helped set up the CLICO employment contract in 2005, received secret “campaign donations” from CLICO and Parris. After Thompson was elected Prime Minister, CLICO got land use approvals and Thompson had the use of the Clico executive jet.

Then when the CLICO – CL Financial house of cards came tumbling down, Thompson fought off judicial management of the company, appointed some toothless “Oversight Committee” without real authority or power to do anything, and gave Parris a nice job in charge of the Caribbean Broadcasting Company – managing what news the public heard about the CLICO debacle.

Prime Minister David Thompson knew about the secret agreement because he witnessed and signed it. He probably set it up as Leroy’s lawyer. Then years later when the “Oversight Committee” that Thompson appointed couldn’t find any contracts with Parris, Thompson stayed silent to protect his friend and himself.

Oh what a bucket of SHITE and it’s spilling everywhere…

BFP readers are asked to click on the links in our story to read the article Parris suing CLICO at The Nation, but we’re going to reprint their entire article here to protect our source as The Nation sometimes removes articles to change history and we can’t have that!

Parris suing CLICO

From The Nation March 11, 2011 – 12:10am

LEROY PARRIS, former executive chairman of CLICO Holdings (Barbados), earned over $80 000 in salary and perks monthly and was guaranteed a whopping $10 million in gratuity by the company.

In addition to a $30 000 monthly salary, he was also paid $300 000 a year as a bonus payment and another $300 000 yearly for providing management services. Continue reading

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An Irishman talks about Lawrence Duprey, Leroy Parris and CLICO Barbados

Okay, okay… this Irish chap doesn’t mention them Lawrence or Leroy by name, but he be talkin’ bout them fur sur!

Almost 2 million views on YouTube because he just tells it like it is.

Auntie Moses: this video is definitely not for your sensitive ears…

 

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CL Financial – CLICO Bailout: Who will run from the Colman Commission submissions deadline?

Rape of the ordinary person: Privatized profits, Socialized losses.

That greed and fraud are prime causes in the collapse of the CL Financial / Clico house of cards is obvious to anyone. In Trinidad and Tobago, the Colman Commission is charged with getting to the bottom of the disaster – at least on the surface. Most of us believe it will be nothing more than a whitewash with all the big-boys doing their best to conceal their own roles and protect their fellow conspirators.

Let’s not forget the goals and strategies of people like Lawrence Duprey and Leroy Parris…

  1. Maintain the Code of Silence.
  2. Delay, delay, delay.
  3. Secure their personal assets, well hidden away and/or transferred to proxies, family etc.
  4. Argue that they were victims of the “world financial crisis” and events over which they had no control, and could not have been expected to foresee.
  5. Destroy records, use legal means to avoid showing records, and do everything in their power to avoid having to answer direct questions in public.
  6. Above all, first and last: Maintain the Code of Silence.

Caribbean news media maintains the Code of Silence

In his most recent article on the debacle, journalist Afra Raymond compares the US bailout with T&T and makes the stunning observation that, proportionately, the Trinidad and Tobago CL Financial bailout is TEN TIMES WORSE than the US situation. Paying this off will take food from the mouths of Caribbean children for generations.

Thanks to Lawrence Duprey, Leroy Parris and all the rest of the scum who did this to our future by Privatizing profits and Socializing losses.

Afra Raymond also makes a list of some people – including news editors – who should be making submissions to the Colman Commission. Oh yes… for years these people took big advertising revenues from CL Financial and Clico and ran “exclusive” news stories about the companies that were little more than advertisements. In exchange for advertising money and free content, the Caribbean news media pumped CL Financial, Clico and publicly worshiped Duprey, Parris and the rest while ignoring the many elephants in the room.

The news media has much to atone for…

by Afra Raymond

Smashing the Code of Silence

I have been preparing my submissions for the Colman Commission and took some time-out to start reading the Report into the USA’s financial crisis.

Of course I am referring to the Financial Crisis Inquiry Report, which was published at the end of last month, about a year after its first hearings – see http://c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_full.pdf.

Even though I have barely scratched the surface of this 662-page work, it has already been a deeply fascinating read, filled with cautionary insights.

The first conclusion of that Report is worth citing –

We conclude this financial crisis was avoidable. Continue reading

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Caribbean Money Market Brokers Limited (CMMB) failed – but you could say it was planned

CL Financial Scandal gets more sordid

The slogan of CL Financial’s CMMB was “Intelligent Investing” but the reality is shown by their return on assets for the five years before their collapse:

2005 – 1.22%
2006 – 0.97%
2007 – 0.0015%
2008 – 0.0043%
2009 – 0.0094%

Yours truly, Robert, managed to average an annual 7.32% return on my personal investments over the same period and I know virtually nothing about investing.

There are big, big questions about the CL Financial, CLICO debacle: most of them unlikely to be answered by those with dirty hands. Our friend Afra Raymond kicks off the new year by continuing to ask questions in his usual devastating manner which I liken to a stiletto in the heart of the CL Financial and CLICO “executives” and their enablers: the politicians and PricewaterhouseCoopers auditors…

Given the very low profits earned during CMMB’s operations, there are two inescapable questions arising – “What is the real reason for the CL Financial group to hold onto this company?” and “What was in it for them?”

From the new AfraRaymond.com article The CMMB story

PricewaterhouseCoopers – Devouring widows’ houses

“Which devour widows’ houses, and for a shew make long prayers: the same shall receive greater damnation.”

Luke 20:47, King James Bible

How many lives did PricewaterhouseCoopers ruin because they did not do their duty? Continue reading

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CL Financial bailout: “Amazing scenes were witnessed”

“A glaring example of the kind of wanton wrongdoing at the heart of this mess…  Clico Investment Bank fails to file its Corporation Tax returns for three years, yet keep their banking licence and arrange for the taxpayer to bail them out when it all goes sour.”

Where are the two-years past due audited accounts for CL Financial?

by Afra Raymond

The new situation is charged with peril and one is reminded of Naipaul’s father, the intrepid journalist from ‘A House for Mr. Biswas’ whose favourite tagline was ‘…amazing scenes were witnessed…’.

Trinidad & Tobago Finance Minister, Winston Dookeran, addressed Parliament on the Finance Bill (No. 2) 2010 on Wednesday 24th November.  It was a lengthy and detailed statement, which put things into a necessary perspective.  For me, it was important that Dookeran gave priority to the claims of the contractors and of course, the last item being the claims being made by the various groups representing Clico policyholders.

The Finance Minister held his position as set out in the 2011 budget, which was no surprise when one considers his statement that the various submissions received from the policyholders’ groups did not withstand scrutiny.  I only had two significant concerns in terms of outstanding items which require proper attention. Continue reading

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Caribbean New Media Group fires journalist Afra Raymond, stops his CL Financial, CLICO fraud coverage

Afra Raymond too effective, too insightful in his CL Financial, Clico stories

The Trinidad and Tobago state-run media company Caribbean New Media Group (CNMG) recently fired contract journalist and television host Afra Raymond without notice and without explanation – then backdated their faxed letter to him.

“Remember this folks: CL Financial – CLICO damage control by the involved governments and politicians is all about getting the public to foot the bill, while ensuring that the crooks keep their profits and Florida mansions and stay out of jail.

Afra Raymond stands in the way, so out he goes.”

Afra Raymond is a chartered surveyor, journalist and television host whose intensive and detailed coverage of the CL Financial – CLICO scandal has caused much embarrassment and fear to some very important persons, companies and organisations. Continue reading

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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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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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