Tag Archives: CLICO

CLICO INSURANCE: THE PERFECT CRIME

BFP:

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 sheriveronica:

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…

View original 2,563 more words

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

CL Financial Directors tell Afra Raymond (and you) “Don’t worry. Relax. Have a rum.”

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

The contempt of the elites for the rule of law continues in the CL Financial scandal.

‘We’ the people sometimes forget the primary rules of island life:

  1. In any large scale fraud upon the public, initial Profits are privately owned by the elites who did the fraud. Later Losses are publicly owned.
  2. There will be zero accountability or transparency by the elites charged with “getting to the bottom of things”.
  3. No elite is ever charged with any crime, except if it is really necessary. In that event, the police are given marching orders and not enough time and resources to complete the task. The accused will be found ‘not guilty’ in a fair trial before a carefully selected judge.

“I’m sure there’s some good legal reason why High Court Justice Kaye Goodridge ordered the Barbados Police to put the CLICO criminal charges on hold. Always is some good legal reason for doing what is done.

It’s just that we predicted this months ago. Futures destroyed, pensions gone, lifetimes of work and savings stolen… and nobody will ever pay.

Nothing changes ’bout hey. Nothing. Ever. Changes.”

… from BFP’s Barbados court orders CLICO criminal charges stayed against Terrence Thornhill, Leroy Parris

And like we’ve said at BFP before, it’s a good thing that Prime Minister Thompson died before the public knew of his role in money laundering millions of CLICO dollars for his close friend Leroy Parris.

But still, there are those good citizens who keep pounding away at a corrupt system ruled by corrupt elites…

Afra Raymond is one of those good citizens looking for justice for us all.

See his email exchange showing how the caretaker CL Financial Directors duck, dodge and slide…

Afra Raymond: Compliance of CL Financial Directors with the Integrity in Public Life Act

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Freedom Of Information, Offshore Investments, Trinidad and Tobago

Barbados continues the CLICO – Democratic Labour Party cover-up

In Trinidad…

“We are taking the position that CLICO was a massive fraud on the public.”

Ewart Williams, Trinidad and Tobago Central Bank Governor, July 6, 2012

Meanwhile, in Barbados there is no mention of the ‘special relationship’ between CLICO and the governing Democratic Labour Party.

No mention at all in this Barbados Advocate article or anywhere else we can find…

Green light for CLICO restructuring

10/27/2012

A plan to restructure CLICO International Life Insurance Limited has been approved by the High Court of Barbados. So too has been the completion of the Forensic Audit into the insurance company’s affairs.

Judicial Manager for the company, Deloitte Consulting Ltd. (represented by Oliver Jordan and Patrick Toppin), made the announcement yesterday afternoon in a press release. Continue reading

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Filed under Barbados, Corruption

“Masterpiece of deception” will extinguish all rights of CLICO Executive Flexible Premium Annuity (EFPA) holders

The NEL2 Con

by David Walker
Santa Rosa Consulting Team

“Of course all of this is against our laws here in T&T. The company continues to trade while insolvent – illegal. The company has not produced accounts for years – illegal. The company flouts a judgement of the court requiring it to pay according to contract – illegal. Policyholders are denied access even to their own statements of account – illegal. And the list goes on.”

Here we are, at what the authorities hope will be the two closing acts of the tragedy known as CLICO. Firstly there is a final push, through a device going by the name of NEL2, to extinguish all rights and claims of EFPA holders. Secondly we shall witness the winding up and consignment to the dustbin of history, that once all powerful company called CLICO, along with all its books and records.

This article is headlined NEL2 Con but you will have to bear with us while we explain the context in which the con is to be executed. It would be impossible to achieve this masterpiece of deception without all that went before it.

“What we will show you is that many apparently unconnected acts or omissions over the past three years have been for the clear and narrow purpose of facilitating their devious objectives.”

A deliberate program of financial misinformation Continue reading

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Filed under Consumer Issues, Corruption

Barbados removes assets from CLICO victims: Sam Lord’s Castle to be expropriated by government

CLICO policy holders will never see a dollar for this ‘fire sale’ of assets

submitted by Parris Pauper

The Barbados Government is moving to ‘compulsorily acquire’ the Sam Lord’s Castle ruins and lands. As Minister of Housing and Lands Michael Lashley stated, Sam Lord’s is being acquired “for housing purposes, tourism development and beach access.”

Sam Lord’s Castle has been owned by CLICO for almost ten years (memory fails – if someone has the exact date CLICO purchased Sam Lord’s, speak up please) and is an incredibly valuable piece of property if developed. The hold-up to development approval was always the historic Sam Lord’s Castle building, but just as Barbados Free Press predicted in April 2009 – a fire took care of that little impediment.

If anything, the burning of Sam Lord’s Castle raised the end value of the land because the historic building was totally destroyed and ceased to be a major political obstacle in new development. Only the facia remains and this could be incorporated into any new structure if it doesn’t totally fall down first.

With the collapse of CLICO, the DLP government moved to grab the asset. They didn’t move to protect the public interest in the historic building before the CLICO collapse because Leroy Parris, David Thompson and the DLP were tight as thieves and the idea was to allow Parris to let the building fall to ruin, then maximize the profit from the lands.

And there was also that one little sticking point about the DLP never acting responsibly at the time to protect the interests of Bajans: Prime Minister Thompson and Leroy Parris were godfather to each other’s children. Thompson was also CLICO’s lawyer for over a decade when the company failed to file financial statements and broke the law, and CLICO Parris et al were major financial contributors to the DLP.

CLICO was a very messy conflict of interest indeed for Thompson and the DLP.

Fortunately for the DLP though, David Thompson is now conveniently dead and revered instead of being subject to what would have been a tsunami of Opposition attacks over the CLICO cover-up and conflicts of interest.

Now the DLP government is going to take Sam Lord’s and sell it to make some good profits. Or… perhaps sell it to friends at a low price so the friends can make the profits and kickback some contributions to the DLP. That’s how things work around here, you know.

Here is the one truth in my article that you should remember above all else if you are a CLICO policy holder or other victim…

The Barbados Government will never pay CLICO for Sam Lord’s Castle. No matter whether the asset is fairly valued or under-valued, not one dollar of government money will be transferred to the assets of CLICO where the money could benefit the victims.

Instead there will be some finagling with the books and some credit or swap against CLICO’s real or contrived debt to the government coffers.

The pillaging of the good CLICO assets continues to the ultimate detriment of the poor suckers who believed that the Barbados Superintendent of Insurance and the Barbados Government were looking after policyholders’ interests.

Parris and his gang were able to do what they did only because they had the cooperation and friendship of Caribbean governments. Indeed, it could truly be said that in the case of Barbados, CLICO, Parris and Thompson owned the DLP government.

Policyholders: kiss your assets goodbye.

Further Reading

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, Consumer Issues, Corruption, Political Corruption, Politics & Corruption

Barbados court orders CLICO criminal charges stayed against Terrence Thornhill, Leroy Parris

Unethical, Corrupt: CLICO Bigshots Leroy Parris, Terrance Thornhill

No surprise at all!

Come on, folks! You know that Leroy Parris was the godfather to one of Prime Minister Thompson’s children. You know that Thompson was CLICO’s lawyer. You know that CLICO gave oodles of money to the Democratic Labour Party and let them use the corporate jet. You know that as a lawyer Prime Minister David Thompson money-laundered funds from CLICO to Leroy Parris. That’s what the auditors say.

We poor CLICO policy holders are suckers. The poor taxpayers are suckers.

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Nothing changes ’bout hey.

Forget about your children’s futures and education: you and your children will be a long time paying (it’s called ‘bailing out’) the elites who built that Ponzi house of cards called CLICO.

I’m sure there’s some good legal reason why High Court Justice Kaye Goodridge ordered the Barbados Police to put the CLICO criminal charges on hold. Always is some good legal reason for doing what is done.

It’s just that we predicted this months ago. Futures destroyed, pensions gone, lifetimes of work and savings stolen… and nobody will ever pay.

Nothing changes ’bout hey. Nothing. Ever. Changes.

Further Reading

Nation News (read it at the Nation News website here)

Stop Order

Commissioner of Police Darwin Dottin has been ordered to stop the criminal matter brought against the president of CLICO International Life, Terrence Thornhill, at least for now. Continue reading

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

Continued mismanagement of CLICO – CL Financial “devastating” to policy holders

Policy holders: Your Country Needs You

by David Walker of Santa Rosa Team

  • The realities of the “offer” are not as described by the Minister and others.
  • Once you sign, you have given up all rights, even if they don’t honour the stated terms.
  • The “offer” is open until June 2012, so only your financial circumstances should force you to sign now.

While the happenings at CLICO and CL Financial have already had a devastating effect on your lives, it pains me to say that the continued mismanagement of the companies is about to hit you even harder. Like every other taxpayer and citizen, you will suffer from both the immediate financial impact, and the long term destruction of our investment and business climate. And YOU are the only ones standing in the way of the impending catastrophe.

“When a nation abandons the rule of law, when there is no attempt at regulatory oversight, when accountability and transparency are non-existent, and when any pretense of equity is openly shunned by authority, the inevitable result will be economic decline.

Who would invest in a country where you cannot enforce contracts against a company? Who would leave their money in companies that do not offer audited statements for over five years, with evident impunity? The answer is obvious.”

Recently, the authorities took legal action against directors of e-Teck for failures far less severe and with much milder consequences than what happened at CLICO/CLF. No authority has seen it fit to take similar action against the directors of CLICO/CLF. The nation needs to cleanse itself of these heinous acts. YOU are the only ones who will take the necessary action against both former and present directors of CLICO/CLF.

The Regulators failed disastrously at CLICO/CLF. Rather than punishment and condemnation, they have been handed the reins at CLICO.

There is now no Regulator at CLICO as a result. The ills that the Regulator identified as causes of the collapse have been continued, even accelerated under his stewardship. We still see interlocking directorships and related party transactions at the expense of policyholders. Only YOU and your actions can force the Governor of the Central Bank to honour his role as Regulator, and look after the interests of policyholders. Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Trinidad and Tobago